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Listed by Roberto Gonzalez • RG Realty, Inc.
$799,000
Est. payment /mo
0.44 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID MDWA2038736
Year Built 1940
Annual Tax Amount $5,218
Tax Year 2025
Lot Size 0.438 Acres
Acres 0.44
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Presenting a distinctive seven-unit residential investment property located at 345 N Potomac Street in Hagerstown. The offering includes a substantial historic brick building containing six apartments, together with a separate two-bedroom cottage located at 3 W North Avenue. The main building offers approximately 8,093 square feet and sits on a prominent 19,090 square foot corner parcel with strong street presence, paved parking, garage and storage space.
The six-unit building consists of one two-bedroom apartment, four one-bedroom apartments, and one three-bedroom apartment. Five of the six units are currently occupied, producing approximately $6,025 per month in existing rental income. The current market rent indicated for the main building is approximately $7,125 per month, providing immediate upside through the lease up of the vacant one-bedroom unit and continued professional management.
The separate cottage contains two bedrooms and one bathroom and is presently vacant. Its indicated market rent is approximately $1,750 per month, creating another meaningful opportunity for a purchaser to increase income shortly after acquisition.
Based on the current rent roll, the property generates approximately $72,300 in annual in place rent, with total projected market rent of approximately $106,500 annually once the vacant apartment and cottage are leased. The combination of existing income, two available units, varied apartment sizes, off street parking, garage and storage areas, and a recognizable historic brick exterior makes this a strong value add opportunity for an investor seeking scale in the Hagerstown rental market.
The six-unit building consists of one two-bedroom apartment, four one-bedroom apartments, and one three-bedroom apartment. Five of the six units are currently occupied, producing approximately $6,025 per month in existing rental income. The current market rent indicated for the main building is approximately $7,125 per month, providing immediate upside through the lease up of the vacant one-bedroom unit and continued professional management.
The separate cottage contains two bedrooms and one bathroom and is presently vacant. Its indicated market rent is approximately $1,750 per month, creating another meaningful opportunity for a purchaser to increase income shortly after acquisition.
Based on the current rent roll, the property generates approximately $72,300 in annual in place rent, with total projected market rent of approximately $106,500 annually once the vacant apartment and cottage are leased. The combination of existing income, two available units, varied apartment sizes, off street parking, garage and storage areas, and a recognizable historic brick exterior makes this a strong value add opportunity for an investor seeking scale in the Hagerstown rental market.
Location
State MD
County Washington
Zoning RO
Interior
Hot Water Natural Gas
Heating Steam
Cooling Window Unit(s)
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
High Schools North Hagerstown
School District Washington County Public Schools
Others
Tax ID 2225023811
Ownership Fee Simple
Special Listing Condition Standard
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Nearby School & Business
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