Exceptional Opportunity

Don't miss out on this unique investment opportunity! Secure a steady and prosperous income by owning this charming 8-unit low-rise apartment complex situated within walking distance of Hagerstown City Park. The property, built in 1922, boasts 8 cozy 1BR apartments, each around 675 sq.ft. Enjoy the convenience of off-street parking and an exceptional location. Nestled along Virginia Ave corridor on a spacious lot, the complex exudes a tranquil and secluded ambiance. Meticulously maintained, with a 7-year-old roof and newly replaced windows enveloping the exterior to minimize upkeep. Tenants handle their own electric bills as units are separately metered, making it a solid venture for investors.
High historical occupancy rates and quality tenants underscore the appeal of these apartments, leasing at rates $300-$400 below market value, offering potential for increased returns without additional investment. Garden apartment communities nationwide are witnessing a surge in rent and occupancy rates, making this type of development an enticing ownership prospect. Despite their age and location, low-rise apartment communities are outperforming expectations. The demand for these units remains robust, given their affordability and value. The property is well-maintained, with no significant deferred maintenance observed. Seize this attractive ownership and operation opportunity today!

The property at 823–825 Virginia Ave., Hagerstown, MD is located in a neighborhood characterized by the urban center of Hagerstown and the surrounding suburban region. The area includes a mix of highway commercial, industrial, residential, public, eleemosynary, and commercial uses typical of a County seat and the largest urban center within the County. The neighborhood is defined by the Franklin County, PA and Washington County, MD border to the north, Interstate 81 to the west, Interstate 70 to the south, and the eastern city limits of Hagerstown to the east.
The subject property is situated within the city of Hagerstown, approximately 70 miles west of Baltimore and 70 miles northwest of Washington D.C. Access and location are emphasized, with good connectivity to Interstates 81 and 70 via Halfway Boulevard. The subject's neighborhood boundaries are chosen based on natural features, governmental divisions, and transportation routes. This neighborhood's formation is linked to its proximity to highways and the downtown core of Hagerstown. The ongoing development of the city and its history have played a significant role in shaping this neighborhood. Additionally, a new stadium is set to be built in the city, adding to its appeal and potential growth.