Location Summary

• The Potomac Living Center is located in a historic suburban neighborhood in Hagerstown along the east side of Potomac Avenue, between E. Magnolia Avenue and Calvert Terrace in Hagerstown, Washington County, Maryland. According to tax records, the subject is known as lot 01 of section A of parcel 508 on tax map 301, bearing the tax account number 21-014419, and contains approximately 90,866± square feet of land area. The subject property is zoned RMOD (Residential – Moderate Density) under the City of Hagerstown zoning ordinance. The subject property is located in Washington County. Washington County is located in Western Maryland and ranks third in size among the 23 Maryland counties with approximately 455 square miles in land area. Washington County is bounded on the north by Pennsylvania; on the east by Frederick County, Maryland; and on the south and southeast by Potomac River with Virginia and West Virginia beyond; and on the west by Allegany County, Maryland. Washington County is one of the three counties in the Hagerstown-Martinsburg, MD-WV Metropolitan Statistical Area. Due to commuting patterns, a high growth rate, and its relatively close proximity to Washington and Baltimore, Washington County is often considered part of the Baltimore-Washington metropolitan area, though the federal government has not officially designated it as part of the Washington-Baltimore-Northern Virginia, DC-MD-VA-WV Combined Statistical Area. Washington County has seen substantial growth over the past decade, is due primarily to its location at the crossroads of Interstate 70 (east/west) and Interstate 81 (north/south). The Washington, D.C. beltway is approximately 50 miles southeast via I-70 and I-270 and the Baltimore beltway is 63 miles east via I-70. More than 3,500 businesses employ 65,704 workers, with Bowman Group, Cinetic Landis Corp., Citi, FedEx Ground, First Data, Meritus Medical Center, Sierra Nevada Corporation and Staples Distribution Center already calling Washington County home. Recent relocations to the County include Maryland Solar, Shenandoah Family Farms, and VT industries. Business expansion projects include Duvinage, Dynamark Monitoring, Lehigh Phoenix, Parker Plastics, and Volvo Group.
• RG REALTY INC as exclusive agent is pleased to present the unique opportunity to acquire the Potomac Living Center a 40-unit garden style three-story classic brick residential apartment complex located in a quiet suburban street, comprised of two (2) two and three story masonry apartment buildings originally constructed in 1954. On a total lot size of 2.090 Acres or 90,866 square feet, the buildings are in close proximity to each other. This allows for a single management team to lease and maintain the property. It is currently configured as a 40-unit apartment complex containing eight (8) studio units, eighteen (18) one-bedroom/one-bath units, and fourteen (14) two-bedroom/one-bath units. Each studio unit contains a central living area, a kitchen area, and a full bathroom. Each one-bedroom unit contains a living/dining area, a kitchen area, a bedroom, and a full bath. Each two-bedroom unit contains a living/dining area, a kitchen area, two (2) bedrooms, and a full bath. Total gross building area is approximately 32,814 square feet according to tax records. The subject garage units, located along the rear alley of the subject property, are constructed of block with shingle roof. The subject property includes a total of twenty (20) garage/storage units arranged in two (2) blocks of ten (10) units each. the complex also features a Centralized stairwells and a small laundry facility in each building. The apartments are spacious and well designed with most having been upgraded in the past, undergone renovations of the interiors and the entire exterior.These renovations included replacing all windows, replacing over 30,000 square feet of wood flooring, replacing all drain lines, updating/repairs to all electrical systems, updating of laundry areas, installation of new plumbing lines, replacement of all exterior and unit entry doors, replacement of stairway treads, landscaping, replacement of garage unit doors, and significant roof repairs. Renovations are substantially completed. currently all units are rented and with opportunity to raise rents without any improvements. The property includes no dedicated on-site parking for the residential units, as there is no surface parking lot, and the garage units are leased separately. However, ample street parking is available in the surrounding area.