Charming 66-Unit Multi-Family Complex in North Hagerstown

Investment Summary

Prime Investment Opportunity: Charming 66-Unit Multi-Family Complex in North Hagerstown Welcome to a timeless multi-family community that blends mid-century character with modern enhancements. Built in 1954, on a 4.414 acres lot. this vintage complex comprises 66 thoughtfully designed units: 19 one-bedroom and 47 two-bedroom apartments, plus one additional unit allocated for office use (not included in the residential analysis). Each residential unit is equipped with a full bathroom featuring a tub with shower, sink, and toilet, all complemented by ceramic tile flooring. Fixtures have been updated on an as-needed basis, ensuring comfort and functionality.
The property features two large buildings, divided into nine distinct sections with unique rooflines and entrances, adding architectural charm best appreciated from an aerial view. A central foyer, stairwell, and common corridor on each floor enhance accessibility, while laundry facilities on the basement level add convenience. The grounds include a paved parking area with 46 designated spaces and a state-of-the-art 24-hour video monitoring system, ensuring tenant security.
Situated in a vibrant yet serene community, the location is second to none. The property is near the Longmeadow Shopping Center, anchored by the Amish Market, and Stone House Square, featuring big-box anchors like Lowe’s and Weis. Both retail hubs are within walking distance and flank SR 60, north of Northern Avenue. Nearby, the prestigious Fountain Head Country Club—established in 1924—adds a touch of opulence to the area with its golf course winding through an enclave of upper-bracket homes. Across the highway lies a newer office facility hosting JLG Industries, an expansion of the office sector in the north end. Proposed development plans include utilizing two acres of land fronting Northern Avenue for two potential commercial pads, further enhancing the area’s growth prospects. The property's proximity to these amenities and its strategic position north of Hagerstown's city limits, characterized by modern subdivision-style developments, add to its appeal.

Investment Highlights

Since acquisition in 2017, over $1.5 million has been invested in updates, including freshly painted units, refinished hardwood floors, new light fixtures, and upgraded kitchen flooring. Common areas have been revitalized with modern touches, from the foyer and stairwells to the laundry facilities. The central boiler, replaced in 2012, provides efficient gas heating for the entire complex, while tenants independently manage air conditioning via window units.
With tenants paying their own utilities through a Ratio Utility Billing System (RUBS), this property offers an attractive value-add opportunity. A proactive leasing strategy has significantly reduced vacancies, positioning the property as a desirable and profitable asset. Schedule a private tour today to explore this unique blend of vintage charm, modern amenities, and prime location. Don’t miss out on this exceptional investment opportunity.
Desirable Location
19 one-bedroom units and 47 two-bedroom units
Private Parking
Close to all Amenities
Ceiling Height for all apartments 8.5 on average

Location Summary

The subject property is situated within the City of Hagerstown, which is an incorporated community in Washington County. Hagerstown enjoys a central location within the county, strategically positioned at the intersection of I-70, I-81, US Rt 40, US Rt 11, SR 65, and SR 60. The property itself is oriented towards the northern region of the city, with the corporate boundary line between the City of Hagerstown and Washington County encompassing the north and west sides of the school property that borders the subject site.
When defining the boundaries of the subject neighborhood, it is important to consider various factors, including physical characteristics, social dynamics, economic influences, and government activities, all of which have contributed to the types of development within the neighborhood and its surrounding areas. Although the boundaries may not be precisely defined and the neighborhood exhibits an irregular shape, it is generally known as a mixed residential and commercial community. It is bounded by Longmeadow Drive to the north, Leitersburg Pike to the east, the central business district (the hub of commerce) of the City of Hagerstown to the south, and I-81 to the west
In closer proximity to the subject property li es a subset of Hagerstown referred to locally as the "north end." This area is characterized by higher-end single-family dwellings situated on larger lots, which differentiates it from the downtown area just a few blocks to the south, where row-style townhouses from the Civil War era are more prevalent. The dominant architectural style in the north end is that of mansion-style houses developed in the early 1900s. In later years, particularly from around 1980 onwards, newer track-style houses were built within platted subdivisions.
Most of these modern subdivisions are located just north of the city limits. While there are a few stand-alone retail venues, the majority of retail space is concentrated at the Longmeadow Shopping Center, anchored by the Amish Market, and at Stone House Square, a big box center anchored by Lowes and Weis. Both shopping centers are situated along SR 60, just north of Northern Avenue and within walking distance of the subject property. North of the city limits lies the prestigious Fountain Head Country Club, established in 1924. The country club features a golf course that winds its way through a well-established residential enclave characterized by upscale homes. The presence of the country club has contributed to the area's opulence and desirability.
The County has an excellent transportation network which provides access to major highways, rail, water, and air transportation. It enjoys a highly desirable location at the intersection of two major federal highways, Interstates 81 and 70. Interstate 81 travels north/south while Interstate 70 traverses the County in an east/west direction. U.S. Routes 40 and 11 serve the County, as do Maryland Routes 58, 60, 64, 65, 66, and 144. Hagerstown, the County seat, is strategically located within easy driving distance of most of the major East Coast cities including Baltimore (63 miles), Washington, D.C. (60 miles), Pittsburgh (155miles), Philadelphia (165 miles), and New York (240 miles).
During the past several years, Washington County has experienced positive economic growth in residential, commercial and industrial development. The County has realized a rather remarkable turnaround from little growth and high unemployment to diversification and stability in all sectors of the local economy. Businesses are attracted to the area's strategic location along two major transportation networks, the ready supply of well-trained, hard-working personnel, and the diversity and abundance of cultural, social and educational amenities. Other positive factors include a strong public and higher education school system, diversified recreational opportunities, County government and private organizations responsive to business concerns, and less expensive real estate