Stabilized In-Place Income with Value-Add Rent Upside

The Baltimore Street property is a well-located, three-unit townhouse asset situated along East Baltimore Street in the City of Hagerstown. The building consists of three large residential units, each configured as a four-bedroom, two-bath townhouse, offering a unit profile that is increasingly difficult to replicate in the local market. Each unit contains approximately 1,708 square feet, providing generous layouts that appeal to families, group housing, or workforce tenants seeking larger living space. The size and configuration support strong rental demand and position the property as a clear value-add opportunity, as current rents remain below market levels and can be increased through measured rent adjustments to align with prevailing market rates.
The property operates with tenants responsible for all utilities, which are billed through a RUBS (Ratio Utility Billing System). This structure minimizes owner expense exposure, supports predictable operating costs, and enhances net operating income as rents are brought to market. The property sits on a 9,675 square foot parcel with substantial street frontage and alley access, enhancing functionality and offering long-term redevelopment or repositioning optionality. Originally constructed in 1879, the building features durable masonry construction and has benefited from ongoing maintenance and updates over time.

Zoned Residential Office (RO), the property allows flexibility for continued residential use or potential professional office conversion, subject to required approvals. Located near downtown Hagerstown amenities and in close proximity to other portfolio assets, the property benefits from neighborhood stability, visibility, and accessibility. With large unit sizes, tenant-paid utilities, below-market rents, and flexible zoning, the Baltimore Street property represents a strong value-add investment offering current income with meaningful upside through rent growth and long-term appreciation.

The Baltimore Street property is located along East Baltimore Street within the City of Hagerstown, an established corridor characterized by a mix of residential, professional, and neighborhood-serving uses. The property benefits from strong connectivity to downtown Hagerstown, major commuter routes, and surrounding employment centers. The site offers convenient access to Interstate 70 and Interstate 81, supporting regional commuting throughout Washington County and the greater tri-state area. Proximity to downtown amenities, retail, dining, healthcare, and public services enhances tenant demand and long-term occupancy stability.
The property is situated near Hagerstown City Park and the planned multi-use sports and events stadium, positioning it to benefit from continued public and private investment in the surrounding area. These improvements are expected to increase activity, visibility, and overall neighborhood appeal over time. With substantial street frontage and alley access, the location supports both residential functionality and future flexibility. The surrounding area continues to experience reinvestment, making East Baltimore Street a well-positioned location for long-term appreciation within the Hagerstown market.