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Mixed-Use

Hagerstown Property - Mix-Use

13628 Pennsylvania Avenue, Hagerstown, MD 21742

Listing Price: $1,898,914

Cap Rate
7.00%
Number of Units
19
Occupancy
97.0%
Price/Unit
$99,943
Price/Gross SF
$127.87
Gross SF
14,850

Investment Overview

Marcus & Millichap are pleased to exclusively represent the owner of 13628 Pennsylvania Avenue Hagerstown MD 21742, comprised of three buildings on one parcel including two multifamily residential buildings and one commercial building. The property features 12,850 SF of residential space with an attractive mix on 14 One Bedroom/One Bath Units, 4 Two Bedroom/ One Bath Units, and 1 Three Bedroom/One Bath unit. There is also a 3,000 SF building with a long-term lease with a Laundromat tenant. Built in 1983, and renovated in 2020, these buildings sit on a 1.2-acre parcel. Renovations include new water heaters, electrical upgrades, updates to all the units, newer appliances, newer forced air wall units new rear porches on the duplex units, and other upgrades. The owner is responsible for water for all three buildings, and electrical expenses for the 14 one-bedroom units. The remaining five units and the commercial space pay for their own electrical expenses. 13268 Pennslyvania Avenue is located on a major corridor in Haggerston with retail, office, and restaurants within walking distance. The property is also 1.3 miles from the Hagerstown airport and .5 miles from the Hagerstown golf course and country club. Since 2000, the Hagerstown market population has grown by 16.1% and it is estimated that it will grow by another 15% by 2027. Major employers include Volvo Group, Meritus Medical Center, and Trivigent Health Alliances. One of the reasons for the population growth has been attributed to households seeking an area with a lower cost of living while commuting to work from Baltimore, MD, and Washington, DC.

Investment Highlights

  • A Mix-Use Property Comprised of Three Buildings with Residential Units and a Retail Building
  • An Attractive Mix of One, Two, and Three Bedroom Units. Fully Occupied
  • A Recent Long-Term Lease with the Laundromat Tenant
  • Newly Renovated with New Water Heaters, an Electrical Upgrade, New Appliances, and Upgraded Residential Units
  • Opportunity to Increase Rent on Residential Units
  • Located on a Major Retail Thoroughfare

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Mixed-Use

Hagerstown Property - Mix-Use

Listing Price: $1,898,914

Cap Rate
7.00%
Number of Units
19
Occupancy
97.0%
Price/Unit
$99,943
Price/Gross SF
$127.87
Gross SF
14,850

Investment Highlights

  • A Mix-Use Property Comprised of Three Buildings with Residential Units and a Retail Building
  • An Attractive Mix of One, Two, and Three Bedroom Units. Fully Occupied
  • A Recent Long-Term Lease with the Laundromat Tenant
  • Newly Renovated with New Water Heaters, an Electrical Upgrade, New Appliances, and Upgraded Residential Units
  • Opportunity to Increase Rent on Residential Units
  • Located on a Major Retail Thoroughfare

Investment Overview

Marcus & Millichap are pleased to exclusively represent the owner of 13628 Pennsylvania Avenue Hagerstown MD 21742, comprised of three buildings on one parcel including two multifamily residential buildings and one commercial building. The property features 12,850 SF of residential space with an attractive mix on 14 One Bedroom/One Bath Units, 4 Two Bedroom/ One Bath Units, and 1 Three Bedroom/One Bath unit. There is also a 3,000 SF building with a long-term lease with a Laundromat tenant. Built in 1983, and renovated in 2020, these buildings sit on a 1.2-acre parcel. Renovations include new water heaters, electrical upgrades, updates to all the units, newer appliances, newer forced air wall units new rear porches on the duplex units, and other upgrades. The owner is responsible for water for all three buildings, and electrical expenses for the 14 one-bedroom units. The remaining five units and the commercial space pay for their own electrical expenses. 13268 Pennslyvania Avenue is located on a major corridor in Haggerston with retail, office, and restaurants within walking distance. The property is also 1.3 miles from the Hagerstown airport and .5 miles from the Hagerstown golf course and country club. Since 2000, the Hagerstown market population has grown by 16.1% and it is estimated that it will grow by another 15% by 2027. Major employers include Volvo Group, Meritus Medical Center, and Trivigent Health Alliances. One of the reasons for the population growth has been attributed to households seeking an area with a lower cost of living while commuting to work from Baltimore, MD, and Washington, DC.

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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