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Warehouse

Historic Downtown Warehouse

246 Summit Ave, Hagerstown, MD 21740

Listing Price: $912,000

Cap Rate
3.19%
Gross SF
27,658
Price/Gross SF
$32.97
Lot Size
0.84 acres
Year Built
1898
Rentable SF
27,658

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 246 Summit Avenue, Hagerstown, Maryland (the “Property”). The 27,653 SF property is located on a premium downtown corner, one-block from the newly funded and planned Hagerstown Multi-Use Sports and Events Facility. The new sports facility has a cost ranging from $62 to $69 million with a planned opening date of 2023. Built in 1898, this historically designated property was first built as a power plant. After a newer power plant was built and following the destruction of an existing trolley carbarn, this building was modified in 1917 to serve as the storage, maintenance and inspection building for trolleys belonging to the Hagerstown & Frederick Railway. The early industrial structure has a well-detailed west façade including an “1898” datestone, pilasters, and arched windows, all underpinned and accented with rock-faced cut stone. The interior retains several elements from its use by the Hagerstown and Frederick Railway such as tracks imbedded in the floor, a concrete-walled service pit with iron framing and a large circular metal framework suspended by brackets from the ceiling and fitted with nozzles to wash trolley cars. With the new sports and event facility one-block away, the property is ideally situated for redevelopment. In 2014, the City of Hagerstown established a 10-year roadmap to spur development in Hagerstown’s city center and to bring $125 million in new investment downtown by 2024. The property also sits in an opportunity zone and developers enjoy federal, state and county tax incentives for improving the community. There are numerous grants and tax credits that the city offers developers through different programs. This offering provides the unique opportunity to purchase a historic downtown warehouse building currently producing $29,000 a year in NOI. With each lease having a termination clause for a new owner, the buyer can either keep the tenants, fix up the spaces and continue leasing vacancies, or terminate the leases and redevelop the property.

Investment Highlights

  • Blocks From Newly Funded & Planned Hagerstown Sports and Multi-Use Stadium
  • Numerous Major Redevelopment Projects Planned for Downtown Hagerstown
  • Flexible Commercial Zoning Allows for a Variety of Uses
  • Historic Building with Finely Detailed Façade, and Near Original Appearance
  • Various Uses Allows Future Leasing Flexibility
  • Opportunity to Fill Vacancy and Collect Rent While Waiting to Develop
  • Most Leases Can Be Terminated Upon a Sale

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Warehouse

Historic Downtown Warehouse

Listing Price: $912,000

Cap Rate
3.19%
Gross SF
27,658
Price/Gross SF
$32.97
Lot Size
0.84 acres
Year Built
1898
Rentable SF
27,658

Investment Highlights

  • Blocks From Newly Funded & Planned Hagerstown Sports and Multi-Use Stadium
  • Numerous Major Redevelopment Projects Planned for Downtown Hagerstown
  • Flexible Commercial Zoning Allows for a Variety of Uses
  • Historic Building with Finely Detailed Façade, and Near Original Appearance
  • Various Uses Allows Future Leasing Flexibility
  • Opportunity to Fill Vacancy and Collect Rent While Waiting to Develop
  • Most Leases Can Be Terminated Upon a Sale

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 246 Summit Avenue, Hagerstown, Maryland (the “Property”). The 27,653 SF property is located on a premium downtown corner, one-block from the newly funded and planned Hagerstown Multi-Use Sports and Events Facility. The new sports facility has a cost ranging from $62 to $69 million with a planned opening date of 2023. Built in 1898, this historically designated property was first built as a power plant. After a newer power plant was built and following the destruction of an existing trolley carbarn, this building was modified in 1917 to serve as the storage, maintenance and inspection building for trolleys belonging to the Hagerstown & Frederick Railway. The early industrial structure has a well-detailed west façade including an “1898” datestone, pilasters, and arched windows, all underpinned and accented with rock-faced cut stone. The interior retains several elements from its use by the Hagerstown and Frederick Railway such as tracks imbedded in the floor, a concrete-walled service pit with iron framing and a large circular metal framework suspended by brackets from the ceiling and fitted with nozzles to wash trolley cars. With the new sports and event facility one-block away, the property is ideally situated for redevelopment. In 2014, the City of Hagerstown established a 10-year roadmap to spur development in Hagerstown’s city center and to bring $125 million in new investment downtown by 2024. The property also sits in an opportunity zone and developers enjoy federal, state and county tax incentives for improving the community. There are numerous grants and tax credits that the city offers developers through different programs. This offering provides the unique opportunity to purchase a historic downtown warehouse building currently producing $29,000 a year in NOI. With each lease having a termination clause for a new owner, the buyer can either keep the tenants, fix up the spaces and continue leasing vacancies, or terminate the leases and redevelop the property.

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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