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24 Broadway 24 Broadway 6 Unit Apartment Building $650,000 ($108,333/Unit) Hagerstown, MD 21740
Investment Highlights
- Opportunity to Acquire a Mid-Sized Asset in Hagerstown, MD
- Excellent Location in Washington County
- Ability to Increase Rents With or Without Additional Renovations
Executive Summary
Harbor Stone Advisors is pleased to present 24 Broadway, a multifamily asset with value add potential located in the vibrant heart of Downtown Hagerstown. This unique asset offers 6 units with a mix of (1) Studios, (4) 1 Br-1 Ba, and (1) 2 Br-1 Ba. The property provides excellent amenities, including a 3-space surface parking lot, laundry room, and a 2 car garage. Residents benefit from its prime location, which is within easy walking distance of numerous local shops, restaurants, breweries, and community events. Typical unit features consist of white/stainless steel appliances, wood cabinets, formica countertops, and LVT/hardwood flooring.
Current ownership has renovated all of the units at 24 Broadway over the last few years with a mixed scope of updated appliances, new cabinets, resurfaced countertops, updated bathrooms, LVT flooring, and modern hardware/fixtures. The opportunity exists for a new owner to organically increase rents or perform a light renovation on select units by installing stainless steel appliances, granite countertops, and LVT flooring in units without. Comparable properties nearby are achieving rents 10% higher on average. There is also an ability to lease the garage for additional rental revenue as it is currently vacant, as well as evaluate the implementation of a water reimbursement program upon renewal and/or new lease.
Current ownership has renovated all of the units at 24 Broadway over the last few years with a mixed scope of updated appliances, new cabinets, resurfaced countertops, updated bathrooms, LVT flooring, and modern hardware/fixtures. The opportunity exists for a new owner to organically increase rents or perform a light renovation on select units by installing stainless steel appliances, granite countertops, and LVT flooring in units without. Comparable properties nearby are achieving rents 10% higher on average. There is also an ability to lease the garage for additional rental revenue as it is currently vacant, as well as evaluate the implementation of a water reimbursement program upon renewal and/or new lease.
Property Facts
| Price | $650,000 | Building Class | C |
| Price Per Unit | $108,333 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 4,902 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1893/2026 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R2 | ||
| Price | $650,000 |
| Price Per Unit | $108,333 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 4,902 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1893/2026 |
| Parking Ratio | 1.22/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R2 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 22-011731 | Improvements Assessment | $145,800 |
| Land Assessment | $45,300 | Total Assessment | $191,100 |
Property Taxes
Parcel Number
22-011731
Land Assessment
$45,300
Improvements Assessment
$145,800
Total Assessment
$191,100
Contacts
-
Kevin Landolphi -
Tom Wohlgemuth -
Brooks Healy -
Justin Verner -
Harbor Stone Advisors
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