Log In/Sign Up
Your email has been sent.
The Georgian on South Potomac 55-57 S Potomac St 34 Unit Apartment Building $3,890,000 ($114,412/Unit) 8.42% Cap Rate Hagerstown, MD 21740
INVESTMENT HIGHLIGHTS
- Centrally located
- Recently renovated
EXECUTIVE SUMMARY
55-57 S Potomac St, Hagerstown, MD. 21740
$3,890,000 or best offer.
32 Residential Units, two Commercial Units and a Leasing Office.
Residential Occupancy rate is 94%.
One of the two commercial spaces is leased (5 Yr Lease) that just began.
In the heart of downtown Hagerstown, just blocks away from the minor league baseball stadium (Meritus Park Stadium) on the same block as the Maryland Theatre and just across the street from the Meinelschmidt Distillery, Bulls and Bears and Schmankerl Stube Restaurant, as well as the Washington County Public Library (diagonally across the intersection).
High vehicular and foot traffic, as the property is in downtown Hagerstown.
Projected Cap Rate - 8.42% (See Pro Forma attached).
The current owner has had 2 grant applications approved, and a prospective buyer can seek many more. The Georgian is located in the following: Qualified Opportunity Zone: You can look up 55 S Potomac St here to verify City of Hagerstown Arts & Entertainment District property tax incentive: City of Hagerstown Main Street Grant Area. City of Hagerstown Partners in Economic Progress (PEP) Program zone City of Hagerstown City Center Redevelopment Grant zone. Downtown Historic District. (local/state and NHR federal) Enterprise Zone: City of Hagerstown CC-MU area
Nearby attractions...
Meinelschmidt Distillery
Bulls & Bears
Schmankerl Stube Bavarian Restaurant
Meritus Park - Home of the Flying Boxcars
$3,890,000 or best offer.
32 Residential Units, two Commercial Units and a Leasing Office.
Residential Occupancy rate is 94%.
One of the two commercial spaces is leased (5 Yr Lease) that just began.
In the heart of downtown Hagerstown, just blocks away from the minor league baseball stadium (Meritus Park Stadium) on the same block as the Maryland Theatre and just across the street from the Meinelschmidt Distillery, Bulls and Bears and Schmankerl Stube Restaurant, as well as the Washington County Public Library (diagonally across the intersection).
High vehicular and foot traffic, as the property is in downtown Hagerstown.
Projected Cap Rate - 8.42% (See Pro Forma attached).
The current owner has had 2 grant applications approved, and a prospective buyer can seek many more. The Georgian is located in the following: Qualified Opportunity Zone: You can look up 55 S Potomac St here to verify City of Hagerstown Arts & Entertainment District property tax incentive: City of Hagerstown Main Street Grant Area. City of Hagerstown Partners in Economic Progress (PEP) Program zone City of Hagerstown City Center Redevelopment Grant zone. Downtown Historic District. (local/state and NHR federal) Enterprise Zone: City of Hagerstown CC-MU area
Nearby attractions...
Meinelschmidt Distillery
Bulls & Bears
Schmankerl Stube Bavarian Restaurant
Meritus Park - Home of the Flying Boxcars
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$440,568
|
$22.48
|
| Other Income |
$2,309
|
$0.12
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$442,877
|
$22.60
|
| Taxes |
$26,429
|
$1.35
|
| Operating Expenses |
$88,972
|
$4.54
|
| Total Expenses |
$115,401
|
$5.89
|
| Net Operating Income |
$327,476
|
$16.71
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $440,568 |
| Annual Per SF | $22.48 |
| Other Income | |
|---|---|
| Annual | $2,309 |
| Annual Per SF | $0.12 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $442,877 |
| Annual Per SF | $22.60 |
| Taxes | |
|---|---|
| Annual | $26,429 |
| Annual Per SF | $1.35 |
| Operating Expenses | |
|---|---|
| Annual | $88,972 |
| Annual Per SF | $4.54 |
| Total Expenses | |
|---|---|
| Annual | $115,401 |
| Annual Per SF | $5.89 |
| Net Operating Income | |
|---|---|
| Annual | $327,476 |
| Annual Per SF | $16.71 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Elevator
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | - | 175 - 325 |
| 1+1 | 26 | - | 305 - 686 |
1 1
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 03-020002 | Total Assessment | $1,380,500 |
| Land Assessment | $50,000 | Annual Taxes | $26,429 ($1.35/SF) |
| Improvements Assessment | $1,330,500 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
03-020002
Land Assessment
$50,000
Improvements Assessment
$1,330,500
Total Assessment
$1,380,500
Annual Taxes
$26,429 ($1.35/SF)
Tax Year
2025
1 of 45
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Mr. Lister Realty
The Georgian on South Potomac | 55-57 S Potomac St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.