The Georgian on South Potomac 55-57 S Potomac St 34 Unit Apartment Building $3,950,000 ($116,176/Unit) 7.40% Cap Rate Hagerstown, MD 21740

55-57 S Potomac St, Hagerstown, MD. 21740
$3,950,000 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 - 8.3% (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