SOLD $450,000 - Commercial, Multi Family, Office
245 N Potomac Street, Hagerstown MD 21740
245 N Potomac Street, Hagerstown MD 21740, The overall condition of the 9 unit, 3 stories, apt. building is good. Structurally, the apartment building is in above average shape. It contains 10294 sq.f above grade. It includes various sections with basic finishes including concrete, stone and masonry walls and exposed ceilings. The exterior of the building is predominately brick with vinyl siding along the front section. The roof was replaced in 2008. It contains a flat style, rubber membrane surface with aluminum gutters and downspouts. The foundation is stone and masonry and all the windows have been replaced with new double hung vinyl type. Looking at the interior layout, top floor contains 4, large two bedroom layout units, 2nd floor one 2 bedroom and 1 one bedroom, main level 2 commercial spaces for a total of 9 units above grade. There is a common hallway on each floor that divides the units, and includes good quality floors and emergency lighting. The units generally include a living room, kitchen, and a full bath. We have observed one and two bedroom apartment units generate the most demand with rents generally ranging between $600 to $700 per unit per month. The population in the general area is considered to be of sufficient size, diversity, and financial ability to support the subject and similar properties. The units along south side of building include a slightly larger layout. The 3rd floor units maintain a similar layout as the units except they are larger in size. The interior finishes for the most part include a combination of carpet and hardwood floors, painted plaster and drywall walls, and textured ceiling. The building is heated by individual electric baseboard heaters.With the exception of the two commercial spaces that offer a central air and heat, the
owner has spent approximately $200,000 in renovations since acquiring the property. Some of the notable renovations include replacing the roof, installing new electric baseboard heat in each
unit, remodeled and upgraded the kitchens and baths in each unit, roof, electric system service etc.