About 426 N Locust St
exclusive opportunity to acquire 424-426 N Locust Street, a fully occupied, turnkey 13-unit brick apartment building located in an established residential corridor near downtown Hagerstown, Maryland. The offering may be purchased individually or as part of a broader Hagerstown-area multifamily portfolio from the same ownership group, giving buyers flexibility to scale their acquisition.
The building is comprised of thirteen 1-bedroom, 1-bathroom units plus available storage space, all currently occupied. The roof was replaced approximately one year ago, and most units have received major interior renovations and show very well, positioning this asset as a turnkey acquisition with minimal near-term capital requirements. Units are registered lead-free or lead-safe with the Maryland Department of the Environment, and required city inspections have been completed, reducing compliance risk and time-to-close for a buyer.
This offering is supported by six months of actual, property-specific operating statements from the property's management company, a stronger underwriting basis than a portfolio-wide estimate. On a current, trailing basis, the property produces approximately $87,000 of annualized net operating income. A fully loaded Year 1 pro forma, incorporating vacancy, management, real estate tax, insurance, and reserves, projects approximately $73,000 of NOI, a cap rate of roughly 5.6% on the asking price. A below-market legacy unit offers clear embedded rent upside at turnover.
Hagerstown sits at the crossroads of Interstate 81 and Interstate 70, giving the region direct access to the Baltimore, Washington D.C., and Philadelphia metropolitan areas, and supporting a diversified local economy anchored by healthcare (Meritus Health), logistics and distribution, and financial services. The subject property sits within a walkable corridor close to downtown Hagerstown, Meritus Medical Center, and the regional highway network.
