724 Salem Ave
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724 Salem Ave
5 Unit Apartment Building Offered at $325,000 at a 9.85% Cap Rate in Hagerstown, MD 21740
Executive Summary
Well-maintained three unit investment property for sale! Unit mix is comprised of a 2 bed-1.5 bath, 1 bed-1 bath and efficiency unit plus a detached garage. There was a fire in the building in February 2024 and renovations have been underway to include the common area and the upstairs 2 bedroom unit, which have been completed. The efficiency is currently being renovated now and is expected to deliver Fall 2024. The one bedroom apartment and garage are currently leased and the two bedroom apartment is finished and on the market for lease. Expected gross rental revenue is approx. $32k+ per year. Tenants pay electric and baseboard heat, which is separately metered. Upper rubber roof was replaced in 2019 and several windows were replaced in 2024. Energy efficient baseboard heaters were installed in 2021. Building can be delivered with property management in place.
Property Facts Under Contract
| Price | $325,000 | Apartment Style | Single Family Home |
| Price Per Unit | $65,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 9.85% | Building Size | 2,147 SF |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1976/2024 |
| Price | $325,000 |
| Price Per Unit | $65,000 |
| Sale Type | Investment |
| Cap Rate | 9.85% |
| No. Units | 5 |
| Property Type | Multifamily |
| Apartment Style | Single Family Home |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 2,147 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1976/2024 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 2 | - | - |
| 2+1.5 | 2 | - | - |
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Walk Score ®
Very Walkable (71)
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Taylor Bowen -
Berkshire Hathaway | Bowen Realty
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724 Salem Ave
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