Description
The complex consists of a total of 66 units located on a single tax parcel, which also accommodates a single operational facility. Of the 66 units, there are 19 one-bedroom units and 47 two-bedroom units.The property is characterized as a vintage multi-family apartment complex dating back to 1954.From the street view, the subject property appears to comprise two large buildings. These buildings are structurally divided into nine sections. While the sections are connected, with six sections in onebuilding and three sections in the other, they are distinguishable by the position of their front doors and the divisions in the roofline. This distinction is best observed from an aerial perspective. For thepurposes of this report, all sections are considered as one entity, operating as a 66-unit apartment complex under a single ownership. The rear of the property is paved and striped to accommodate parkingfor 46 vehicles.+G- The complex is situated in the northern region of the incorporated area of Hagerstown. The immediate vicinity exhibits a diverse mix of land uses, indicative of a well-integrated community. To the north ofthe property is Saint Maria Goretti High School, while the Longmeadow retail shopping center is located to the east. South of the complex is a residential neighborhood characterized by high-end houses, and to the west is a vacant site with commercial uses further beyond. The subject property aligns with the typical characteristics of other properties in the surrounding area.+G- Since the current owner's acquisition in January 2017, significant efforts have been made to address deferred maintenance on the property. Approximately $1,000,000 has been invested in variousimprovements, including painting all units, installing new light fixtures and wall outlets, updating kitchen flooring, refinishing hardwood floors, and enhancing common areas such as the central foyer, stairwell, central corridor on each floor, and laundry facilities. Other updates have been made on an as-needed basis, including bathroom vanities, fixtures, and kitchen appliances.+G- The HVAC system operates on central gas-fired heat, with a boiler located in the basement serving the entire complex. The boiler was replaced in 2012 at a cost of $80,000. Air conditioning is providedthrough window units, which are supplied by the tenants. Additionally, the central boiler heats the domestic water. Upon purchase, the property had a relatively high vacancy rate. However, the new owner implemented a proactive marketing strategy through an aggressive leasing team to effectively lease up the previously vacant units.
Description
The complex consists of a total of 66 units located on a single tax parcel, which also accommodates a single operational facility. Of the 66 units, there are 19 one-bedroom units and 47 two-bedroom units.The property is characterized as a vintage multi-family apartment complex dating back to 1954.From the street view, the subject property appears to comprise two large buildings. These buildings are structurally divided into nine sections. While the sections are connected, with six sections in onebuilding and three sections in the other, they are distinguishable by the position of their front doors and the divisions in the roofline. This distinction is best observed from an aerial perspective. For thepurposes of this report, all sections are considered as one entity, operating as a 66-unit apartment complex under a single ownership. The rear of the property is paved and striped to accommodate parkingfor 46 vehicles.+G- The complex is situated in the northern region of the incorporated area of Hagerstown. The immediate vicinity exhibits a diverse mix of land uses, indicative of a well-integrated community. To the north ofthe property is Saint Maria Goretti High School, while the Longmeadow retail shopping center is located to the east. South of the complex is a residential neighborhood characterized by high-end houses, and to the west is a vacant site with commercial uses further beyond. The subject property aligns with the typical characteristics of other properties in the surrounding area.+G- Since the current owner's acquisition in January 2017, significant efforts have been made to address deferred maintenance on the property. Approximately $1,000,000 has been invested in variousimprovements, including painting all units, installing new light fixtures and wall outlets, updating kitchen flooring, refinishing hardwood floors, and enhancing common areas such as the central foyer, stairwell, central corridor on each floor, and laundry facilities. Other updates have been made on an as-needed basis, including bathroom vanities, fixtures, and kitchen appliances.+G- The HVAC system operates on central gas-fired heat, with a boiler located in the basement serving the entire complex. The boiler was replaced in 2012 at a cost of $80,000. Air conditioning is providedthrough window units, which are supplied by the tenants. Additionally, the central boiler heats the domestic water. Upon purchase, the property had a relatively high vacancy rate. However, the new owner implemented a proactive marketing strategy through an aggressive leasing team to effectively lease up the previously vacant units.
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