401 S Potomac Street

Description

Excellent opportunity to add a well-maintained six-unit multifamily property to your investment portfolio. Each spacious unit offers 3 bedrooms, 1 full bath, a central living room, eat-in kitchen, and covered rear porch, with second and third-floor units also enjoying access to private front porches. The property has been consistently maintained and features recent exterior improvements including fresh paint and a new front entry door. A shared coin-operated laundry facility provides additional income potential, while the rear parking area offers off-street parking for approximately eight vehicles. Ideally situated in a prime Hagerstown location, the property offers easy access to public transportation, downtown amenities, schools, Meritus Park, shopping, dining, and major commuter routes. All units are separately metered for electricity, with tenants responsible for their own electric usage, including heating, hot water, appliances, and lighting. Water and sewer expenses are largely passed through to tenants based on occupancy. Five of the six units are currently rented on month-to-month agreements, providing a new owner with significant flexibility and immediate opportunity to increase rents toward market levels. Current ownership has maintained high occupancy while keeping rents below market, offering investors a rare opportunity to increase revenue without major renovations or repositioning. Current rents are below prevailing market rates for comparable three-bedroom units, creating substantial upside potential through future rent adjustments. Whether you're looking to expand an existing portfolio or acquire a turnkey asset with value-add potential, this fully occupied property offers strong cash flow, desirable unit sizes, and long-term investment appeal.