222 Myers St Hancock, MD 21750-1114

Property Details for 222 Myers St

Year built

1981

Lot size

0.45 lot acres

Property size

672 SF

Zone code

U

Property type

Commercial real estate

APN

05-009332

APU

5009332

Description

This stabilized Class C mobile home park in Hancock, Maryland presents a compelling investment opportunity. The property, known as Myers MHC, consists of six pads on a 0.45-acre lot (APN 05-009332), all currently occupied at 100% occupancy. Built in 1975 and extensively renovated in 2020, the park boasts updated units featuring electrical service upgrades, roof coatings, new countertops and stainless-steel appliances, new flooring, and fresh interior and exterior paint. Five homes underwent these renovations, and a sixth home was added this year. Water, sewer, and trash are included in the rent, with provisions for billing back excess usage. The property offers a pro-forma NOI of $48,718 and a pro-forma cap rate of 11.74% at an asking price of $415,000 ($75,000 per pad). Located on a quiet dead-end street less than half a mile from I-70, it provides easy access to Hagerstown (30 minutes away). The surrounding area demonstrates strong demographics, with a 2024 population of 19,099 within a 10-mile radius, boasting average household incomes of $85,619 and average home values of $275,469. Hancock's designation as "Maryland's Trail Town," with its numerous hiking and biking trails attracting over 4.3 million visitors annually, further enhances the property's appeal. The current zoning is TR. This investment offers the potential for increased income by raising rents to market rates, adding over $7,000 annually to gross income. The property is situated on city utilities.

Location Insight

City

Hancock

County

Washington

State

Maryland

Longitude

-78.1897

Latitude

39.7036

CBSA code

25180

CBSA name

HAGERSTOWN-MARTINSBURG, MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments