29 Franklin StHagerstown, MD 21740

Property Details for 29 Franklin St

Year built

1900

Construction

BRICK

Lot size

0.14 AC

Property size (Sq ft)

8,682 SF

Zone code

CCMU

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

25-010159

APU

25010159

Description

This exceptional mixed-use property at 29 W Franklin St, Hagerstown, MD 21740 presents a compelling value-add investment opportunity. The 14,000 square foot building, constructed in 1976 and boasting five stories, is zoned CC-MU. Currently, the ground floor houses a thriving law office, providing immediate rental income. Above, six well-maintained residential apartments offer consistent occupancy and historic charm. The building features private parking for tenants, a significant advantage in this desirable location. The property benefits from separately metered electric and gas-fired boilers with full redundancy, ensuring efficient and reliable operation. Its proximity to downtown Hagerstown provides tenants with easy access to a wide array of amenities. The asking price is $795,000, translating to $56.79 per square foot. This represents a strong return on investment in a stable market. The building's solid history of occupancy since 1976 speaks to its enduring appeal and potential for continued growth. This is a rare opportunity to acquire a well-maintained, income-producing property in a thriving Maryland city.

• CAP approach

  CAP return

  Valuation

  6%

  $2,066,405

  6.5%

  $1,907,451

  7%

  $1,771,204

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,735,879

  Geo Method

  $1,735,879

• Alternative Use

  Use

  Valuation

  Residential

  $2,365,239

  Hospitality

  $2,166,546

  Educational

  $1,802,541

  Medical

  $1,864,533

  Retail

  $2,803,952

Location Insight

City

Hagerstown

County

Washington

State

Maryland

Latitude

39.6435

Longitude

-77.7205

CBSA code

25180

CBSA name

HAGERSTOWN-MARTINSBURG, MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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