UPDATED:
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 12,645 sqft
Price per Sqft $31
Subdivision None Available
MLS Listing ID MDWA2040166
Style Other
Abv Grd Liv Area 12,645
Year Built 1940
Annual Tax Amount $3,445
Tax Year 2026
Lot Size 0.290 Acres
Acres 0.29
Property Sub-Type Other
Source BRIGHT
Property Description
The property is located in Hagerstown's CC-MU City Center Mixed-Use zoning district and includes approximately 11,182 square feet in the main building plus an additional 1,708-square-foot garage/shop building, situated on approximately 12,645 square feet of land. The existing and proposed mix of retail, shop, and residential apartment uses aligns with the mixed-use configuration analyzed in the property's prior commercial appraisal.
The property already generates income from two occupied commercial/shop spaces. One smaller mechanic/shop space is currently rented for $800 per month, while the larger rear mechanic/shop space is rented for $2,500 per month, providing $3,300 per month in current rental income while a new owner continues the redevelopment.
Along the E Franklin Street frontage are two additional vacant commercial storefront spaces ready for completion and future occupancy. Previous plans contemplated approximately 831 SF and 1,098 SF retail spaces, providing additional commercial leasing or owner-user potential. All approved by the city!
The upper levels provide another major value-add opportunity. Architectural and engineering plans were prepared for three residential apartments, with framing and portions of the electrical work already completed. The plans contemplate one 1-bedroom unit and two 2-bedroom units, with planned unit sizes of approximately 615 SF, 806 SF, and 851 SF. The engineered drawings show the three planned apartments along with kitchens, living areas, bathrooms, mechanical spaces, closets and additional attic-level bedrooms.
A significant amount of preliminary work has already been completed, including interior demolition, framing, portions of electrical work, floor reinforcement, and roof repairs performed during the earlier renovation project. The property is being sold in its current condition, giving the next owner the opportunity to finish the project to their own specifications and investment strategy.
Architectural/engineering plans will be included with the listing for buyer review. With existing rental income, two additional commercial spaces, three planned residential units, substantial square footage and significant renovation upside, this property offers an uncommon opportunity at this price point.
Bring your contractor, bring your vision, and finish what has already been started at 135-137 E Franklin Street. 7 units for under 400K won't last long!
Location
State MD
County Washington
Zoning CCMU
Interior
Hot Water Electric
Heating Steam
Cooling None
Heat Source Propane - Owned
Exterior
Water Access N
Accessibility None
Garage N
Private Pool No
Building
Above Ground Finished SqFt 12645
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Washington County Public Schools
Others
Tax ID 2222015303
Ownership Fee Simple
SqFt Source 12645
Special Listing Condition Standard
NEARBY SCHOOLS & PROPERTIES