116 Baltimore StHagerstown, MD 21740

Property Details for 116 Baltimore St

Year built

1900

Construction

BRICK

Lot size

0.46 AC

Property size (Sq ft)

9,568 SF

Zone code

RMED

Property type

Office buildings

APN

03-031241

APU

3031241

Description

This unique investment opportunity presents a 9,568 square foot, two-story creative office building located at 116 W Baltimore St, Hagerstown, MD 21740. Built in 1962, this property sits on a 0.46-acre lot and offers 30 parking spaces. Currently configured as a single-tenant office space, the lease expires on December 31, 2024, with an occupancy date of December 16, 2024. The building is zoned RMED with an existing non-conforming use for office purposes. Priced at $525,000, this is a value-add project ideal for a small business owner/user seeking a significant renovation opportunity. The property is being sold "as is, where is," and requires deferred maintenance, including upgrades to major building systems. Its location offers proximity to the new Meritus Baseball Stadium, presenting potential for increased visibility and foot traffic. This is a chance to acquire a substantial property in an Opportunity Zone, allowing for potential tax advantages. The building's substantial size and ample parking make it a compelling prospect for redevelopment or adaptive reuse. Serious inquiries are encouraged to explore the potential of this unique investment.

• CAP approach

  CAP return

  Valuation

  6%

  $2,277,282

  6.5%

  $2,102,106

  7%

  $1,951,956

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,913,026

  Geo Method

  $1,913,026

• Alternative Use

  Use

  Valuation

  Residential

  $2,606,612

  Hospitality

  $2,387,643

  Educational

  $1,986,491

  Medical

  $2,054,809

  Retail

  $3,090,096

Location Insight

City

Hagerstown

County

Washington

State

Maryland

Latitude

39.6404

Longitude

-77.726

CBSA code

25180

CBSA name

HAGERSTOWN-MARTINSBURG, MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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