1,918 SqFt
1,918 SqFt
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
Square Footage 1,918 sqft
Price per Sqft $152
MLS Listing ID MDWA2032176
Style Other
Abv Grd Liv Area 1,918
Year Built 1880
Available Date 2025-10-14
Annual Tax Amount $1,838
Tax Year 2024
Lot Size 9,840 Sqft
Acres 0.23
Property Sub-Type Duplex
Source BRIGHT
Property Description
Discover a rare opportunity to own a fully leased two-unit Colonial duplex in the heart of Hagerstown's growing rental market. Each spacious 2-bedroom, 1-bathroom unit features approximately 959 sq. ft. of living space with separate entrances and electric meters, offering low-maintenance income generation and long-term tenant stability.
Sitting on a 9,840 sq. ft. lot, this well-maintained property delivers $1,960/month in rental income (approx. $23,520 annually), with both units on month-to-month leases at current market rates. The pro forma gross rent multiplier (GRM) under 10 and potential 8–10% cap rate make this a standout opportunity for investors seeking cash flow with equity growth potential.
Recent comparable sales in the immediate area have reached up to $233,500–$250,000 for smaller or single-unit properties, highlighting the under appreciated potential of this two-unit income producer. Given its multi-family zoning (RMED) and stable rental demand, future appreciation and rent increases are highly likely as Hagerstown continues to attract Washington, D.C., and Baltimore-area commuters seeking affordability.
Additional highlights include:
• Separate meters and entrances per unit
• Off-street parking and covered porches
• Vinyl siding, updated kitchens and baths, and efficient electric baseboard heating
• Strong tenant history with below-market rents, allowing room for immediate rent growth
• Low vacancy area with balanced supply/demand and 3–6 month average marketing time
Whether you're looking to expand your portfolio or secure a dual-income property with owner-occupancy potential, 115 East Ave represents a high-yield, undervalued asset poised for appreciation beyond $300,000 with strategic improvements or refinancing leverage.
Location
State MD
County Washington
Zoning RMED
Interior
Hot Water Natural Gas
Cooling Window Unit(s)
Fireplace N
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Above Ground Finished SqFt 1918
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 2222011294
Ownership Fee Simple
SqFt Source 1918
Special Listing Condition Standard
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