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228 E Washington St 2,048 SF 66% Leased Office Building Hagerstown, MD 21740 $383,795 CAD ($187.40 CAD/SF)
Investment Highlights
- Value-add opportunity with a remodeled duplex, one residential unit leased and a vacant commercial space ready for lease-up
- Stabilized residential unit providing consistent cash flow from day one
- Flexible commercial space suitable for a variety of uses, expanding tenant pool
- Immediate upside through leasing of the commercial unit, increasing overall income and value
- Recent renovations reduce near-term capital expenditure and improve tenant appeal
Executive Summary
RG Realty is pleased to present 228 E Washington Street, Hagerstown, Maryland, a mixed use value add opportunity offered at $275,000. The asset includes a residential upper unit that is currently rented at $1,475 per month on a month to month basis, plus a vacant lower unit that is commercially zoned and positioned for lease up, business use, or future repositioning.
The property has received extensive improvements from 2021 through 2024, including electrical upgrades, separate panels, lead compliance for the upper unit, bathroom and kitchen improvements, refinished hardwood floors, exterior brick repainting, privacy fencing, updated lighting, separate electric water heaters, and a new 2 ton heat pump for the upper unit.
The investment story is straightforward: immediate income from the upstairs unit, a vacant lower unit that drives the upside, recent capital improvements already completed, and flexible mixed-use potential in the Hagerstown market.
The property has received extensive improvements from 2021 through 2024, including electrical upgrades, separate panels, lead compliance for the upper unit, bathroom and kitchen improvements, refinished hardwood floors, exterior brick repainting, privacy fencing, updated lighting, separate electric water heaters, and a new 2 ton heat pump for the upper unit.
The investment story is straightforward: immediate income from the upstairs unit, a vacant lower unit that drives the upside, recent capital improvements already completed, and flexible mixed-use potential in the Hagerstown market.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
2,048 SF
Building Class
B
Year Built/Renovated
1896/2025
Price
$383,795 CAD
Price Per SF
$187.40 CAD
Percent Leased
66%
Tenancy
Multiple
Building Height
4 Stories
Typical Floor Size
700 SF
Building FAR
0.30
Lot Size
0.16 AC
Zoning
commercial - The lower unit of this duplex building is for rent. It is zoned commercial.
Parking
7 Spaces (3.42 Spaces per 1,000 SF Leased)
Amenities
- Fenced Lot
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
- 1st Floor
- 700 SF
- Office
- Full Build-Out
- Now
| Space | Size | Space Use | Build-Out | Available |
| 1st Floor | 700 SF | Office | Full Build-Out | Now |
1st Floor
| Size |
| 700 SF |
| Space Use |
| Office |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 22-016164 | Improvements Assessment | $223,997 CAD |
| Land Assessment | $72,154 CAD | Total Assessment | $296,151 CAD |
Property Taxes
Parcel Number
22-016164
Land Assessment
$72,154 CAD
Improvements Assessment
$223,997 CAD
Total Assessment
$296,151 CAD
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228 E Washington St
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