Hagerstown Multifamily for Sale - Washington County
Discover an unparalleled investment opportunity in Hagerstown, MD! This versatile, high-earning 4.07-acre property package offers a rare blend of established income streams and future growth potential. Anchoring the property is a fully renovated, 40-year-established profitable restaurant, boasting modern upgrades and a loyal customer base. Complementing this is a 16-unit apartment complex with a yearly NOI of $250K. The apartments offer flexible month-to-month leases, and include four high-performing Airbnb units that earn $1,000+ more per month than standard rentals. Additional assets include a storage garage and a mobile home pad, providing diverse revenue streams.
Strategically located just 0.25 miles from Interstate 81 at the bustling corner of Showalter Road and Route 11, the property benefits from exceptional visibility and accessibility. Positioned between the Hagerstown Regional Airport and Amazon’s largest refrigerated distribution center on the East Coast, this location is primed for long-term appreciation and sustained demand. The 2 acres of undeveloped land present a lucrative opportunity for expansion—ideal for adding more rental units, storage facilities, or in-demand RV/boat parking.
This turnkey investment is designed for rapid income generation with multiple avenues for growth, making it an ideal acquisition for buyers seeking stability, flexibility, and high returns in a thriving market.
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Colonial Bar & Grill - A Proven Community Landmark with Unlimited Growth Potential - Established in 1985, Colonial Bar & Grill has been a cornerstone of the Hagerstown community, offering beloved home-style meals in a warm, inviting atmosphere. This fully renovated 3,266 sq. ft. facility, enhanced by $200,000 in recent upgrades, features a cozy interior with custom wood paneling, brick walls, and modern LVP flooring. With two dining areas, a bar, and a partially covered outdoor patio, the restaurant accommodates 170 guests, providing flexible seating options that enhance customer experience.
Beyond its rich history and loyal customer base, Colonial Bar & Grill is positioned for substantial growth through digital expansion. The newly launched website and app offer seamless online ordering, including carry-out alcohol, and an integrated loyalty program that has already boosted sales by 4.5%. A strong social media presence further amplifies brand awareness and customer engagement.
This dynamic business model offers multiple revenue streams: operate as a successful restaurant/bar, convert into a high-traffic liquor store, or lease to an ambitious restaurateur. Additional income opportunities include expanding lottery sales, developing a catering service, hosting private events, and leveraging third-party delivery platforms like Uber Eats and DoorDash. With its turnkey setup, strategic location, and diverse growth potential, Colonial Bar & Grill is a rare, high-yield investment ready to deliver immediate and long-term returns.
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Penn Ave Apartments - This multi-faceted investment opportunity offers 16 versatile units, blending stable month-to-month rentals with high-performing Airbnb units, and is complemented by a thriving retail space currently occupied by a profitable restaurant/bar, a trailer lot, and a storage garage. Recent upgrades, totaling $250,000 since 2022, have modernized 12 of the 16 units, enhancing their value and appeal to tenants and short-term guests alike. This extensive renovation ensures the property maintains strong demand, minimizes maintenance costs, and maximizes profitability for years to come.
The month-to-month leases provide a reliable and flexible income stream, offering the ability to adjust rental rates quickly in response to market trends. This adaptability is a significant advantage in Hagerstown, where there is a critical shortage of multi-family rental units, positioning the Penn Ave Apartments as a high-demand asset in a market with rising rental rates. Investors can leverage this scarcity to capture increased revenue with minimal risk, ensuring consistent cash flow and strong occupancy.
The property's Airbnb units present an even more lucrative opportunity. By expanding the short-term rental inventory, investors can tap into the robust traveler market drawn to Hagerstown’s prime location near major highways I-70 and I-81. Historical booking data demonstrates high demand from business travelers, vacationers, and tourists visiting nearby attractions, including a popular ski resort and historical parks. These factors contribute to higher occupancy rates and premium nightly pricing, significantly boosting revenue potential compared to traditional long-term leases.
This investment isn’t just about current returns—it’s a strategic play for future growth. The combination of renovated units, flexible leasing, and the high-yield potential of expanded Airbnb operations makes the Penn Ave Apartments an exceptional, low-risk opportunity with substantial upside. Investors looking to capitalize on a thriving, high-demand market will find this property perfectly positioned to deliver strong, sustained returns and long-term appreciation.
