1400 Haven Rd: 104-Unit Value-Add Garden Apartment Community in Hagerstown, MD

1400 Haven Rd: 104-Unit Value-Add Garden Apartment Community in Hagerstown, MD

1400 Haven Rd: 104-Unit Value-Add Garden Apartment Community in Hagerstown, MD

1400 Haven Rd, Hagerstown, MD 21742, USA

SOLD COMP

$4,450,000 104 units

Property ID :

 haven1400

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Units
104
Garage
120
Sq Ft.
105764 46

Description

Hagerstown, at the intersection of I-70 and I-81 in Western Maryland, is one of the fastest growing regions in Maryland.  Acquiring the Northspring Rental Community represents an outstanding opportunity to own a valuable asset that will provide positive investment returns for many years to come.  With 63% occupancy as a result of aging ownership, there is a tremendous opportunity to make repairs and improvements to upgrade the appeal and performance in this community.  For example, current rents are 20% to 50% below what better maintained properties command in this market. Unit mix is well balanced at 25% one-bedroom, 50% two-bedroom, and 25% three-bedroom units. Property is certified lead-free.

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