About 429 N Locust St
429-431 N Locust Street, a fully occupied, six-unit multifamily investment located in a well-established residential pocket just north of Downtown Hagerstown, Maryland. Built in 1918, this three-story brick building offers six spacious one-bedroom, one-bath units averaging approximately 942 square feet each notably larger than typical one-bedroom product in the market — with original character details throughout, including hardwood flooring, French pocket doors between principal rooms, bay windows, and radiator heat.
The property is 100% leased to long-tenured residents, producing $64,980 in current annualized gross rent ($5,415/month). In-place rents average $902 per unit, roughly 10.8% below the current Hagerstown, MD average asking rent of $1,000 for a one-bedroom apartment, creating built-in upside for an incoming owner. Three of the six leases roll within the next twelve months (Units 2N, 3N, and 431), offering a near-term, low-friction opportunity to reposition rents toward market as tenancies turn.
Offered at $600,000 ($100,000 per unit), the asking price reflects a 4.9% pro forma cap rate on stabilized Year 1 operations at current in-place rents, with upside to a 5.9% cap rate once turnover units are re-leased at the current market average. The roof was replaced in 2021, and the property is professionally managed by Tristate Property Management, LLC, which also manages two neighboring RG Realty-listed properties on the same block (400 N Potomac St and 424-426 N Locust St) — presenting a buyer the opportunity to assemble a coordinated multifamily position with shared management and maintenance efficiencies in the immediate submarket.
Additional value-add potential exists through a utility sub-metering or ratio utility billback (RUBS) program, as ownership currently pays 100% of electric, gas, and water/sewer/trash costs directly. Ancillary income opportunities, including laundry and off-street parking (if available), have not yet been captured in current operations.
Located within roughly one mile of Downtown Hagerstown Square, Meritus Medical Center, and Hagerstown Community College, the property offers easy access to I-81 and I-70, connecting to Baltimore, Washington D.C., and the broader Mid-Atlantic corridor. The surrounding submarket benefits from a diversified regional employer base spanning healthcare, logistics, financial services, and manufacturing, supporting steady long-term rental demand for well-located, workforce-housing product.
This is a turnkey, cash-flowing multifamily asset with a clear, low-risk path to additional value through contractual lease rollover, mark-to-market rent repositioning, and operating efficiencies offered at a fair basis relative to gross rent for a buyer seeking a stabilized entry point into the Hagerstown multifamily market. Financial package, current rent roll, and showing instructions available upon request through the listing broker.
