Hagerstown, MD – Harbor Stone Advisors has been awarded the assignment to market 24 Broadway, a renovated multifamily asset in Downtown Hagerstown. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi are marketing the property.
The property, located at 24 Broadway, features a mix of (1) Studios, (4) 1 Br-1 Ba, and (1) 2 Br-1 Ba units. Current ownership renovated all units, and typical features consist of white/stainless steel appliances, wood cabinets, formica countertops, and LVT/hardwood flooring. The property also includes a six-space surface parking lot, a laundry room, and a 2 car garage.
The opportunity exists for a new owner to increase rents organically, as comparable properties nearby are achieving rents 10% higher on average. Additionally, a light renovation including stainless steel appliances, granite countertops, and LVT flooring in units without, could be performed to further increase rents. There is also an opportunity to lease the garage for additional rental revenue, as well as evaluate the implementation of a water reimbursement program upon renewal and/or new lease.
24 Broadway is situated in Hagerstown, the largest city in Washington County and a major hub for all of Western Maryland. The downtown area includes plentiful shops, restaurants, bars, and breweries, many of which are within a short walk of the property. Additionally, Hagerstown supports a diverse and expanding workforce, driven by its strategic location along major interstate corridors. It is a key destination for logistics, manufacturing, healthcare, and distribution users, with several large employers operating regional facilities in and around the city. Major employers in the sector include Volvo Motors (1,800+ employees), Fiserv Inc. (2,300 Employees), and Meritus Medical Center (3,000+ Employees).
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit: www.harborstoneadvisors.com