115 East Ave, Hagerstown, MD 21740

Property Description

Turnkey Duplex Investment with Immediate Cash Flow & Long-Term Upside Discover a rare opportunity to own a fully leased two-unit Colonial duplex in the heart of Hagerstown’s growing rental market. Each spacious 2-bedroom, 1-bathroom unit features approximately 959 sq. ft. of living space with separate entrances and electric meters, offering low-maintenance income generation and long-term tenant stability. Sitting on a 9,840 sq. ft. lot, this well-maintained property delivers $2,250/month in rental income (approx. $27,000 annually), with both units on month-to-month leases at current market rates. The bottom unit is $975 and the top unit $1,275. The pro forma gross rent multiplier (GRM) under 10 and potential 8–10% cap rate make this a standout opportunity for investors seeking cash flow with equity growth potential. Recent comparable sales in the immediate area have reached up to $233,500–$250,000 for smaller or single-unit properties, highlighting the under appreciated potential of this two-unit income producer. Given its multi-family zoning (RMED) and stable rental demand, future appreciation and rent increases are highly likely as Hagerstown continues to attract Washington, D.C., and Baltimore-area commuters seeking affordability. Additional highlights include: • Separate meters and entrances per unit • Off-street parking and covered porches • Vinyl siding, updated kitchens and baths, and efficient electric baseboard heating • Strong tenant history with below-market rents, allowing room for immediate rent growth • Low vacancy area with balanced supply/demand and 3–6 month average marketing time Whether you’re looking to expand your portfolio or secure a dual-income property with owner-occupancy potential, 115 East Ave represents a high-yield, undervalued asset poised for appreciation beyond $300,000 with strategic improvements or refinancing leverage.