Description
Three separately deeded parcels being sold together create an outstanding investment opportunity with immediate cash flow and future development potential. The sale includes the fully renovated duplex at 117 & 119 Fairground Ave along with the adjoining buildable lot at 113 Fairground Ave for a combined purchase price of $435,000. The duplex is fully occupied and currently generates $3,480 per month ($41,760 annually) in gross rental income. Unit 117 rents for $1,800/month and features 3 bedrooms, 1 full bath, and 1 half bath. Unit 119 rents for $1,680/month and offers 3 bedrooms and 1 full bath. Annual real estate taxes for all three parcels total approximately $6,816. Both residences have been thoughtfully renovated while maintaining their classic charm. Improvements include refinished hardwood floors, fresh paint throughout, renovated kitchens with upgraded cabinetry and appliances, updated bathrooms, modern lighting, updated fixtures, and new electric central HVAC systems providing both heating and air conditioning in each unit. This is a significant advantage over many comparable rental properties in the area that still rely on older heating systems paired with window air conditioners. Each unit features spacious living and dining rooms, shared covered front and rear porches, separate basements, and access to a detached two-car garage located at the rear of the property. What truly sets this property apart is the separately deeded lot at 113 Fairground Ave. Situated directly beside the duplex, this flat RMED-zoned parcel offers outstanding future potential. The seller has confirmed with the City that the lot is suitable for construction of a new single-family residence, although a duplex is not permitted. Buyers should verify all development plans with the City of Hagerstown. If you choose not to build immediately, the additional lot offers endless possibilities including expanded parking, a large vegetable garden, outdoor recreation space, storage, or simply holding for future appreciation. Located in the heart of Hagerstown, the property provides convenient access to downtown restaurants and shopping, Hagerstown City Park, the Maryland Theatre, Hagerstown Premium Outlets, and I-70 and I-81 for easy commuting. Whether you're adding to your rental portfolio, completing a 1031 exchange, or looking for an investment with both dependable income and long-term upside, opportunities like this are hard to find. Enjoy immediate cash flow from two renovated, tenant-occupied units today while owning a separately deeded buildable lot that creates additional value for tomorrow.
Details
| MLS # | MDWA2038866 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active-bright |
| Year | 1920 |
| Days On Site | 52 |
| Listing Provided By | CENTURY 21 New Millennium | Alex Saenger |
Features
| SQ Feet | 1,610 |
|---|---|
| Garage | 2 |
| Basement | Y |
| Units | 2 |
| Zoning | RMED |
| Acreage | 0.13 |
Interior
| Cooling | Central A/C |
|---|---|
| Heating Yes / No | Yes |
| Heating | Central |
Exterior
| Construction Materials | Brick |
|---|---|
| Foundation Details | Permanent |
| Lot Features | Additional Lot(s), Level |
Parking
| Garage Yes / No | Yes |
|---|---|
| Parking Features | Crushed Stone, Surface |
Taxes
| Tax Annual Amount | 2976 |
|---|
Area Information
| State | MD |
|---|---|
| County | WASHINGTON MD |
| City | HAGERSTOWN |
| Zip Code | 21740 |
| Area | WASHINGTON MD |
| School District | WASHINGTON COUNTY PUBLIC SCHOOLS |
| Listing VS Median (in 21740) | |
Price: $435,000 low | high Med: $299,250 sqft: 1,610 low | high Med: 2,070 $ / sqft: $270 low | high Med: $146 On site: 52 low | high Med: 187 | |
Market Activity 21740
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Learn More About This Property
| State | MD |
|---|---|
| County | WASHINGTON MD |
| City | HAGERSTOWN |
| Zip Code | 21740 |
| Area | WASHINGTON MD |
| School District | WASHINGTON COUNTY PUBLIC SCHOOLS |
| Listing VS Median (in 21740) | |
Price: $435,000 low | high Med: $299,250 sqft: 1,610 low | high Med: 2,070 $ / sqft: $270 low | high Med: $146 On site: 52 low | high Med: 187 | |
