UPDATED:
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Under Contract
Purchase Type For Sale
Square Footage 1,918 sqft
Price per Sqft $117
MLS Listing ID MDWA2032176
Style Other
Abv Grd Liv Area 1,918
Year Built 1880
Available Date 2025-10-14
Annual Tax Amount $1,838
Tax Year 2024
Lot Size 9,840 Sqft
Acres 0.23
Property Sub-Type Duplex
Source BRIGHT
Property Description
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.
Location
State MD
County Washington
Zoning RMED
Interior
Hot Water Natural Gas
Cooling Window Unit(s)
Fireplace N
Heat Source Natural Gas
Exterior
Water Access N
Accessibility None
Garage N
Building
Above Ground Finished SqFt 1918
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Washington County Public Schools
Others
Tax ID 2222011294
Ownership Fee Simple
SqFt Source 1918
Special Listing Condition Standard
NEARBY SCHOOL & BUSINESS
- 8
Paramount Elementary School
Public | KG - 5
- 7
Fountaindale Elementary School
Public | KG - 5
- 6
Potomac Heights Elementary School
Public | KG - 5
- 5
Salem Avenue Elementary School
Public | PK - 5
- 5
Emma K. Doub Elementary School
Public | 1 - 5
- 5
Eastern Elementary School
Public | 3 - 5
- 4
Lincolnshire Elementary School
Public | PK - 5
- 4
Winter Street Elementary School
Public | PK - 5
- 4
Pangborn Elementary School
Public | KG - 5
- 1
Bester Elementary School
Public | PK - 5
- 0
Ebenezer Christian School
Private | KG - 12
- 0
Grace Academy
Private | PK - 12
- 0
Truth Christian Academy
Private | PK - 11
- 0
Marshall Street School
Public | KG - 12
- 0
St Mary Catholic School
Private | PK - 8
- 0
Hagerstown Childrens School
Private | PK - KG
- 0
Funkstown Elementary School
Public | PK - KG
- 0
Ruth Ann Monroe Primary School
Public | PK - 2
- 5
E. Russell Hicks Middle School
Public | 6 - 8
- 5
Western Heights Middle School
Public | 6 - 8
- 5
Northern Middle School
Public | 6 - 8
- 9
Barbara Ingram School for the Arts
Public | 9 - 12
- 8
Washington County Technical High School
Public | 11 - 12
- 5
South Hagerstown High School
Public | 9 - 12
- 5
North Hagerstown High School
Public | 9 - 12
- 0
Washington County Job Development Center
Public | 10 - 12
- 0
St Maria Goretti High School
Private | 9 - 12
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