429 N Locust St, Hagerstown, MD 21740

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...