The Georgian on S Potomac
Mixed Use | 19,600 SqFt
Marketing description
32 Residential Units, two Commercial Units and a Leasing Office. Residential Occupancy rate is 94%. One of the two commercial spaces is leased (5 Yr Lease) that just began. In the heart of downtown Hagerstown, just blocks away from the minor league baseball stadium (Meritus Park Stadium) on the same block as the Maryland Theatre and just across the street from the Meinelschmidt Distillery, Bulls and Bears and Schmankerl Stube Restaurant, as well as the Washington County Public Library (diagonally across the intersection). High vehicular and foot traffic, as the property is in downtown Hagerstown. Projected Cap Rate - 8.4% The current owner has had 2 grant applications approved, and a prospective buyer can seek many more. The Georgian is located in the following: Qualified Opportunity Zone: You can look up 55 S Potomac St here to verify City of Hagerstown Arts & Entertainment District property tax incentive: City of Hagerstown Main Street Grant Area. City of Hagerstown Partners in Economic Progress (PEP) Program zone City of Hagerstown City Center Redevelopment Grant zone. Downtown Historic District. (local/state and NHR federal) Enterprise Zone: City of Hagerstown CC-MU area
Investment highlights
Commercial restaurant space has a dedicated fully ducted forced air heat and AC system.
Commercial office space and leasing office have mini split heat and AC systems.
Residential units have baseboard heaters and each have a window AC unit
Section 4(b): Base rent year 1 is $2400/mo.
Section 5(b)(i): Operating expense reserve is initially $585/mo.
Baseboard heat is electric, and the building owner supplies one (1) window AC unit for each apartment as well. Tenant is responsible for replacing it, if it breaks.
Yes, the Georgian is located in a Qualified Opportunity Zone, which is a big plus for many buyers, and is also located in several state and local grant zones. It is zoned CC-MU (City Center - Mixed Use). See below and attached (please supply the attached economic zone map to prospective buyers as well). The current owner (BCO) has had 2 grant applications approved, and a prospective buyer can seek many more. It's definitely worth emphasizing these potential benefits for potential buyers.
The Georgian is located in the following:
Qualified Opportunity Zone: You can look up 55 S Potomac St here to verify: https://opportunityzones.com/tools/map/
City of Hagerstown Arts & Entertainment District property tax incentive: https://hagerstownmd.org/1558/Arts-Entertainment-Tax-Incentives
City of Hagerstown Main Street Grant Area. https://hagerstownmd.org/1731/Main-Street-Startup-Grant
City of Hagerstown Partners in Economic Progress (PEP) Program zone: https://www.hagerstownmd.org/793/Partners-In-Economic-Progress-Program
City of Hagerstown City Center Redevelopment Grant zone. https://www.hagerstownmd.org/1561/City-Center-and-City-Wide-Redevelopment-
Downtown Historic District. (local/state and NHR federal) https://www.hagerstownmd.org/532/Downtown-District
Enterprise Zone: City of Hagerstown CC-MU area: https://www.hagerstownmd.org/792/Enterprise-Zone
Most units have their own water heaters (in-unit). Water is not (currently) metered separately. The tenant leases cover up to $35/mo in water, so if a particular tenant uses water excessively, the owner can charge them for excessive use or add a submeter for their unit. (But we have never had to do this.)
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