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Ideal Realty Group (“IRG”) is proud to exclusively offer for sale a fee simple interest in Brookemeade Apartments (“The Property”), a 120-unit garden style apartment community built in 2008. Located at the intersection of I-81 & I-70 in Hagerstown, MD. The Property is comprised of all three-bedroom, two-bath apartments averaging 1,364 square feet.
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Offering Price:
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$11,500,000 ($95,833 per unit) |
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Occupancy: |
89% (7/23/2010) |
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Year Built: |
2008 |
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Units: |
120 |
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Parking: |
240 parking spaces |
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Land Area : |
8.97 acres |
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Trailing NOI: |
$760,500 |
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Projected NOI: |
$845,478 |
Unit Mix
| Unit Type |
# of Units |
Base Rent |
SF |
$ per SF |
| 3BD/2BA (1st Floor) |
40 |
$900 |
1,364 |
$0.66 |
| 3BD/2BA (2nd Floor) |
40 |
$875 |
1,364 |
$0.64 |
| 3BD/2BA (3rd Floor) |
40 |
$850 |
1,364 |
$0.62 |
| Total/Average |
120 |
$875 |
1,364 |
$0.64 |
Investment Highlights
> Washington County’s $31,500/unit excise tax makesthis a high barrier to entry market.
> Class “A” community with desirable location near the intersection of I-81 & I-70 providing excellent advertising opportunities with direct interstate traffic signs.
> Excellent value add potential.
> Ability to purchase below replacement costs with future condominium sellout potential.
> Convenient locations for local jobs and Williamsport Elementary, Springfield Middle and Williamsport High
For more information, please review the Offering Summary Brochure below.
Confidentiality Agreement
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