919 Eldridge Dr - Manufacturing FOR SALE


Hagerstown, MD 21740- Outer Downtown/Maugansville
$2,250,000 USD
301-221-5322
919 Eldridge Dr, Hagerstown, MD for Sale
$2,250,000 USD
Manufacturing - FOR SALE
1/4
null | 8.74% Cap Rate

Nov '28


919 Eldridge Dr
Hagerstown, MD 21740
Outer Downtown/Maugansville


HIGHLIGHTS

  • Roughly 2.5 Years of In-Place Income with a Defined Transition Timeline
  • Highly Leasable Building Size That Fits Most Active Segment of the Market
  • Well-Maintained With Proximity to Highways Offers Regional Connectivity
  • Desirable Industrial Market With Low Vacancy & Brand Name Neighbors
  • Limited Supply of Small/Mid-Size Buildings & Strong Local Labor Base

OVERVIEW

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of an 81,379-square-foot manufacturing portfolio located in Hagerstown, Maryland. The offering consists of four industrial buildings situated on 9.78 acres across three parcels and two nearby locations. The portfolio includes highly functional manufacturing facilities ranging from 16,000 SF to 28,000 SF, along with an 11,379 SF office building. The properties may be acquired individually or as a portfolio. This offering presents a unique opportunity to acquire well-located industrial real estate with approximately 2.5 years of in-place income while planning for future occupancy or re-tenanting. Owner-users can acquire the facilities today, collect roughly $2,300,000 in base rent payments during the remaining lease term, and prepare for a future transition into all or a portion of the properties. Value-add investors can benefit from near-term cash flow while executing a lease-up strategy. The manufacturing buildings range in size from 16,000 SF to 28,000 SF and feature a combination of heavy electrical service, reinforced floors, dock and drive-in loading, and functional industrial layouts suited to a broad range of manufacturing and service uses. The newest facility, 861 Commonwealth Avenue, was constructed in 2019 and is fully air-conditioned. The portfolio's 9.78 acres also provide opportunities for expanded outdoor storage, additional parking, or future building expansion. Hagerstown continues to benefit from strong industrial fundamentals driven by its strategic Mid-Atlantic location and access to Interstate 70 and Interstate 81. Industrial properties under 200,000 square feet in Washington County have experienced low vacancy and positive absorption, supported by a growing labor force and limited supply of small- and mid-size industrial product. The portfolio's building sizes align with the deepest segment of the local tenant market, appealing to manufacturers, contractors, service providers, and other industrial users. The portfolio is currently 95% leased to Electromet Corporation, a precision manufacturer serving the defense industry with a 51-year operating history in Hagerstown. Electromet manufactures custom enclosures utilized in mission-critical defense applications supporting programs and prime contractors such as BAE Systems and General Dynamics. The remaining space is leased to Antietam Broadband, a locally established telecommunications provider. The existing leases provide buyers with near-term income while they prepare for the next phase of ownership.

FOR SALE DETAILS

PRICE

$2,250,000 USD

PRICE/SF

$80 USD /SF

CAP RATE

8.74%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Industrial

PROPERTY SUBTYPE

Manufacturing

ADD'L SUBTYPES

Distribution, Warehouse, Service

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1985

UTILITIES

Lighting, Gas, Water, Sewer, Heating

CLEAR CEILING HT

14 Ft

DOCKS

3

DRIVE INS

-

PARKING SPACES

22

LAND DETAILS

LAND ACRES

2.77

LAND SF

120,661

ZONING

IR

APN/PARCEL ID

17-018035

ASK ABOUT THIS PROPERTY

Bryn MerreyMarcus & MillichapMore Info
301-221-5322

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Bryn MerreyMarcus & MillichapMore Info
301-221-5322

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.