Myers MHC 222 Myers St

Myers MHC offers investors
the opportunity to purchase
a stable, cash flowing asset on
all city utilities, well located in
Hancock on top of a hill on a
quiet dead end street and less
than a half mile from I-70. Easy
access to I-70 means residents
are just 30 minutes away from
Hagerstown, MD.
– Opportunity for an investor to purchase a stabilized
community at an attractive in place yield and continue
pushing rents. If all 6 units were brought up to the total
home rent currently in place, an investor would add over
10% ($7,000) to the property’s annual gross income.
– Current owner purchased the asset out of foreclosure
and completed an extensive rehab of 5 homes including
but not limited to electrical service upgrades, roof
coatings, new countertops and stainless-steel appliances,
new flooring and interior and exterior paint, and water
sub-meters. The Owner also brought in a new home
this year and expects that to be sold or filled within the
coming months.
– There is a lack of renovated housing stock in the area.
After completing home rehabs, current owner was able
to lease up units rapidly, demonstrating the tremendous
demand for quality affordable housing in the area.
– Water, sewer, and trash are included in rent, and property
owner also has the right to bill back additional amounts if
usage is higher than allowed.
– Within a 10-mile radius of the community, the 2024
total population is 19,099 people with strong average
household incomes of $85,619 and average home values
of $275,469.
– Hancock was recently officially designated as “Maryland’s
Trail Town” by the governor of Maryland. There are 13
national and regional hiking/biking trails that run through
the town and with more than 4.3 million people using
these trails annually, Hancock is a natural stopping point
for many of these outdoor enthusiasts.