311 S Raleigh St

Currently divided into four rental units with a gross rental in come of $2,400 per month. The property includes two lots, with all parking on the adjacent lot. Has had bi-annual city inspections for over 20 years. Can be retained as a positive income rental property. As an alternative: This property can revert to a beautiful HOME WITH RENTAL/MOTHER-IN-LAW COTTAGE and HOME OFFICE/RENTAL which would still generate over $1000.00 PER MONTH. This is a 1920s storefront home with adjoining commercial space. In addition there is a mother-in-law cottage (painted green) at the rear of the property. It also includes the adjacent buildable lot which is presently used for off-street parking. Originally a three bedroom home with adjoining barbershop, and mother-in-law cottage, It is currently divided into multiple units. But you can VERY VERY EASILY restore this building to a wonderful home. It is an easy walk to shops and restaurants in downtown Martinsburg, and about a 15 minute walk to the Amtrak/Mark station, with train service to Washington’s Union Station. It is a 20 to 30 minute drive to either Winchester Virginia or Hagerstown Maryland, and just over an hours drive to the Dulles, Virginia and Frederick Maryland areas. It is presently divided into four rental units. However, If restored to owner-occupied, the result would be a unique circa 1920s home with adjoining storefront and separate mother-in-law cottage. The existing massage/yoga studio, and the mother-in-law cottage generate over $1000 a month gross rent. If continued as ancillary rentals, these two areas would pay for approximately half of your mortgage payment. The home has a nice covered front porch. The first floor, which has Nine Foot ceilings, contains a separate living room, dining room, large kitchen and a full bath. An oak staircase leads to the second floor. On the second floor there’s another full bath, washer/dryer and 3 bedrooms. The larger bedroom can easily be divided so as to have four bedrooms. Each floor has separate central gas heating and electric air conditioning systems. A brand new second floor air conditioning compressor was installed 8/20/21. There is ample paved off-street parking for 7 vehicles. If the buyer chooses, the studio can be incorporated into the home or used as a home office, and the mother-in-law cottage used for family or guests. Alternatively, the cottage and studio can remain rented. The current gross rent on these spaces totals $1,075 per month and can be a significant offset to your monthly mortgage payment. As shown In the photographs, both buildings are textured concrete block popular in the 1920s era. Both roofs are standing seam metal roofs in very good condition which will last indefinitely. The home is approximately 1325 ft.², the studio is an additional 425 ft.², and the cottage is approximately 600 ft.². The current owner does not wish to hold any first or second mortgage on the property. Think outside the box and with work, you will have a very nice home with much lower monthly mortgage payments than you would find elsewhere. If interested, please text Chuck at 703-618-3872.