220-226 Summit Avenue, Hagerstown, MD 21740

Property Description

This well located multifamily assemblage consists of two adjoining apartment buildings at 220–222 and 224–226 Summit Avenue in downtown Hagerstown. Together, the properties form a cohesive residential complex with a total of twenty units, along with a detached three bay garage structure at the rear. The portfolio offers a mix of one bedroom, one bath apartments and studio units, providing a practical unit mix for the downtown rental market. The 220–222 Summit Avenue building contains eight apartment units, consisting primarily of one bedroom layouts along with studio apartments. The separate garage building provides additional rental income potential. The adjoining 224–226 Summit Avenue building contains twelve studio apartment units, creating operational efficiency and scale across the combined properties. The improvements include two and three story brick and masonry structures situated on a combined urban parcel with frontage along Summit Avenue and Hood Street. Both buildings have undergone substantial capital improvements in recent years, including basement waterproofing with commercial grade dehumidification, plumbing and electrical upgrades, updated water service, replacement and repair of fire escapes, new flooring, interior painting, remodeled units, common area improvements, and the installation of new PTAC heating and cooling units. These improvements enhance long term durability and help reduce near term capital expenditure requirements for a new owner. The properties are zoned Residential Medium Density under City of Hagerstown zoning, which supports the existing multifamily use. Located within the downtown City Center area, the properties benefit from proximity to employment, education, public transportation, shopping, and ongoing revitalization efforts throughout downtown Hagerstown. Constructed in the early 1900s, the buildings reflect the durable brick and masonry construction commonly found in the area. Combined ownership of the adjoining properties provides streamlined management, portfolio scale, and long term upside through control of a contiguous multifamily footprint along Summit Avenue. This offering represents an income producing multifamily opportunity with scale, recent improvements, additional garage income potential, and a strong downtown location. It is well suited for investors seeking durable cash flow and long term appreciation potential in one of Western Maryland’s primary urban markets

Property Features

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