Downtown Multifamily Apartment
220 220-226 Summit Ave Hagerstown, MD 21740
New
220 220-226 Summit Ave, Hagerstown, MD, 21740
$1,975,000
For Sale
$1,975,000
Two adjoining apartment buildings total 20 units, with updated systems and a detached three-bay garage for added rental income.
Property Size7,080 SF
Price / SF$278.95
Days on Market2
Property Features for 220 220-226 Summit Ave
General Information
- Standard status
- Active
- Size
- 7,080 SF
Building Details
- Year Built
- 1903
Listing agency
RG Realty, Inc.
(240) 203-6393
Listed by
Roberto G. Gonzalez · License #598229
Source
Kandorre
Added: Jul 21 Updated: Jul 22 at 10:53AM Checked: Jul 22 at 10:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RG Realty, Inc.
Investment Insights
Based on property information with market context.
This for-sale multifamily assemblage includes two adjoining apartment buildings at 220–222 and 224–226 Summit Avenue, forming a cohesive residential complex. The combined portfolio totals 20 units across one-bedroom, one-bath apartments and studio units. A detached three-bay garage structure is located at the rear, providing an additional income component. The buildings are two- and three-story brick and masonry structures constructed in the early 1900s.
The property sits on a combined urban parcel with frontage along Summit Avenue and Hood Street in downtown Hagerstown. The City of Hagerstown zoning is Residential Medium Density, which supports the existing multifamily use. The improvements include substantial recent capital work such as basement waterproofing with commercial grade dehumidification, plumbing and electrical upgrades, updated water service, fire escape replacement and repairs, new flooring and interior painting, common area improvements, remodeled units, and new PTAC heating and cooling units.
With streamlined ownership across the contiguous multifamily footprint, the configuration offers a practical mix of studio and one-bedroom units alongside dedicated garage space for rental revenue.
The property sits on a combined urban parcel with frontage along Summit Avenue and Hood Street in downtown Hagerstown. The City of Hagerstown zoning is Residential Medium Density, which supports the existing multifamily use. The improvements include substantial recent capital work such as basement waterproofing with commercial grade dehumidification, plumbing and electrical upgrades, updated water service, fire escape replacement and repairs, new flooring and interior painting, common area improvements, remodeled units, and new PTAC heating and cooling units.
With streamlined ownership across the contiguous multifamily footprint, the configuration offers a practical mix of studio and one-bedroom units alongside dedicated garage space for rental revenue.
Key Highlights
- Two adjoining apartment buildings at 220–222 and 224–226 Summit Avenue total 20 units in downtown Hagerstown
- Unit mix includes one‑bedroom/one‑bath apartments and studio units, with 8 units in 220–222 and 12 studio units in 224–226
- Detached three‑bay garage structure at the rear adds potential for additional rental income
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $130.0k | $18.36 |
| − Vacancy | −$8.8k | −$1.25 |
| EGI | $121.1k | $17.11 |
| − OpEx | −$54.5k | −$7.70 |
| NOI | $66.6k | $9.41 |
7,080 SF · lease $18.36/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$951.9K
$832.9K – $1.11M
NOI $66,632 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,935 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Two adjoining apartment buildings total 20 units, with updated systems and a detached three-bay garage for added rental income.
Where is this apartment building located?
The property is located at 220 220-226 Summit Ave Hagerstown, MD.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Two adjoining apartment buildings at 220–222 and 224–226 Summit Avenue total 20 units in downtown Hagerstown; Unit mix includes one‑bedroom/one‑bath apartments and studio units, with 8 units in 220–222 and 12 studio units in 224–226; Detached three‑bay garage structure at the rear adds potential for additional rental income
