Downtown Multifamily Apartment
For Sale
$1,999,000
220 220-226 Summit Ave, Hagerstown, MD 21740
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$282.34
Days on Market77
Property Features for 220 220-226 Summit Ave
General Information
Standard status
Active
Size
7,080 SF
Zoning
Residential Medium Density
Additional Details
Road Access
Yes
Multifamily Units
20
Building Details
Year Built
1903
Construction
brick and masonry
Tenancy
Multi
Listing Agency:
RG Realty, Inc.
Listed By:
Roberto G. Gonzalez · License #598229
(240) 203-6393
Source:
Kandorre
Added: Jul 21
Changed: Oct 5
Last Checked: Oct 4 at 12:57PM
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,632
Cap Rate
3.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,332,640
$1.3M
Cap Rate 7%
$951,886
$951.9K
Cap Rate 9%
$740,356
$740.4K
Market Conditions
NOI Build-Up for 7,080 SF
Gross rent
$130.0K $18.36/SF
− Vacancy
−$8.8K −$1.25/SF
EGI
$121.1K $17.11/SF
− OpEx
−$54.5K −$7.70/SF
NOI
$66.6K $9.41/SF
Area
Washington County, MD
Vacancy
6.80%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,332,640
Cap Rate 7%
$951,886
Cap Rate 9%
$740,356
Alternative Uses
Best Use
Apartment 5plus
$951.9K
$832.9K – $1.11M
NOI $66,632 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,935 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
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Business Placement
Demographics for 21740, MD
65,619
Population
27,002
Households
2.4
Avg Household Size
39
Median Age
20%
College-Educated
86%
High-School Grad
70.9 sq mi
ZIP Area
926
Density / Sq Mi
$59,410
Median Household Income
$42,159
Median Earnings
$1,031
Median Rent
$241,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
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 $1,999,000.
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
