Downtown Multifamily Investment
For Sale
$1,999,000
220-226 Summit Ave, Hagerstown, MD 21740
Two adjoining apartment buildings with 20 units in downtown Hagerstown.
Property Size7,080 SF
Price / SF$282.34
Days on Market225
Property Features for 220-226 Summit Ave
General Information
Standard status
Active
Size
7,080 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$13,435
Building Details
Year Built
1903
Listing Agency:
RG REALTY, INC.
(240) 203-6393
Listed By:
ROBERTO G. GONZALEZ · License #598229
(301) 991-0207
Source:
Corcoran
Added: Feb 22
Changed: Oct 3
Last Checked: Oct 5 at 7:12PM
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 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, plus a detached three bay garage structure at the rear. The buildings are improved with a mix of one bedroom one bath apartments and studio units, offering a desirable unit mix for the downtown rental market. 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. The 220–222 Summit Avenue building contains eight apartment units, consisting primarily of one bedroom layouts along with studio apartments, and is complemented by a separate garage building providing additional rental income. The adjoining 224–226 Summit Avenue building contains twelve studio apartment units, allowing for operational efficiency and scale across the combined properties. Both buildings have undergone substantial capital improvements in recent years, including basement waterproofing with commercial grade dehumidification, plumbing and electrical upgrades, replacement and repair of fire escapes, new flooring, updated paint throughout, and the installation of new PTAC heating and cooling units in the apartments. Constructed in the early 1900s, the building reflects durable construction typical of the area. Ownership has completed recent capital improvements, including new PTAC units, plumbing upgrades, updated water service, remodeled unit interiors, and common-area enhancements. The properties are zoned Residential Medium Density under City of Hagerstown zoning, a designation that supports multifamily use and aligns with the existing improvements. Located within the downtown City Center area, the properties benefit from proximity to employment, education, public transportation, and ongoing revitalization initiatives throughout downtown Hagerstown. The property size is 7080 square feet.
Key Highlights
- Twenty total units plus a detached three‑bay garage, offering substantial rental income potential.
- Recent substantial capital improvements, including new PTAC units, plumbing and electrical upgrades, basement waterproofing, and remodeled interiors, reducing near‑term capital expenditure needs.
- Located in downtown Hagerstown, providing proximity to employment, education, public transportation, and revitalization initiatives.
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,760
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two adjoining apartment buildings with 20 units in downtown Hagerstown.
Where is this apartment building located?
The property is located at 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: Twenty total units plus a detached three‑bay garage, offering substantial rental income potential.; Recent substantial capital improvements, including new PTAC units, plumbing and electrical upgrades, basement waterproofing, and remodeled interiors, reducing near‑term capital expenditure needs.; Located in downtown Hagerstown, providing proximity to employment, education, public transportation, and revitalization initiatives.
