Gut-Renovated Downtown
For Sale
Contact for pricing
34 W Franklin St, Hagerstown, MD 21740
Fully gut-renovated multifamily with 7 units, furnished options, shared office space, and 14 off-street parking spaces.
Property Size5,660 SF
Price / SF$238.52
Days on Market184
Property Features for 34 W Franklin St
General Information
Standard status
Active
Size
5,660 SF
Total Parking Spaces
14
Property subtype
Multifamily
Additional Details
Furnished
Yes
Multifamily Units
7
Amenities
surface parking lot
courtyard
terrace deck
shared office space
Building Details
Year Built
1900
Year Renovated
2024
Listing Agency:
Harbor Stone Advisors
Listed By:
Kevin Landolphi · License #5019982
Source:
Crexi
Added: Jan 28
Changed: Jul 23
Last Checked: Jul 24 at 4:32PM
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 Harbor Stone Advisors
Investment Insights
Based on property information with market context.
The Franklin is a fully gut-renovated multifamily asset featuring 7 units with a mix of studio, one-bedroom, two-bedroom, and three-bedroom layouts. Completed by current ownership in 2024, the property includes a 14-space surface parking lot, a courtyard, a terrace deck, and shared office space. Unit finishes and features include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in-unit washer/dryers. Four units are furnished and were operated as short-term or vacation rentals when vacant.
The property is located at 34 W Franklin St in Hagerstown, positioned in the downtown area within walking distance of local shops, restaurants, breweries, and community events.
Additional information includes an Economic Rehabilitation Incentive Grant from the City of Hagerstown through the 2029–2030 tax year.
The property is located at 34 W Franklin St in Hagerstown, positioned in the downtown area within walking distance of local shops, restaurants, breweries, and community events.
Additional information includes an Economic Rehabilitation Incentive Grant from the City of Hagerstown through the 2029–2030 tax year.
Key Highlights
- 7‑unit multifamily fully gut‑renovated in 2024 with a unit mix of studios, 1BR/1BA, 2BR/2BA, and 3BR/2BA
- 14‑space surface parking lot plus courtyard and terrace deck
- Apartment finishes include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in‑unit washer/dryers
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 | $103.9k | $18.36 |
| − Vacancy | −$7.1k | −$1.25 |
| EGI | $96.9k | $17.11 |
| − OpEx | −$43.6k | −$7.70 |
| NOI | $53.3k | $9.41 |
5,660 SF · lease $18.36/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$761.0K
$665.9K – $887.8K
NOI $53,268 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.46M
NOI $87,886 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,983
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
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 - Fully gut-renovated multifamily with 7 units, furnished options, shared office space, and 14 off-street parking spaces.
Where is this apartment building located?
The property is located at 34 W Franklin St Hagerstown, MD.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 7‑unit multifamily fully gut‑renovated in 2024 with a unit mix of studios, 1BR/1BA, 2BR/2BA, and 3BR/2BA; 14‑space surface parking lot plus courtyard and terrace deck; Apartment finishes include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in‑unit washer/dryers
