535 Summit Ave Hagerstown, MD 21740

This exceptional investment opportunity presents a 25,029 square foot, vacant, two-story building situated on a 2.67-acre lot at 535 Summit Avenue in Hagerstown, Maryland. Built in 1907, this former school building offers significant adaptive reuse potential, currently zoned RMOD. The property boasts 77 parking spaces and is ideally located across from Hagerstown City Park, one mile from the new Meritus Park minor-league stadium, and conveniently off the same exit as the Hagerstown Premium Outlets. Conceptual plans are available for conversion into a high-end boutique hotel featuring 29 guest rooms, a luxury holistic spa with four treatment rooms, and a restaurant. The existing layout requires minimal renovations for alternative uses such as a daycare or charter school. Supplemental income potential exists through a possible parking lot lease to the city of Hagerstown, addressing a current parking shortage at City Park. The asking price is $1,590,000 ($63.53/sq ft). The property is offered fee simple with APN 03-029735. This is a value-add investment with significant upside potential.