220-226 Summit Avenue

Description

This well located 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. These improvements enhance long term durability and reduce near term capital exposure for an investor.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.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. These improvements materially reduce near-term capital expenditure needs.The adjacent building at 220–224 Summit Avenue consists of 8 apartment units and complements the larger 12-unit asset, allowing a buyer to control an entire contiguous multifamily footprint along Summit Avenue. Combined ownership provides operational efficiencies, streamlined management, and long-term upside through portfolio consolidation.This offering represents a stabilized, income producing multifamily opportunity with scale, recent improvements, and a strong downtown location, well suited for investors seeking durable cash flow and long term upside in one of Western Maryland’s primary urban cores.