220-226 Summit Ave, Hagerstown, MD 21740

Property Description

NEW PRICE: $1,649,000. SUMMIT SUITES, A 20-UNIT MULTIFAMILY PORTFOLIO IN DOWNTOWN HAGERSTOWN. CASH OR CONVENTIONAL FINANCING. Priced to sell. This is a well-located, income-producing portfolio at about $82,450 per unit, a strong entry point for investors seeking scale and durable cash flow in one of Western Maryland’s primary urban cores. Summit Suites is made up of two adjoining brick and masonry buildings at 220-222 and 224-226 Summit Avenue. Together they form a contiguous residential complex with frontage on Summit Avenue and Hood Street. 220-222 Summit Avenue has 8 apartments, mostly one bedroom, one bath layouts plus studios. 224-226 Summit Avenue has 12 studio units, all leased to a single commercial tenant who handles repairs and unit turnover for that building, which simplifies day to day management. Garages and covered carports provide additional ancillary income. The portfolio is currently 95% occupied. Ownership has made substantial capital improvements in recent years, including ductless mini-split heating and cooling in all 20 units, basement waterproofing with commercial grade dehumidification, plumbing and electrical upgrades, updated water service, fire escape replacement and repair, remodeled unit interiors, new flooring, fresh paint, and common area enhancements. These improvements reduce near-term capital needs for a new owner. The property is zoned Residential Medium Density by the City of Hagerstown, which supports the current multifamily use. Its City Center location puts it near employment, education, public transportation, and ongoing downtown revitalization. Owning both buildings gives one buyer control of an entire multifamily footprint on Summit Avenue, with the efficiencies of a single operation. Rent roll, operating statements, and lease details are available to qualified buyers. Call today to schedule a showing.