6,000 Sqft Lot
6,000 Sqft Lot
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID MDWA2034474
Year Built 1903
Annual Tax Amount $13,435
Tax Year 2025
Lot Size 6,000 Sqft
Acres 0.14
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
This 22-unit multifamily investment opportunity in Hagerstown, Maryland is offered at $1,800,000. The offering consists of two neighboring buildings, 220 to 222 Summit Avenue and 224 to 226 Summit Avenue, with a diversified mix of apartments, studio units, and garage income.
A major strength of the property is the master lease at 224 to 226 Summit Avenue with R&R Recovery, a long standing tenant with more than 15 years of occupancy history. R&R Recovery recently signed a new 5 year lease term. Under the master lease structure, the owner receives rent regardless of vacancy, while R&R Recovery is responsible for maintenance and unit turnover. This provides predictable income and reduces day to day management responsibility.
The 220 to 222 Summit Avenue building offers additional value add upside through lease up of vacant units and rent growth. Several rents remain below market, creating a clear path to increased income as leases renew and units are adjusted toward market levels.
The property has benefited from significant recent improvements, including basement waterproofing, new decks, HVAC upgrades, new main water line, new electric water heater, community washer and dryer, and multiple unit turnovers with updated flooring, cabinets, countertops, vanities, toilets, and refinished tubs and showers.
This is a strong opportunity for investors seeking scale, in place income, long term master lease stability, and upside through rent growth in the Hagerstown rental market.
Location
State MD
County Washington
Zoning RMED
Interior
Hot Water Electric
Heating Hot Water
Cooling Window Unit(s)
Heat Source Electric
Exterior
Garage Spaces 8.0
Water Access N
Accessibility None
Total Parking Spaces 8
Garage N
Building
Foundation Permanent
Sewer Public Sewer
Water Public
New Construction N
Schools
Elementary Schools Bester
Middle Schools E. Russell Hicks School
High Schools South Hagerstown Sr
School District Washington County Public Schools
Others
Tax ID 2203016218-2203016234
Ownership Fee Simple
Special Listing Condition Standard
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