220-226 Summit Ave, Hagerstown, MD 21740

Property Description

ALL OFFERS TO BE RECEIVED BY AUGUST 31, 2026 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.