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The Franklin 34 W Franklin St 7 Unit Apartment Building $1,350,000 ($192,857/Unit) 7.39% Cap Rate Hagerstown, MD 21740

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Investment Highlights

Unique Opportunity to Acquire a Gut-Renovated Asset in Hagerstown, MD
Excellent Location in Washington County

Minimal Deferred Maintenance and Value Add Potential

Executive Summary

Harbor Stone Advisors is pleased to present The Franklin, a fully gut-renovated multifamily asset located in the vibrant heart of Downtown Hagerstown. This unique asset offers 7 units with a mix of (1) Studio, (2) 1 Br-1 Ba, (2) 2 Br-2 Ba, and (2) 3 Br-2 Ba. The property provides excellent amenities, including a 14-space surface parking lot, a courtyard, a terrace deck, and a shared office space. Residents benefit from its prime location, which is within easy walking distance of numerous local shops, restaurants, breweries, and community events. Following a comprehensive gut renovation completed by current ownership in 2024, the property requires minimal deferred maintenance for a new owner. The luxury apartment units features include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in-unit washer/dryers.
There are four furnished units at The Franklin which current ownership was renting as a short term or vacation rental when vacant. The opportunity exists for a new owner to continue this model, fully convert the property to a short term rental, or secure long term, market rate tenants. Additional value-add opportunities exist by implementing a water reimbursement program upon renewal and/or new lease, and shifting the cost of cable/internet to tenants, as these services are currently paid for by the owner. The property also has a Economic Rehabilitation Incentive Grant from the the City of Hagerstown through the 2029-2030 tax year.

Property Facts

Price	$1,350,000	Building Class	C
Price Per Unit	$192,857	Lot Size	0.22 AC
Sale Type	Investment	Building Size	5,800 SF
Cap Rate	7.39%	Average Occupancy	100%
No. Units	7	No. Stories	3
Property Type	Multifamily	Year Built/Renovated	1900/2024
Property Subtype	Apartment	Parking Ratio	2.41/1,000 SF
Apartment Style	Low-Rise	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	CC-MU - This is zoned CCMU, which allows mixed retail/multi-family. Also in the HUBZONE for tax incentives.

Price	$1,350,000
Price Per Unit	$192,857
Sale Type	Investment
Cap Rate	7.39%
No. Units	7
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.22 AC
Building Size	5,800 SF
Average Occupancy	100%
No. Stories	3
Year Built/Renovated	1900/2024
Parking Ratio	2.41/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	CC-MU - This is zoned CCMU, which allows mixed retail/multi-family. Also in the HUBZONE for tax incentives.