34 W Franklin St, Hagerstown, MD 21740

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.