Hagerstown, MD – Harbor Stone Advisors has been awarded the assignment to market The Franklin, a gut-renovated multifamily asset in Downtown Hagerstown. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi are marketing the property.
The property, located at 34 W Franklin St., features a mix of (1) Studio, (2) 1 Br-1 Ba, (2) 2 Br-2 Ba, and (2) 3 Br-2 Ba units. Fully gut-renovated between 2023 and 2024, typical unit features include stainless steel appliance packages, quartz countertops, wood cabinets, LVT flooring, and in-unit washer/dryers. The property also includes sought-after amenities, including a 14-space surface parking lot, a courtyard, a terrace deck, and a shared office space.
Beyond luxury finishes, the property also features (4) furnished units. Current ownership operates short term or vacation rental in these units when otherwise 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 via implementation of 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 City of Hagerstown through the 2029-2030 tax year.
The Franklin is situated in Hagerstown, the largest city in Washington County and a major hub for all of Western Maryland. The downtown area includes plentiful shops, restaurants, bars, and breweries, many of which are within a short walk of the property. Additionally, Hagerstown supports a diverse and expanding workforce, driven by its strategic location along major interstate corridors. It is a key destination for logistics, manufacturing, healthcare, and distribution users, with several large employers operating regional facilities in and around the city. Major employers in the sector include Volvo Motors (1,800+ employees),Fiserv Inc. (2,300 Employees), and Meritus Medical Center (3,000+ Employees).
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit: www.harborstoneadvisors.com