html_safe string has to be returned for tags to not be escaped:
<%= "<br>".html_safe %>
When html_safe string, aka ActiveSupport::SafeBuffer, is concatenated to a regular string, aka String, the result is a regular unescaped string:
>> "<br>".html_safe.class
=> ActiveSupport::SafeBuffer
>> ("address" + "<br>".html_safe).class
=> String
>> ("address" + "<br>".html_safe).html_safe?
=> false
raw is just a helper method that does the same thing, but calls to_s first: .to_s.html_safe
>> include ActionView::Helpers::OutputSafetyHelper
>> ("address" + raw("<br>")).html_safe?
=> false
>> raw("address" + "<br>").html_safe?
=> true
# NOTE: this doesn't work
>> ("address".html_safe + "<br>").html_safe?
=> true
# but the tag is escaped
>> "address".html_safe + "<br>"
=> "address<br>"
If you have to concatenate tags as strings, mark the whole result as html safe:
<%= (property.address_line_2 + "<br>").html_safe %>
<%= property.address_line_2.html_safe + "<br>".html_safe %>
<%= raw(property.address_line_2 + "<br>") %>
<%== property.address_line_2 + "<br>" %>
Use safe_join helper if you don't want to risk making the entire string safe, but still want to add a tag:
<%= safe_join [property.address_line_1, "<br>".html_safe] %>
Do the whole address in one go:
<% address_1 = "1st Street NE"; address_2 = " "; address_3 = nil; city = "City"; state = "Sate"; country = "Country" %>
<%=
  safe_join(
    [
      address_1,
      address_2,
      address_3,
      [city, state].join(", "),
      country
    ].reject(&:blank?),
    tag.br
  )
%>
# returns html safe string
"1st Street NE<br>City, Sate<br>Country"
# and renders
1st Street NE
City, Sate
Country
Also just use plain erb:
<% if (line = property.address_line_1.presence) %>
  <%= line %>
  <br>
<% end %>
https://api.rubyonrails.org/classes/String.html#method-i-html_safe
https://api.rubyonrails.org/classes/ActionView/Helpers/OutputSafetyHelper.html#method-i-raw
https://api.rubyonrails.org/classes/ActionView/Helpers/OutputSafetyHelper.html#method-i-safe_join
https://api.rubyonrails.org/classes/ActionView/Helpers/TagHelper.html#method-i-tag