Community batteries (CBs) are emerging to support and even enable energy communities and generally help consumers, especially space-constrained ones, to access potential techno-economic benefits from storage and support local grid decarbonization. However, the economic viability of CB projects is often uncertain. In this regard, typical feasibility studies assess CB value for behind-the-meter (BTM) operation or wholesale market participation, i.e., front-of-meter (FOM). This work proposes a novel techno-economic operational framework that allows systematic assessment of the different options and introduces a two-meter architecture that co-optimizes both BTM and FOM benefits. A real CB project application in Australia is used to demonstrate the significant two-meter co-optimization opportunities that could enhance the business case of CB and energy communities by multi-service provision and value stacking.