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Key Details
Sold Price $2,150,000
Property Type Multi-Family
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 24,871 sqft
Price per Sqft $86
MLS Listing ID MDWC2004678
Sold Date 07/15/22
Style Other
Abv Grd Liv Area 24,871
Originating Board BRIGHT
Year Built 1900
Annual Tax Amount $465
Tax Year 2022
Lot Size 3.660 Acres
Acres 3.66
Lot Dimensions 0.00 x 0.00
Property Description
19 Home Portfolio 17 single-family detached homes and 1 duplex (2 doors)
The majority of homes are in Salisbury with the duplex located in Nanticoke and one home in Fruitland
The portfolio includes one, two, three, and four-bedroom homes
Portfolio is self-managed
Over $350,000 in improvements completed since 2017
Average tenancy of 5 years with some tenants in place as long as 20 years
Value-add opportunity with rents 30% below market rents
$125,004 average home price is $100,000 below median home prices of $225,834 per NeighborhoodScout
Home prices have increased 14% in the past 12 months
Opportunity to reduce expenses through professional management engagement
73% of the homes in Salisbury are occupied by renters per NeighborhoodScout
Stabilized cap rate of 7.45% with a gross yield of 11.19%
Location
State MD
County Wicomico
Area Wicomico Southwest (23-03)
Zoning R18
Interior
Hot Water Other
Heating Other
Cooling Other
Heat Source Other
Exterior
Water Access N
Accessibility Other
Garage N
Building
Sewer Public Sewer
Water Public
Architectural Style Other
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Wicomico County Public Schools
Others
Tax ID 2313035431
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
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Bought with Thomas P Walpole • Drake Realty Associates
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