10 Unit Apartment Building
Location Maryland,United States
Asking Price Range $500K - $1.0M
Gross Revenues $0
Net Profit / Cash Flow $0
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1911
Number of Employees 1 - 3
Relocatable No
Number of Employees 1 - 3
Real Estate Owned
Description 10 Unit Apartment Income:
3 Units consisting of: 1 - 1 br. 1 - 1br. W/ den, 1 - 2br., at $650/mo.
1 1 - br. unit at $450/mo.
6 - 1 br. units at $550/mo.
Total rent is $68,400 a year. Annual expenses are approx. $12K to $13K a year including annual taxes: City-$4,180 and county-$3,147. Insurance runs $1,544 per year. Water is paid by the landlord and averages around $500 per quarter.
Additional income potential are 10 storage units at $20 per mo. And 7 parking spaces at $20. per mo. Currently the seller believes that 3 or 4 of each are rented although this is not included in the income figures.
Units are separately metered for electric, water is paid by landlord.
Building was constructed in 1911.
All units have baseboard electric heat.
A/C is from window units supplied by tenant.
No separate HVAC other than above.
Electric water heaters are in each unit.
Appliance in each unit are refrigerator and stove. Coin Laundromat in basement - revenue is split 50 / 50 with machine supplier who also maintains the equipment. Average income is $50 per mo.
Building repairs average $1,000 per year. 6 or 7 of the units have been recently updated with carpet and ceramic tile in kitchens and baths, new refrigerators. Building entry foyer is marble.
All units have been inspected and permitted, although being an old building there is lead paint under the existing paint.
Annual operating expenses are in the $122 - 13K range.
The above information has been supplied by the seller. Corporate Investment Realty, Inc., has not verified or audited the information and strongly suggests that any prospective buyers make offers subject to due diligence. For additional information on this Apartment Building for sale, email or call, Arnold Heckman at 301-572-6000 ext. 312.
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