$680,000
$725,000
6.2%For more information regarding the value of a property, please contact us for a free consultation.
228 W MAIN ST Elkton, MD 21921
5,548 SqFt
Key Details
Sold Price $680,000
Property Type Commercial
Sub Type Five Or More Units
Listing Status Sold
Purchase Type For Sale
Square Footage 5,548 sqft
Price per Sqft $122
Subdivision None Available
MLS Listing ID MDCC2006370
Sold Date 12/16/22
Originating Board BRIGHT
Year Built 1930
Annual Tax Amount $3,916
Tax Year 2022
Lot Size 0.280 Acres
Acres 0.28
Property Description
Have you been waiting to invest in your own apartment building or add to your current portfolio? This will be a great addition or an easy start to your portfolio. The current owners have streamlined this property for ease of use and maintenance. There are 7 apartment units that are all in good condition. 3 Apartments on the first floor, 3 on the second and 1 on the third. The lot that this building sits on is large and could accommodate additional usage such as storage units for the tenants. The property is well kept and has newer siding windows and a brand new roof. Nothing for you to do but take over. There is a basement that could also be converted to laundry for additional since. All 7 units are on month-to-month leases. The current owner has kept monthly prices and could easily be increased.
This is an income-producing investment with a 6.5 cap rate and is ready for you to see today!
Tenants pay for electric water and sewer.
Location
State MD
County Cecil
Zoning MULTI
Interior
Hot Water Electric
Heating Forced Air
Cooling Window Unit(s)
Flooring Wood, Fully Carpeted, Vinyl, Tile/Brick
Heat Source Natural Gas
Exterior
Garage Spaces 15.0
Waterfront N
Water Access N
Roof Type Pitched,Shingle
Accessibility None
Parking Type Parking Lot
Total Parking Spaces 15
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Cecil County Public Schools
Others
Tax ID 0803043630
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Conventional, Cash, Private
Listing Terms Conventional, Cash, Private
Financing Conventional,Cash,Private
Special Listing Condition Standard
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Bought with Danielle L Benson • Century 21 Gold Key Realty