MLS Number MDKE2001754
- Property SubType Five Or More Units
- Acreage 0.24
List price to be opening bid at online only auction. Registration and bidding begins Thursday, August 18th and ends on Tuesday, August 23rd, 2022 @ 1:00 pm. 6-Unit Apartment Building Located in the âChestertownâ Area of Kent County **Gross Annual Rent of $93,420** . Exceptional opportunity to purchase a 6-Unit Apartment Building. All the units are separately metered. Each upper level unit has access to a balcony. The units on the main level have access to the front porch. Most units have wood type floors. There is off street parking available. Location: Chestertown is in Kent County; the apartment complex is conveniently located just a few blocks over the Chester River Bridge (Rte 213). The property has a convenient location near dining, shopping, schools, recreational facilities, and access to transportation routes. The building is located blocks away from Washington College, the University of MD Medical Center and the Downtown Historic District. Current Gross Scheduled Monthly Rent: $7,650. Current Gross Scheduled Annual Rent: $93,420. Unit Information: All 6 units include 2 bedrooms, 1 full bath, a kitchen and a living area. Units 1 & 2 are located on the main level. Units 3 & 4 are located on the second level. Units 5 & 6 are located on the third level. The lower level is not occupied. The units on the main level and 3rd floor have central air and force hot air heat. The units on the 2nd level have mini-split A/C with heat. Rent Roll: Unit 1 (2 Bedrooms / 1 Bath): Currently Rented for $1,050/monthly. Unit 2 (2 Bedrooms / 1 Bath): Currently Rented for $1,450/monthly. Unit 3 (2 Bedrooms / 1 Bath): Currently Rented for $1,200/monthly. Unit 4 (2 Bedrooms / 1 Bath): Currently Rented for $1,350/monthly. Unit 5 (2 Bedrooms / 1 Bath): Currently Rented for $1,150/monthly. Unit 6 (2 Bedrooms / 1 Bath): Currently Rented for $1,450/monthly. Rent Increase: For unit 1 the Rent will increase from $1,050 to $1,185, starting August 1, 2022. ***Seller Expenses:Taxes: $5,316+/- for the year 2022. Projected water/sewer: $2,000+/- for the year 2022. Projected Propane Gas for Hot Water: $3,000+/- for the year 2022. Insurance: $2,579 for the year 2022. Projected Electric for common area: $700+/- for the year 2022.
Listed by Larry E Cooper of Alex Cooper Auctioneers,Inc.