List price to be opening bid at online only auction. Online auction to be conducted on Auctioneers website. Bidding begins Friday, November 8th & ends Wednesday, November 13, 2024 at 1:00pm. Exceptional opportunity to purchase a fully leased 18-Unit Apartment Complex in Easton, with 2 buildings. The building on North Street (NS) has 12 units; and the building behind and backing Cherry Street has 6-two story townhouses. There is off street parking on the left front side of North Street, and more parking in back of the townhouses on Cherry St. There is 19,431 sq. ft. of above grade living area on 1.01 acres of land, according to SDAT; the buildings have a total of 24,247+/- sq. ft., including 4,816+/- sq. ft. in the lower level. The NS building has 2-story porches on both the left and right sides of the building.
Recent improvements include: Over half the units were recently updated. Some of the updates include new mini-split systems, updated kitchens, W/D hookups, appliances, Quartz counter-tops, bathrooms, lighting and freshly painted.
Location: The town of Easton MD is the County Seat of Talbot County and is situated in the heart of the beautiful Eastern Shore. Easton has a rich colonial tradition, and 18th- and 19th-century architectural treasures define Easton's vivid history. The apartment complex is listed in the National Historic Registry. Only a one-and-a-half-hour drive from both Baltimore and Washington DC or just a couple of hours from Philadelphia, make a day trip possible.
Current Gross Monthly Scheduled Rent Of $30,320
Current Gross Annual Scheduled Rent Of $363,840
The North St. 3rd floor is currently vacant and has a potential for 3-4 more units, according to the sellers. But you would first need approval for renovation from the municipality to determine exactly what can be added and how many units would be allowed.
Unit Breakdown/Rent Roll:
North Street
Apt 1, 1BR/1BA currently rented for $1,390/monthly.
Apt 2, 2BR/1BA currently rented for $1,450/monthly.
Apt 3, 2BR/1BA currently rented for $1,950/monthly.
Apt 4, 2BR/1BA currently rented for $1,700/monthly.
Apt 5, 2BR/1BA currently rented for $1,850/monthly.
Apt 6, 1BR/1BA currently rented for $1,260/monthly.
Apt 7, 1BR/1BA currently rented for $1,400/monthly.
Apt 8, 1BR/1BA currently rented for $1,310/monthly.
Apt 9, 2BR/1BA currently rented for $1,650/monthly.
Apt 10, 2BR/1BA currently rented for $1,960/monthly.
Apt 11, Studio, currently rented for $825/monthly.
Apt 12, 1BR/1BA currently rented for $1,400/monthly.
Cherry Street Townhouses:
Apt 14, 2BR/1.5BA currently rented for $1,800/monthly.
Apt 15, 2BR/1.5BA currently rented for $2,000/monthly.
Apt 16, 2BR/1.5BA currently rented for $2,300/monthly.
Apt 17, 2BR/1.5BA currently rented for $2,200/monthly.
Apt 18, 2BR/1.5BA currently rented for $1,875/monthly.
Apt 19, 2BR/1.5BA currently rented for $2,000/monthly.
Select Projected Annual Expenses:
Taxes: $13,759
Insurance: $9,000
Electricity: $2,770
Water and Sewer: $6,830
Management/Repairs: $5,200
Landscaping: $1,860
With a population of around 17,000+ people, Easton is considered one of Maryland's top SMALL places to live. It is also considered the “big city” of Talbot County because of its sophistication and vibrancy. Easton is at the heart of the Shore's arts and culture scene, as it is home to a prestigious theater, fantastic dining options, renowned art galleries and impeccably curated museums.