Description: Forty six attractive low rent apartments that appeal to students and locals. Sixty percent are two bedroom, 40% one bedroom. The University of Maryland Eastern Shore is located in this town. There are four two story buildings that have been well maintained by a full time maintenance person. They sit on four acres with adequate paved and lined parking. They are currently managed by a local family member. Lack of attention has lead to a currently high vacancy rate. The apartments are in a country setting away from the heavy traffic, but within walking distance of businesses and the college campus. They are being offered well below their assessed value. Provides a value added opportunity to a savvy investor or an owner/operator. Aggressive management and promotion is needed to bring vacancy rates back to zero where they once were.

Zoning: Apartments

Legal References: Tax Map 15, Grid 5, Parcel 725

Deed: 17/62

Financial: Pro Forma NOI w/10% Vacancy and 7% Mgmt Fee: $127,807

Pro Forma NOI w/10% Vacancy and Owner/Operator: $197,012

Price: $1,850,000

Terms: Attractive Owner Financing.