121 Washington Avenue

Description

GUIDED TOUR ON THURSDAY, MAY 26TH, PROMPTLY AT 11:30 AM! List price to be opening bid for online only auction. Registration and bidding begins Thursday, June 2nd and ends on Tuesday, June 7, 2022 @ 12:00 pm 13-Unit Apartment Complex Located in the +G+Chestertown+G- Area of Kent County **Gross Potential Annual Rent of $160,200** Exceptional opportunity to purchase a 13-Unit Apartment Complex comprised of 2 adjacent buildings. One building contains 7-units, the other contains 6-units. Each unit is self-contained with an electric hot water heater, electric baseboard heating, window unit A/C and separate electric meters. Tenants pay for electric. Each unit has its own parking spot. There are approximately 7+ additional parking spaces which can be used as paid parking for the tenants or others commuting to Washington College. The landlord pays water, sewer, trash/dumpster and electric for all common areas. Per the seller: "over the last 2 years we have made approx. $150,000 in capital improvements". 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: $12,180. Current Gross Scheduled Annual Rent: $146,160. Potential Gross Monthly Rent: $13,300. Potential Gross Annual Rent: $160,200 Unit Mix: Building A, located facing Washington Avenue. Includes Units A1-A7 (7-Units): +G- 3 Units are 2 bedrooms / 1 full bathroom +G- 2 Units are 1 bedroom / 1 full bathroom +G- 2 Units are studios. Building B, located behind building A towards Philosophers Terrace. Includes Units B1-B6 (6-Units): +G- 5 Units are 2 bedrooms / 1 full bathroom +G- 1 Unit is 1 bedroom / 1 full bathroom. Rent Roll: A1 (1 Bedroom / 1 Bath): Currently Rented for $950/monthly. A2 (2 Bedrooms / 1 Bath): Currently Rented for $1,000/monthly.A3 (1 Bedroom / 1 Bath): Currently Rented for $825/monthly. A4 (2 Bedrooms / 1 Bath): Currently Rented for $1,200/monthly. A5 (2 Bedrooms / 1 Bath): Currently Rented for $1,111/monthly. A6 (Studio): Currently Rented for $770/monthly. A7 (Studio): Currently Rented for $700/monthly. B1 (2 Bedrooms / 1 Bath): The tenant is currently month to month. Currently Rented for $1,225/monthly. B2 (2 Bedrooms / 1 Bath): Currently Vacant; was previously Rented for $1,050/monthly. B3 (2 Bedrooms / 1 Bath): Currently Rented for $1,050/monthly. B4 (2 Bedrooms / 1 Bath): Currently Rented for $1,100/monthly. B5 (2 Bedrooms / 1 Bath): Currently Rented for $1,250/monthly. B6 (1 Bedroom / 1 Bath): Currently Rented for $999/monthly. Seller Expenses: Taxes: $10,210+/- for the year 2022, Projected water/sewer: $4,400+/- for the year 2022, Insurance: $3,600+/- for the year 2022. Projected Electric for common area: $1,000+/- for the year 2022. Projected trash pickup: $1,200+/- for the year 2022. Cutting grass: $500+/- for the year 2022. Some of the improvements include: Remodeled bathrooms and kitchens in some of the units, Replaced some of the gutters, New electric meter stack in Building B, Replaced some hot water heaters, new flooring, granite counter tops, stainless steel appliances, Washer and dryers. Note: these improvements were not added to every unit.