16 Unit Garden Apartment Complex in "Emmitsburg" **GROSS POTENTIAL ANUAL REVENUE OF $140,040**
604 W. Main St. & 1 Welty Ave., Emmitsburg, MD 21727
Located in the town of Emmitsburg, the well maintained apartment complex comprises of a 12 unit garden style building and a 4 unit converted historic home on a 0.9 +/- acre lot. The site also contains ample parking.
The 12 unit building has identical floor plans across all units. The units have an eat in kitchen, living room, 2 bedrooms and a full bathroom. Each unit has its own self contained HVAC system and hot water heater. All appliances and the HVAC are electric. Each unit has its own electric meter. Coin operated laundry machines are located in the lower level for the tenants.
The 4 unit building consists of three 1 bedroom units and one 3 bedroom unit. The units are heated by a gas hot water boiler with radiators. The hot water for the units is also provided by the gas powered boiler.
Recent capital improvements includes new roofs and repainting of the exterior of the 4 unit building.
Currently 13 of the 16 units are leased:
Gross Scheduled Monthly Rent: $10,020
Gross Scheduled Annual Rent: $120,240
With all 16 units leased:
Gross Potential Monthly Rent: $11,670*
Gross Potential Annual Rent: $140,040*
* = Based on Full Occupancy (using current lease rents for occupied units plus market rent for the 3 vacant units)
Auction Notes: Online Auction Only! Bidding begins Thursday, June 6th & ends Tuesday, June 11th at 1:00pm.
Diligence Package: The purchase and sale agreement along with assorted addenda are available in the documents section of the auctioneer's website, link below. In order to gain access, you must create a free account as well as accept a non disclosure agreement.
Online Bidding Notes: The initial deposit must be made via credit card, wire transfer or by Cashier's Check. Please review the online bidding terms and deposit transmittal form in the Documents Section for more details.
