GUIDED TOUR TO TAKE PLACE WEDNESDAY NOVEMBER 9TH PROMPTLY AT 12:30PM! List price to be opening bid at online only auction. Registration and bidding begins Thursday, November 10th and ends on Tuesday, November 15, 2022 @ 12:00 pm. GUIDED TOUR TO TAKE PLACE WEDNESDAY NOVEMBER 9TH PROMPTLY AT 12:30PM. Description: Exceptional opportunity to purchase a thirteen unit apartment complex with on-site parking. The property is located in the historic "Easton" community of Talbot County.
The property has three buildings which were substantially renovated in 2022. The recent improvements include• Updated and new kitchens• Updated and new bathrooms• Fresh paint on almost all interior units & exterior• Updated and refinished flooring in most units• Floor plan revisions in some units to increase rental income• New light fixtures in most units and exterior. Each unit is self-contained with an electric water heater, window unit A/C and separate electric meters. Tenants pay for electric. Each unit has its own parking spot. There are approximately 20+/- parking spaces. The landlord pays heat, water, sewer, trash/dumpster and electric for all common areas. Each unit has a separate living room and dining room. Most units have their own laundry room as well.

Built by Eley & Moore Cinder Block Company in 1961 these three buildings were designed for multi-family rentals. They have been well kept over the years and updated with replacement windows throughout the units. Some original windows remain in the utility rooms off the back of the buildings. Two of the three buildings have been converted to town gas for the boiler and the 3rd uses oil. Central furnace and zoned circulator for each unit for heat. A/C is by window unit.

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.

With a population of around 20,000 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.

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.

Rental Income: Currently 12/13 units are occupied. Apartment 401-3 is newly renovated as of November 1, 2022 and is currently on the market for lease at $1,600.

Current Gross Scheduled Monthly Rent: $19,548
Current Gross Scheduled Annual Rent: $234,576

Gross Potential Monthly Rent Based on Full Occupancy: $21,130
Gross Potential Annual Rent Based on Full Occupancy: $253,560

Site & Unit Mix: The site has three buildings on 1.11 +/- acres and has 15,000 +/- sq. ft. of above grade interior space.

• 5 Units are 2 bedrooms / 1 full bathroom on a single level
• 3 Units are 1 bedrooms / 1 full bathroom on a single level
• 4 Units are 2 bedroom / 1 full bathroom on two levels
• 1 Unit is a 3 bedroom / 1 1/2 bathroom on two levels

*The two level units have a large bonus attic space for storage

Projected Annual Select Seller Expenses:

Management Fee 4% - $9,635
Repairs & Maintenance - $4,000
Real Estate Taxes - $10,328
Rental Property Insurance - $4,850
Water/Sewer - $5,800
Replacement/Reserve - $2,500
Electric/Gas/Oil - $4,800
Lawn Care/Trash - $950