$160,000 15701 LOWER GEORGES CREEK ROAD , LONACONING
- Property Type: Commercial Sale
- Address: 15701 LOWER GEORGES CREEK ROAD
- City / Zip:LONACONING, MD 21539
- Heated Sq Ft:6,944
- Building Sq Ft:6,944
- Year Built:1959
- Date Listed:09/25/2023
- Date Sold:12/04/2023
- Sale Price: $90,000
Attention Investors! Check out this 7-unit Apartment Building with potential for great rental history. Building is being sold *AS IS* and most apartments are in need of rehabilitation. The building features two-1Bed/1Bath Apartments, four-2Bed/1Bath, and one 3-Bed/1Bath. Three of the 7 units are currently rented bringing in $1,500 a month--the owner lives in one of the apartments. Projected rent at the present rate on the vacant apartments is $525 per month totaling over $2,625 in monthly income (including current owner)! Possible projected rent would be $550 for the 1 bed apartments and $650 for the 2-bed apartments, and $750 for the 3-bed apartment. Total potential income would be $4,450 or $53,400 gross income yearly. Each apartment is separately metered for electric and heated with electric baseboard with the exception of apartment 7. Apartment 7 is gas heated and has had some updates. Water, sewer, & trash is an owner expense. Each unit has washer/dryer hookups. Unit 1 is ready to rent. Unit 5 is owner occupied and in need of updates. Units 6 & 7 are rented. Units 2, 3, and 4 are in need of trash removal and in need of rehabilitation. The building is in the floodplain. If financing is needed, Erie estimated $8,000/year flood insurance.
- Listing provided courtesy of the MLS.