136-Unit Garden-Style Apartment
For Sale
Contact for pricing
1500 Sharen Dr, Salisbury, MD 21804
Established garden-style community with unit upgrades, resident amenities, and individually metered electric utilities.
Property Size123,877 SF
Price / SF$163.47
Days on Market52
Property Features for 1500 Sharen Dr
General Information
Standard status
Active
Size
123,877 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
48 x 1BR, 56 x 2BR, 32 x 3BR
Multifamily Units
136
Additional Details
Average Monthly Rent
$1,599
Amenities
resort-style swimming pool
fitness center
clubhouse
gazebo
lighted dog park
basketball court
in-unit laundry
Building Details
Year Built
1990
Buildings
15
Stories
2
Construction
garden-style
Listing Agency:
Horvath & Tremblay
Listed By:
Zeke Rotter · License #PA RS347618
Source:
Crexi
Added: Sep 9
Changed: Oct 29
Last Checked: Oct 28 at 8:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Horvath & Tremblay
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Island Club Apartments is a 136-unit garden-style community comprising 15 two-story residential buildings built in 1990. The property contains 123,877 square feet on approximately 12+ acres, with apartment homes averaging approximately 919 square feet. The unit mix includes 48 one-bedroom, 56 two-bedroom, and 32 three-bedroom residences.
Apartment interiors are arranged across traditional, designer, and upgraded finish packages. Upgrades completed in 2025 include shaker-style cabinetry, faux marble laminate countertops, stainless steel appliances, and LVP flooring. Residences feature central heating and cooling, in-unit laundry, electric ranges, individual electric hot water tanks, and individually metered electric utilities. Water is billed back based on unit occupancy, and 50 units have fireplaces that were recently cleaned.
Community amenities include a swimming pool, fitness center with weight training, clubhouse, surface parking, gazebo, lighted dog park, basketball court, and recreational area. The property is near Salisbury University, Tidal Health Peninsula Regional, and U.S. Route 13 in the Chesapeake Bay / Salisbury submarket.
Apartment interiors are arranged across traditional, designer, and upgraded finish packages. Upgrades completed in 2025 include shaker-style cabinetry, faux marble laminate countertops, stainless steel appliances, and LVP flooring. Residences feature central heating and cooling, in-unit laundry, electric ranges, individual electric hot water tanks, and individually metered electric utilities. Water is billed back based on unit occupancy, and 50 units have fireplaces that were recently cleaned.
Community amenities include a swimming pool, fitness center with weight training, clubhouse, surface parking, gazebo, lighted dog park, basketball court, and recreational area. The property is near Salisbury University, Tidal Health Peninsula Regional, and U.S. Route 13 in the Chesapeake Bay / Salisbury submarket.
Key Highlights
- 136‑unit community across 15 two‑story residential buildings totaling 123,877 square feet
- Approximately 12+ acres with a unit mix of 48 one‑bedroom, 56 two‑bedroom, and 32 three‑bedroom apartments
- 2025 interior upgrades include shaker cabinets, faux marble laminate countertops, stainless steel appliances, and LVP flooring
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,459,885
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$29,197,700
$29.2M
Cap Rate 7%
$20,855,500
$20.9M
Cap Rate 9%
$16,220,944
$16.2M
Market Conditions
NOI Build-Up for 123,877 SF
Gross rent
$2.76M $22.32/SF
− Vacancy
−$110.6K −$0.89/SF
EGI
$2.65M $21.43/SF
− OpEx
−$1.19M −$9.64/SF
NOI
$1.46M $11.78/SF
Area
Wicomico County, MD
Vacancy
4.00%
Lease Rate
$22.32 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$29,197,700
Cap Rate 7%
$20,855,500
Cap Rate 9%
$16,220,944
Alternative Uses
Best Use
Apartment 5plus
$20.86M
$18.25M – $24.33M
NOI $1,459,885 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$43.33M
$37.92M – $50.56M
NOI $3,033,318 @ 7.0% cap · market cap 14.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
136
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
Explore this area
Business Placement
Demographics for 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Established garden-style community with unit upgrades, resident amenities, and individually metered electric utilities.
Where is this apartment building located?
The property is located at 1500 Sharen Dr Salisbury, MD.
What is the asking price?
The asking price for this property is $20,250,000.
What are key features of this property?
This property features: 136‑unit community across 15 two‑story residential buildings totaling 123,877 square feet; Approximately 12+ acres with a unit mix of 48 one‑bedroom, 56 two‑bedroom, and 32 three‑bedroom apartments; 2025 interior upgrades include shaker cabinets, faux marble laminate countertops, stainless steel appliances, and LVP flooring
