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    100 Cedar Crossing Rd Salisbury, MD 21804

    Sponsored
    For Sale
    $12,350,000

    Prime Salisbury, MD Student Housing

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    396
    This exceptional investment opportunity presents a well-located Class B multifamily property, ideally situated near Salisbury University. The portfolio comprises 58 units (228 bedrooms) in a prime student housing location, all within walking distance of the campus and adjacent to the university's football stadium and sports fields. Built in 1999, the wood-frame buildings feature vinyl siding, asphalt shingles, and vinyl wood, carpet, and vinyl tile flooring. Each unit includes a refrigerator, dishwasher, and stove, along with in-unit laundry. Kitchens boast laminate and cultured marble countertops, and bathrooms are similarly appointed. The property offers a compelling 6.14% cap rate and a strong NOI of $758,080, with an asking price of $12,350,000 ($212,931 per unit). Current rental rates are below market, presenting an opportunity to increase revenue. Furthermore, the property offers potential for value enhancement through the addition of amenities. The property includes addresses on Cedar Crossing Rd, Onley Rd, S. Division St, May Drive, Tulip Drive, Varsity Lane, Honeysuckle Drive, Canal Park Dr, Yorkshire Court, South Boulevard, Hazel Avenue, and East College Avenue, all in Salisbury, MD, zip code 21804. This established student housing business is ready for new ownership and poised for growth. An attractive 4.93% assumable debt is in place.

    Property Features for 100 Cedar Crossing Rd

    General Information

    Property type
    Multifamily properties
    Class
    B

    Building Details

    Units
    58

    HighLights

    • Prime Salisbury University student housing portfolio with 58 units (228 beds).
    • All units within walking distance of Salisbury University campus.
    • Strong NOI of $758,080 and a 6.14% cap rate.
    • Asking price: $12,350,000 ($212,931 per unit); 4.93% assumable debt.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dormitories

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Wicomico
    State
    Maryland
    Longitude
    -75.5954685
    Latitude
    38.3439889

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    FAQs

    What type of property is this?
    Multifamily property - Prime Salisbury, MD Student Housing
    Where is this multifamily property located?
    The property is located at 100 Cedar Crossing Rd Salisbury, MD.
    What is the asking price?
    The asking price for this property is $12,350,000.
    What are key features of this property?
    This property features: Prime Salisbury University student housing portfolio with 58 units (228 beds).; All units within walking distance of Salisbury University campus.; Strong NOI of $758,080 and a 6.14% cap rate.
    Request Owner's contact information
    100 Cedar Crossing Rd Salisbury, MD 21804
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    100 Cedar Crossing Rd Salisbury, MD 21804
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