100 Cedar Crossing Rd Salisbury, MD 21804
- Dormitories
Current Use by Public Records
- Dormitories
Property Details for 100 Cedar Crossing Rd
- Property type
- Dormitories
- Property subtype
- Student housing
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salisbury
- County
- Wicomico
- State
- Maryland
- Longitude
- -75.5955
- Latitude
- 38.344
