230 Lakewood Dr Salisbury, MD 21804

This exceptional investment opportunity presents a well-maintained, two-unit apartment building located at 230 Lakewood Drive, Salisbury, Maryland, 21804. Built in 2002, this property boasts 2,688 square feet situated on a 0.34-acre lot. Each unit offers four bedrooms and two bathrooms, providing substantial rental income. Currently, both units are fully leased for the 2024/2025 school year, generating a gross annual rental income of $50,780 and a net operating income (NOI) of $36,213 with professional management in place. The asking price is $475,000, representing a price per unit of $237,500 and a price per square foot of $177. The property enjoys a strong rental market, with current market rents exceeding current lease rates by $25-$50 per bedroom. Tenants are responsible for all utilities and water/sewer. Leases are structured to allow a 12-day turnover period while rent continues to be collected. The property shows no deferred maintenance, offering immediate cash flow and a 7.62% capitalization rate. This turnkey investment is ideal for those seeking a stable, high-return property in a desirable location. The property is situated on Tony Tank Pond.