304 Glen Ave Salisbury, MD 21804
- Commercial real estate
- 40,981 SF
- 4.54 lot acres
Current Use by Public Records
- Northpark Garden Apartments / Apartment Building
- Northpark gardens Bell Tower / Museum
Property Details for 304 Glen Ave
- Year built
- 1953
- Lot size
- 4.54 lot acres
- Property size
- 40,981 SF
- Property type
- Commercial real estate
Description
This exceptional 52-unit apartment building, located at 304 Glen Ave in Salisbury, Maryland, presents a compelling investment opportunity. The property, built in 1953 and extensively renovated in 2023, comprises five three-story buildings situated on a 4.54-acre lot. The complex offers 40,981 square feet of net rentable space, currently boasting an 82% occupancy rate with an occupancy date of October 14, 2024. The asking price is $7,000,000, translating to $170.81 per square foot and $134,615.38 per unit. Eighteen units have undergone recent remodeling. The property features a desirable brick exterior, a stable rent roll, and significant potential for future expansion due to its ample land. Current market rents are below current rates, offering substantial upside potential for the buyer. The property benefits from city water and sewer services without incurring city taxes. Fiber internet is available throughout, and several flat roofs have been replaced within the past two years. This stabilized Class C multifamily investment is situated in Wicomico County, Maryland, zip code 21804.
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
- -75.5806797
- Latitude
- 38.3629676
