Mixed Use Property in Rosedale MD
I originally saw this property going for 399k at an estate sale, the auctioneer has since raise the price to 525k. I am still trying to do my due diligence on the property to see what the actual operating expense will be. Zillow says it is worth $340k. There are single family houses and a bank next to the property as well as a school. Some of the SFRs are selling for $500k. It seems like a B/C class property.
Most of the efficiencies were occupied (13/17). I believe the garages were vacant but could produce gross rent of $20k/year. I believe there were 3-4 of them.Without the garages rented out the income is about $190k,
Large Commercial Warehouse with 2 Single Family Homes and 16 Efficiency Apartments
ZONED BL
Scheduled Monthly Income $22,558
Scheduled Annual Income $272,496
TOTAL BUILDING AREA IS +/- 9,748 Sq. Ft.
The Site is Roughly Rectangular and has +/- 140' of Frontage on Old Philadelphia Road, a Northern Boundary of +/- 374', a Eastern Boundary of +/- 171' and a Southern Boundary of 251'. The Total Site Includes +/- 43,124 Sq. Ft. According to the Tax Records.
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- Warehouse: 4 Bay Door Entrances, Small Finished Offices, 2 Bathrooms, Central AC.
- 1 Single Family Home: 1BR/1BA, Window A/C Units
- 1 Single Family Home: 2BR/1BA, Central A/C
- 16 Efficiency Apartments: Small Kitchens, Bathrooms, Window A/C Units. Most Apartments are Carpeted.
ZONING: BL- Business Local
REAL ESTATE TAXES: $12,486.19 (2014-2015)
TITLE: Fee Simple. Sold Free and Clear of All Liens.
Thoughts?