3 Mixed Use Properties - Hagerstown/Baltimore MD *OWNER FINANCING
Hagerstown, MD (32-34, 36 E Washington St.) - 2 Buildings, 9k SF, 12 Units, Mixed use Commercial/Residential, Parking lot income.
Asking - $655k
NOI - $68,262
Cap - 10%
COCR - 35%
Terms of Seller Financing:
- Down payment amount: $195,000
- Seller agrees to finance the balance and closing costs at 5% for 3 years. Interest rate to adjust to prime plus 1.5% every 3 years. Amortization over 30 years.
- Buyer to obtain and keep insurance with applicable LLC.
- Buyer responsible for property taxes and insurance.
- Buyer to personally guarantee loan.
- Buyer to pay $15,000 towards closing costs, transfer taxes, recordation charges, settlement fees, and the balance (if any) credited to Seller as Loan Origination.
- Utility shut off, fire insurance lapse, property tax lien shall be grounds for immediate nullification of Contract for Deed. Copies of all utility and insurance bills sent to buyer.
- Buyer recognizes that there is an existing mortgage on the property and shall subject to the terms of the mortgage. Copy of current mortgage sent to buyer.
- All electrical/plumbing/mechanical work shall be performed by licensed contracts only (if applicable).
- Buyer authorizes property management company to pay Seller directly, the monthly installment payment before issuing to the buyer the rent collection proceeds (‘net check’).
- Rental licenses, lead certificates shall be maintained. Operating without a rental license and/or lead certificates shall be a default under contract for deed. Copy of current rental license and lead certificates sent to buyer.
- Copy of city inspection reports sent to buyer within 7 days of closing (Notice: It passed city inspection)
- Copy of expense report and rent rolls for 2013, 2014 and 2015 from current management company sent to buyer.
- The current rate of 7% with Synergy Property Managers is to be set up by seller for the property.
Baltimore, MD (4900 - 4908 Curtis Ave) - Consists of 2 separate apt buildings with 7 units, 12k SF, a tavern (1st fl) w/ multiple units on 2nd & 3rd floors. A total of 10-12 units in 3 bldgs. One apt bldg needs total rehab but upside is HUGE for this property. Zoned B22 (Comm Biz).
Asking - $180k
Rehab Costs - $150k
Projected NOI - $75k
Cap - 23%
**A full scope of work can be provided upon request for qualified buyers**
Curtis Bay is a blue collar, working class neighborhood, with many rentals and under going redevelopment everywhere. Google "Under Armour Campus Port Covington" Located just across the water, UA will employ several thousands of jobs and those employees WILL NEED housing.