256 E Main Apartments

Address: 256 E Main St, Westminster, Maryland, US

Washington DC + Apartments

Created date: September 29, 2023

Date last updated: September 29, 2023

Unique Opportunity to Acquire a Fully Occupied Multifamily Asset in Carroll County
• Features 5 units with a mix of (3) 1 Br-1 Ba and (2) 2 Br-1 Ba
• Typical unit features consist of white/black/stainless steel appliances, formica countertops, wood cabinets, carpet/tile/LVT/hardwood flooring, and in-unit washer/dryers
• Two shared balconies on back of building
Minimal Deferred Maintenance and Ability to Increase Rents Via Renovation
• A handful of capital improvements have been completed over the last few years including replacement of the roof, installation of HVAC in all units, and new balconies
• Current ownership renovated 2 units in 2017 with a scope of black/stainless steel appliances, resurfaced countertops, updated bathrooms, and new hardware/fixtures
• Opportunity exists for a new owner to renovate the remaining 3 units to further increase rents at least $100
Excellent Location in Westminster; 5 Minute Drive to McDaniel College
• Easy access to Route 140
• Multiple shopping centers and dining options surrouding the property
• Major area employers/colleges nearby: Carroll Hospital Center, McDaniel College, Carroll Community College, Penguin Random House

Property Description

256 E Main St. Westminster, MD 21157Harbor Stone Advisors is pleased to present the unique opportunity to acquire 256 E Main Apartments, a fully occupied multifamily asset located in Westminster, MD. The property features 5 units with a mix of (3) 1 Br-1 Ba and (2) 2 Br-1 Ba. Typical unit features consist of white/black/stainless steel appliances, formica countertops, wood cabinets, carpet/tile/LVT/hardwood flooring, and in-unit washer/dryers. A handful of capital improvements have been completed over the last few years including replacement of the roof, installation of HVAC in all units, and new balconies.Current ownership renovated 2 units in 2017 with a scope of black/stainless steel appliances, resurfaced countertops, updated bathrooms, and new hardware/fixtures. The opportunity exists for a new owner to renovate the remaining 3 units to further increase rents. Comparable properties nearby are achieving rents at least $100 higher on average than the Subject property.

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Justin Verner

(410) 960-3962

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Brooks Healy

443-523-6865

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Tom Wohlgemuth

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Shana Callahan

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Todd Galvin

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Price:	$585,000
No. of Units:	5
Average Occupancy:	7.23%
Year Built:	1850
Lot Size:	3,600.00 Acres
Opportunity Zone:	No
Price per unit:	$117,000
Property Website	Click Here