411 Goldsborough St, Easton, MD 21601, Easton, MD 21601
sale
$449,000
|
Single Family Attached
Courtesy Of Coldwell Banker Chesapeake Real Estate Company
TURNKEY EASTON INVESTMENT | TWO-UNIT INCOME-PRODUCING PROPERTY An opportunity to acquire a recently renovated, income-producing two-unit property in the heart of historic Easton, Maryland. This stately circa-1890 Victorian combines classic architectural character with updated interiors, modern amenities, established rental income, and convenient access to downtown. The approximately 1,504-square-foot building is situated on an approximately 6,250-square-foot lot with public utilities and valuable off-street parking. The property has been thoughtfully updated while maintaining the character of its historic setting. Both residential apartments are currently leased, generating combined gross rental income of $2,900 per month, or $34,800 annually. Based on reported operating expenses of $7,038, the property produces a reported Net Operating Income of $27,762, representing an indicated going-in capitalization rate of approximately 6.18% at the $449,000 offering price. The first-floor apartment is currently leased at $1,400 per month, generating $16,800 annually. The second-floor apartment is leased at $1,500 per month, generating $18,000 annually. Recent renovations and property features include updated kitchens and appliances, central heating and air conditioning, in-unit laundry, hardwood flooring, separate entrances, public utilities, and ample off-street parking. INVESTMENT HIGHLIGHTS - Offering Price: $449,000 - Two Residential Apartments - Gross Monthly Rental Income: $2,900 - Gross Annual Rental Income: $34,800 - Reported Operating Expenses: $7,038 - Reported Net Operating Income: $27,762 - Indicated Cap Rate: 6.18% - Gross Rent Multiplier: 12.90 - Offering Price Per Unit: $224,500 - Both Units Currently Leased - Recently Renovated - Off-Street Parking - Public Utilities - Historic Downtown Easton Location ESTABLISHED INCOME. HISTORIC LOCATION. Located in historic Easton, the property offers convenient access to downtown restaurants, shops, galleries, professional services, cultural attractions, and other amenities. Recent renovations may reduce some of the near-term capital considerations often associated with older investment properties, while the existing leases provide an established income stream from the date of acquisition, subject to lease terms. With only two residential units, the property offers multifamily income potential without the management scale of a larger apartment building. Its historic residential character and two-unit configuration may also provide long-term flexibility, subject to applicable zoning, Historic District requirements, lease terms, and governmental approvals. Financial information is based on information provided by the seller and is presented for informational purposes. Buyers should independently verify rental income, operating expenses, zoning, permitted use, lease terms, and all financial information as part of their due diligence.
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Property Features
- Age: Over 50 Years Old
- Architecture Style: Other
- MLSID: JDEXBH
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