For Sale
$7,000,000

304 Glen Avenue Ext Salisbury, MD 21804

52-unit apartment complex, high upside potential.

Overview

Added:
Feb 3
Days on market:
84
This exceptional 52-unit multifamily investment opportunity is located at 304 Glen Avenue in Salisbury, Maryland. The property encompasses a substantial 4.54 acres and features a total of 43,909 square feet of living space. The complex boasts a desirable brick exterior and benefits from a stable rent roll, presenting a strong foundation for immediate income generation. A significant advantage is the recent remodeling of 18 apartments, enhancing the property's appeal and potential rental income. The current market rents are below current market rates, providing a clear path for future revenue growth and increased profitability. The property's location offers convenient access to Salisbury's amenities and infrastructure. Further enhancing its value, the property is served by city water and sewer, yet is exempt from city taxes. Modernization efforts extend to the infrastructure, with fiber internet connectivity throughout the complex. Several flat roofs have undergone recent replacement within the past two years, minimizing maintenance concerns and ensuring long-term structural integrity. The ample land provides significant potential for future expansion, allowing for increased unit count or the addition of desirable amenities. This presents a rare opportunity to acquire a well-maintained, high-performing multifamily property with substantial upside potential in a thriving market. The asking price for this exceptional investment is $7,000,000.

Property Details for 304 Glen Avenue Ext

Property type
Multifamily properties
Square Feet
43,909 SF
Year Built
1953
Lot Size (sq. ft)
197,762 SF

Location Insight

City
Salisbury
County
Wicomico
State
Maryland
Latitude
38.36277
Longitude
-75.58147

FAQs

What type of property is this?
Multifamily property - 52-unit apartment complex, high upside potential.
Where is the multifamily property located?
The property is located at 304 Glen Avenue Ext Salisbury, MD.
What is the asking price?
The asking price for this property is $7,000,000.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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304 Glen Avenue Ext
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