230 Lakewood DrSalisbury, MD 21804

Property Details for 230 Lakewood Dr

Year built

2002

Lot size

0.34 AC

Property size (Sq ft)

2,688 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a well-maintained, two-unit apartment building located at 230 Lakewood Drive, Salisbury, Maryland, 21804. Built in 2002, this property boasts 2,688 square feet situated on a 0.34-acre lot. Each unit offers four bedrooms and two bathrooms, providing substantial rental income. Currently, both units are fully leased for the 2024/2025 school year, generating a gross annual rental income of $50,780 and a net operating income (NOI) of $36,213 with professional management in place. The asking price is $475,000, representing a price per unit of $237,500 and a price per square foot of $177. The property enjoys a strong rental market, with current market rents exceeding current lease rates by $25-$50 per bedroom. Tenants are responsible for all utilities and water/sewer. Leases are structured to allow a 12-day turnover period while rent continues to be collected. The property shows no deferred maintenance, offering immediate cash flow and a 7.62% capitalization rate. This turnkey investment is ideal for those seeking a stable, high-return property in a desirable location. The property is situated on Tony Tank Pond.

Location Insight

City

Salisbury

County

Wicomico

State

Maryland

Latitude

38.3351

Longitude

-75.6082

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