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2510-2514 Markham Lane

HYATTSVILLE, MD 20785
  • $4,700,000
  • STATUS: Active
  • ON SITE: 19 Days
  • ID#: MDPG2115018
$4,700,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 41,550
    SQFT
  • $113
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Description

The condominium community features 10 garden-style brick buildings that are 3 and 4-stories high. There are 61 parking spaces dedicated to the property, and an abundance of off-street parking are available. The units included in the sale features: Studio, 1BR 1BA, 2BR 1BA, 2BR 2BA, and 3BR 1BA.At the time of purchase by the current Seller, the Association was in debt, with significant deferred maintenance and damage. Out of the 61 units in the Association, there were only 8 units paying their monthly dues. The Seller purchased 26 units and gained control of the Association. Seller aggressively pursued delinquent owners. The Seller was able to get most owners to pay their balance to the Association. Over time, the Association acquired 6 units through foreclosure and other means.Today, major capital improvements have been made to the property, including: updated plumbing, water mitigation efforts, and the installation of new roofs. The property has improved its classification toward a Class B standard. The Association is no longer in debt and has reserves. When the Seller purchased the portfolio in October of 2015, the rent roll was approximately $26,000 per month. The currently projected rent roll for the property is approximately $54,450 per month. There is vacant community space in one of the buildings to potentially add a 3BR 2BA unit. 52.73% of the purchase price will be retained by the Association, providing the buyer a discount.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Broc Schmelyun Team | RE/MAX. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-06-22T23:57:04.53.
www.soldbybroc.com/homes/151260182
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2510-2514 Markham Lane HYATTSVILLE, MD 20785

  • Price: $4,700,000
  • Status: Active
  • On Site: 19 Days
  • ID#: MDPG2115018
0
Beds
0
Baths
0
½ Baths
N/A
Acres
41,550
SQFT
$113
$/SQFT
1963
Built
Neighborhood:
Kentland
County:
Prince Georges
School District:
Prince George's County Public Schools
Property Description
The condominium community features 10 garden-style brick buildings that are 3 and 4-stories high. There are 61 parking spaces dedicated to the property, and an abundance of off-street parking are available. The units included in the sale features: Studio, 1BR 1BA, 2BR 1BA, 2BR 2BA, and 3BR 1BA.At the time of purchase by the current Seller, the Association was in debt, with significant deferred maintenance and damage. Out of the 61 units in the Association, there were only 8 units paying their monthly dues. The Seller purchased 26 units and gained control of the Association. Seller aggressively pursued delinquent owners. The Seller was able to get most owners to pay their balance to the Association. Over time, the Association acquired 6 units through foreclosure and other means.Today, major capital improvements have been made to the property, including: updated plumbing, water mitigation efforts, and the installation of new roofs. The property has improved its classification toward a Class B standard. The Association is no longer in debt and has reserves. When the Seller purchased the portfolio in October of 2015, the rent roll was approximately $26,000 per month. The currently projected rent roll for the property is approximately $54,450 per month. There is vacant community space in one of the buildings to potentially add a 3BR 2BA unit. 52.73% of the purchase price will be retained by the Association, providing the buyer a discount.
Exterior Features

Architectural Style Other Construction Materials Brick Garage YN No Parking Types Parking Lot Pool No Pool Property Condition Excellent Water Access YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 41550 Cooling Central A/C Heating Forced Air Heating YN Yes Single Room Units 1 Three Bedroom Units 3 Two Bedroom Units 18

Property Features

Accessibility Features Other Central Air YN Yes Cooling Fuel Electric Foundation Details Brick/Mortar Heating Fuel Natural Gas Hot Water Electric Navigable Water YN N New Construction YN No Number Of Units Total 4 Original MLSNumber 803116158856 Ownership Interest Other Property Sub Type Other Sale Type Standard Sewer Public Sewer Structure Design Type Twin/Semi-Detached Tax Annual Amount 35457.00 Vacation Rental YN No Water Source Public Year Built Effective 2007 Zoning R18

Listing courtesy of Quasar Property Management And Real Estate LLC: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Broc Schmelyun Team | RE/MAX. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-06-22T23:57:04.53.
 
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The Broc Schmelyun Team | RE/MAX
1147 Eichelberger Street
Hanover PA, 17331