Janet Harward and Long & Foster are pleased to represent the owner of Newtowne Apartments, a 2.88-acre site improved with a one-story building. The property consists of 58 HUD-subsidized units in a one-story building with eight 'wings' that total 36,288 SF. There are (28) one bedroom, one bath units and (30) efficiency units, three sitting areas, two laundry rooms, office, maintenance office, two storage rooms and four tenant storage rooms. Currently 100% tenant occupied and historically is the same; subsidized rents provide certainty of rental income. Assumable and/or pre-payable USDA RD financing of approximately $1,000,000. Purchase of LLC and assumption of loans by buyer already included in USDA RD portfolio is a plus. Recent appraisal available. Title work initiated by RGS Title, Columbia, MD.
Newtowne Apartments are located in Pocomoke City in Worcester County, which is a dynamic, pro-business county with opportunities for business development, expansion, and relocation. As Maryland’s only seaside community, Worcester is strategically located in the heart of the Delmarva Peninsula, offering a superb, family-friendly lifestyle, and ready access to major metropolitan markets, including Washington D.C., Baltimore, and Philadelphia. Prime investment opportunity.
