The closing period for this asset is 30 days, with one (1) 30-day closing extension option available. Please see the purchase agreement documents in the due diligence section for more information.
The final property tour will take place Thursday, October 19th by appointment ONLY. Please contact Frank Shopland at 301-300-6275 or frank@frankshopland.com to schedule a time.
Investment Highlights:
30-unit multi-family apartment complex located in Baltimore, MD
ñ96.67% occupied with an average monthly rent of approximately $969 per unit
Consists of the five 3-story buildings on approximately 1.90 acres of land
Conveniently located near schools and numerous shopping and dining destinations
Amenities include central-air conditioning, dishwashers, washer/dryers, and balconies or patios
Easy access to US-1, I-95, I-695 and public transportation
Investment Overview:
Mayflower Apartments at Biddison Lane (the "Property") is a 30-unit multifamily residence complex located in Baltimore, MD.
Located at 4004-4012 Biddison Lane, the Property is a ñ40,355 SF complex situated on ñ1.90 acres of land and is approximately 2.2 miles east from Morgan State University. Composed of five,
Composed of five, three-story buildings, the property is ñ96.67% occupied as of the August 30, 2017 rent roll. The complex is demised into 30, two-bedroom one-bathroom units. There are 29 tenants, 19 of which are MTM, along with one vacant unit. There is one section 8 tenant and two subsidized GEDCO tenant, two of whom are in the ADA compliant units. Three tenants receive rent discounts for civil service.
Originally built in 1964, the Property has been 100% gut-renovated down to the original studs - everything is new. The apartments feature central-air conditioning, intercom-entry system, sprinklers, fire alarm system, private balcony or patio, cable/internet ready, all new electrical and PVC plumbing. Each unit has its own washer/dryer. All the kitchens have full-size refrigerators, dishwasher, full electric range for cooking, and built-in microwaves. All the windows have been replaced and the pitched, shingled roofs are recently replaced. The buildings are Certified Lead Free and gas and electric utility costs are covered by tenants.
Traffic at the intersection of Belair Rd and Chesmont Avenue averages ñ21,600 vehicles daily. US-1 is less than one-tenth of a mile southeast a
