Ideal Realty Group (IRG), is proud to exclusively list the fee simple interest in Brooklawn Apartments (the “Property”), an 86 unit (with ability to add 68 units for 154 total units) mid-rise apartment community located in Frederick, Maryland less than two-miles from Fort Detrick.
Offering Price:
$9,000,000 ($104,651 per unit)
Land Price:
$1,000,000 ($14,705 per unit)
Address:
1001 Carroll Parkway, Frederick, MD 21701
Occupancy:
91% (8/12/2010)
Year Built:
1964
Units:
86-units + ability to add an additional 68 units for 154 total units.
Parking:
81spaces + 14 carports
Land Area :
Parcel 234 (Raw Land) - 2.4854 Acres
Parcel 235 (Existing Apts) - 7.214 Acres
Total - 9.6994 Acres
Projected NOI:
$662,596
Investment Highlights
> Site plan approval and water taps included for the combined 2.4854 acre additional parcel (R-16 High Density zoning). 9.67 total acres with opportunity to add 68 additional units in two, five-story buildings for 154 total units. > Exceptional value-add opportunity with potential to convert to senior housing community. 90% of current residents are 55+ and it is one of the only elevator serviced rental buildings in the Frederick area. > 10+ years ownership provides tax credit opportunities. > Potential for student housing conversion based on close proximity to Hood College. > Ability to purchase well below replacement cost.
For more information, please review the Offering Summary Brochure below.
Confidentiality Agreement
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