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15701 Lower Georges Creek Road SW, Lonaconing, MD 21539
$90,000
15701 Lower Georges Creek Road SW, Lonaconing, MD 21539View this property at 15701 Lower Georges Creek Road SW, Lonaconing, MD 21539
15701 Lower Georges Creek Road SWLonaconingMD21539
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Property Description
Attention Investors! Check out this 7-unit Apartment Building with potential for great rental history. Building is being sold *AS IS* and most apartments are in need of rehabilitation. The building features two-1Bed/1Bath Apartments, four-2Bed/1Bath, and one 3-Bed/1Bath. Three of the 7 units are currently rented bringing in $1,500 a month--the owner lives in one of the apartments. Projected rent at the present rate on the vacant apartments is $525 per month totaling over $2,625 in monthly income (including current owner)! Possible projected rent would be $550 for the 1 bed apartments and $650 for the 2-bed apartments, and $750 for the 3-bed apartment. Total potential income would be $4,450 or $53,400 gross income yearly. Each apartment is separately metered for electric and heated with electric baseboard with the exception of apartment 7. Apartment 7 is gas heated and has had some updates. Water, sewer, & trash is an owner expense. Each unit has washer/dryer hookups. Unit 1 is ready to rent. Unit 5 is owner occupied and in need of updates. Units 6 & 7 are rented. Units 2, 3, and 4 are in need of trash removal and in need of rehabilitation. The building is in the floodplain. If financing is needed, Erie estimated $8,000/year flood insurance.
Full Property Details
Full Property Details for 15701 Lower Georges Creek Rd SW
General
- Sold For: $90,000
- Taxes: $1,543 (2022)
- Status: Closed
- Type: Apartment
- MLS ID: MDAL2007122
- Added to Site: 258 day(s) ago
Business
- Business Type: Apartment Building
Parking
- Total Spaces: 12
- Parking Type: Parking Lot, Private Garage
Location
- Area: SW Allegany - Allegany County (MDAL9)
- County: Allegany
- Driving Directions: Rt. 36 towards Lonaconing. Pass George's Creek Elementary School on the left. Proceed to the railroad crossing and take an immediate right. The yellow apartment building on the left.
- Location Details: Rural
School Information
- Elementary School: Georges Creek
- Middle School: Westmar
- High School: Mountain Ridge
Heating & Cooling
- Cooling Type: Window Unit(s), Ceiling Fan(s)
- Cooling Fuel: Electric
- Heating Type: Baseboard - Electric
- Heating Fuel: Electric, Natural Gas
- Water Heater: Electric
Utilities
- Sewer: Public Sewer
- Water: Public
- Utility Description: Electric Available, Natural Gas Available, Cable TV Available, Phone Available, Sewer Available, Water Available
Structural Information
- Construction: Aluminum Siding, Stone
- Foundation: Crawl Space
- Roof: Composite
- Stories/Levels: 2
- Year Built: 1959
- Year Built Source: Assessor
- Property Condition: Average, Major Rehab Needed
Unit Information
- # Tenants: Multiple
- Other Units: Unit 1, Unit 2, Unit 4, Unit 5, Unit 3, Unit 6, Unit 7
Lot Features
- Property View: Creek/Stream, Mountain, Pasture, Street
- Lot Size (Acres): 1.33
- Lot Size (Sq. Ft.): 57,935
- Lot Size Source: Assessor
- Street/Road Desc.: Black Top, Gravel
- Zoning: C
Water Features
- Water View: Yes
Financial Considerations
- Price Per Sq. Ft.: $23.04
- Assessment Year: 2023
- County Tax: $1,294
- County Tax Freq: Annually
- Tax w/Assessment: $119,700
- Tax Amount: $1,543
- Tax Year: 2022
Disclosures and Reports
- Buyer’s Brokerage Compensation: 2.5%
- Ownership: Fee Simple
- Inclusions: All items in vacant apartments will need to be removed by new buyers. Rented apartments will include appliances.
Listed by Coldwell Banker Premier, Nadine Beechie
Sold by EXP Realty, LLC, Pamela A Terry
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Schools
Schools serving 15701 Lower Georges Creek Rd SW
School District:Allegany County Public Schools
Rating | Name | Grades | Distance |
---|---|---|---|
15600 Lwr Gergs Ck Rd Sw, Lonaconing, MD 21539 | PK-5 | 0.5 mi | |
16915 Lwr Georges Ck Rd Sw, Lonaconing, MD 21539 | 6-8 | 1.5 mi | |
100 Dr Nancy S Grasmick Ln, Frostburg, MD 21532 | 9-12 | 5.9 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 15701 Lower Georges Creek Rd SW
Date
Details
Price
Change
Source
12/04/2023
Sold
$90,000
-43.75%
MLS
10/30/2023
Price Reduced
$160,000
-19.6%
MLS
9/25/2023
Listed
$199,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
15701 Lower Georges Creek Road SW, Lonaconing, MD 21539 (MLS# MDAL2007122) is a Apartment property that was sold at $90,000 on December 04, 2023. Want to learn more about 15701 Lower Georges Creek Road SW? Do you have questions about finding other Apartment real estate for sale in Lonaconing? You can browse all Lonaconing real estate or contact a Coldwell Banker agent to request more information.