sold > BUCKLAND MAGNOLIA APTS - 29 North Main Street, Magnolia, Kent C

BUCKLAND MAGNOLIA APTS - 29 North Main Street, Magnolia, Kent County, DE 19962

PROPERTY NAME

BUCKLAND MAGNOLIA APTS PROPERTY

PRICE

$233,000 * $116,500 PER UNIT

ADDRESS

29 NORTH MAIN STREET

MAGNOLIA, KENT COUNTY, DELAWARE 19962

PROPERTY TYPE

MULTI-FAMILY APARTMENTS PROPERTY

ALTERNATIVE USES

NONE

BUILDING AREA

1,456 +/- SQ FT

PARKING

ON – SITE PARKING AVAILABLE

ZONING

R, RESIDENCIAL ZONE,
TOWN OF MAGNOLIA

TAX MAP

SM15 – 11305 - 01 – 1700 - 00001

SCHOOL DISTRICT

CAESAR RODNEY

FIRST FLOOR RESIDENCE

#A : TWO BR, TWO BATH, LIVING ROOM/KITCHEN RENT $1,000 / MO + UTILITIES * SEPARATE ELECTRIC

SECOND FLOOR RESIDENCE

#B : ONE BR, ONE BATH, LIVING ROOM/KITCHEN RENT $900 / MO + UTILITIES * SEPARATE ELECTRIC

TOTAL GROSS REVENUE

$1,500 PER MONTH * $22,800 PER YEAR

GROSS INCOME MULTIPLIER

10.22

CITY TAX ASSESSMENT

$22,900 * $11,450 +/- PER UNIT

CITY TAX RATE

$0.40 / $100

CITY PROPERTY TAXES

$ 95 +/- * $50 +/- PER UNIT

COUNTY TAX ASSESSMENT

$22,900 * $11,450 +/- PER UNIT

COUNTY TAX RATE

$2.5271 / $100

COUNTY PROPERTY TAXES

$580 +/- * $290 +/- PER UNIT

TOTAL EXPENSES

$4,900 +/- * $2,450 +/- UNIT

PROPERTY DESCRIPTION : This multi-family property is located on North Main Street, in Magnolia. The building is approximately 1,456 square feet, and is currently rented as multi-family with two units, with one unit on each of two floors. The ground floor unit is rented at $800 per month plus utilities, but is month-to-month and the market rent is at least $1000. The second floor unit is currently vacant, but should rent for $900, plus utilities. All units have separate electric meters which the tenants pay, and the landlord pays central water/sewer meters, and trash removal. Both units have heat pumps. The GIM is 10.22.

ALL INFORMATION SUBMITTED SUBJECT TO ERRORS AND MODIFICATIONS. ALL INFORMATION CONTAINED HEREIN OBTAINED FROM RELIABLE SOURCES BUT NOT GUARANTEED. PROSPECTIVE PURCHASERS SHOULD VERIFY ALL INFORMATION SUBMITTED. LISTING BROKERAGE REPRESENTS SELLER.

Phil McGinnis, CCIM, GAA, ACoM, ALC, e-PRO

 

Office :

(302) 736 - 1538

Cell :

(302) 270 - 0656

Fax :

(302) 736 - 2715

Email:

pjm@mcginnisrealty.com

 

Tags: , , , , , , ,
555 East Loockerman St. Dover, Delaware 19901 • Phone:302.736.2710 Fax: 302.736.2715
Custom Website Design by: Delaware.Net