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    302 Maryland Avenue

    CRISFIELD, MD 21817
    • $450,000
    • STATUS: Active
    • ON SITE: 143 days
    • ID#: MDSO104204
    UPDATED: 77 min ago
    $450,000
    • 0
      BEDS
    • 1.01
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Commercial
    Built:
    1995
    County:

    School Ratings & Info

    Description

    Investor alert: 9.75% Cap Rate. Located on the main road of Maryland Avenue, the 44,000 square foot commercially zoned parcel is improved by a 5,932 square foot single story, pre-engineered steel frame building on concrete slab foundation with brick veneer front. Interior has tile floors, suspended ceiling with recessed lighting, drywall walls and two bathrooms. HVAC is provided from four gas fired pumps. Price also includes the adjacent 24,830 square foot parcel, which could be used to expand the building by an additional 6,385 square feet of retail space. The development costs of any additional retail space will be substantially less that normal as the site is already approved by water and sewer service, electric service, storm water management, street cuts, pedestal lighted sign, and a parking lot. Lease just renewed on for additional five years to 12/31/2024. Three additional five-year options remain with 7% lease increases. The 7% increase was not assessed this renewal period per the 10/19/19 renegotiated lease agreement. Landlord is responsible for exterior, snow removal, roof and replacement of major HVAC components. Tenant responsible for all exterior signs, interior maintenance and maintenance of HVAC. Competition: Food Lion, Dollar General. Customer base: City of Crisfield, Three Smith Island Communities, Tangier Island, Marion Station. With 100k down, seller will hold the balance as owner financing and will not require any flood insurance.

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    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Yellow Door Team | Douglas Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-05-07T11:54:58.007.
    www.yellowdoorteam.com/homes/112594703
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    302 Maryland Avenue CRISFIELD, MD 21817

    • Price: $450,000
    • Status: Active
    • Updated: 77 min ago
    • ID#: MDSO104204
    0
    Beds
    0
    Baths
    0
    ½ Baths
    1.01
    Acres
    1995
    Built
    Neighborhood:
    Somerset West Of Rt-13 (20-01)
    County:
    Somerset
    Area:
    Somerset West Of Rt-13 (20-01)
    School District:
    Somerset County Public Schools
    Property Description
    Investor alert: 9.75% Cap Rate. Located on the main road of Maryland Avenue, the 44,000 square foot commercially zoned parcel is improved by a 5,932 square foot single story, pre-engineered steel frame building on concrete slab foundation with brick veneer front. Interior has tile floors, suspended ceiling with recessed lighting, drywall walls and two bathrooms. HVAC is provided from four gas fired pumps. Price also includes the adjacent 24,830 square foot parcel, which could be used to expand the building by an additional 6,385 square feet of retail space. The development costs of any additional retail space will be substantially less that normal as the site is already approved by water and sewer service, electric service, storm water management, street cuts, pedestal lighted sign, and a parking lot. Lease just renewed on for additional five years to 12/31/2024. Three additional five-year options remain with 7% lease increases. The 7% increase was not assessed this renewal period per the 10/19/19 renegotiated lease agreement. Landlord is responsible for exterior, snow removal, roof and replacement of major HVAC components. Tenant responsible for all exterior signs, interior maintenance and maintenance of HVAC. Competition: Food Lion, Dollar General. Customer base: City of Crisfield, Three Smith Island Communities, Tangier Island, Marion Station. With 100k down, seller will hold the balance as owner financing and will not require any flood insurance.
    Exterior Features

    Construction Materials BlockBrick FrontConcreteGlassMetal Siding Garage YN No Location Type Corner Lot/Unit Lot Features CornerRoad Frontage Other Equipment None Parking Features PrivatePaved Parking Parking Types Parking Lot Riparian Rights YN No Road Responsibility City/County Road Surface Type Black Top Roof Flat View Street Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 5932.00 Cooling Central A/C Flooring Concrete Heating Central Heating YN Yes Inclusions Assignment Of Existing Lease Net Square Feet 5932.00

    Property Features

    Acceptable Financing Bank PortfolioCashSeller Financing Accessibility Features None Assessment Year 2020 Association YN No Business Type Shopping Center Central Air YN Yes Cooling Fuel Bottled Gas Electric 200+ Amp Service Elevators 0 Entry Level 1 Foundation Details BlockSlab Heating Fuel Propane - Leased Historic YN No Hot Water Electric Incorporated City Name Crisfield Lease Considered YN No Navigable Water YN N New Construction YN No Number Of Units Total 1 Original MLSNumber 304420819413 Ownership Interest Fee Simple Possession Settlement Property Sub Type Retail Sale Type Standard Sewer Public SewerPublic Septic Tax Annual Amount 5951.00 Tax Assessment Amount 200000.00 Tax Lot A Vacation Rental YN No Water Source Public Zoning R-3

    Listing courtesy of Era Martin Associates.


    ©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Yellow Door Team | Douglas Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-05-07T11:54:58.007.
     
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