2510-2514 Markham Ln, HYATTSVILLE

$4,700,000

0 Bed
0 Bath
41,550 Sqft
0 Acre
61 Parking

The condominium community features 10 garden-style brick buildings that are 3 and 4-stories high. There are 61 parking spaces dedicated to the property, and an abundance of off-street parking are available. The units included in the sale features: Studio, 1BR 1BA, 2BR 1BA, 2BR 2BA, and 3BR 1BA.

At the time of purchase by the current Seller, the Association was in debt, with significant deferred maintenance and damage. Out of the 61 units in the Association, there were only 8 units paying their monthly dues. The Seller purchased 26 units and gained control of the Association. Seller aggressively pursued delinquent owners. The Seller was able to get most owners to pay their balance to the Association. Over time, the Association acquired 6 units through foreclosure and other means.

Today, major capital improvements have been made to the property, including: updated plumbing, water mitigation efforts, and the installation of new roofs. The property has improved its classification toward a Class B standard. The Association is no longer in debt and has reserves. When the Seller purchased the portfolio in October of 2015, the rent roll was approximately $26,000 per month. The currently projected rent roll for the property is approximately $54,450 per month. There is vacant community space in one of the buildings to potentially add a 3BR 2BA unit. 52.73% of the purchase price will be retained by the Association, providing the buyer a discount.

Essential Information
MLS® #MDPG2115018
Price$4,700,000
Bathrooms0.00
Square Footage41,550
Acres0.00
Year Built1963
TypeMulti-Family
Sub-TypeOther, Twin/Semi-Detached
StyleOther
StatusActive
Community Information
Address2510-2514 Markham Ln
SubdivisionKENTLAND
CityHYATTSVILLE
CountyPRINCE GEORGES-MD
StateMD
Zip Code20785
Amenities
Parking Spaces61
Interior
HeatingForced Air
CoolingCentral A/C
Exterior
ExteriorBrick and Siding
FoundationBrick/Mortar
District

PRINCE GEORGE'S COUNTY PUBLIC SCHOOLS

Additional Information
ZoningR18
Condo Fees$0
HOA Fees$0
Office

Quasar Property Management And Real Estate LLC

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Listing information last updated on July 24th, 2024 at 5:03pm EDT.