16,944 Square Foot Multi-Family Space For Sale @ 12504 Townepark Way

This is a package of 16 upscale units, (of a 40-unit development known as Townepark Condominiums), each measuring 1,200 luxurious SF in a spacious split floor plan. These are large 2 bedroom/2 bath units, split into separate areas so each is like a "suite" with its own full bath. Each condo has an in-unit washer and dryer, as well as adjacent storage units. They have the popular "great room" for entertaining/dining with a fireplace, and have either a deck or patio. They are presently leased as apartments, and stay rented from $995 to $1,145 per month.

Townepark Condominiums are very well located in a convenient park of Middletown, close to the interstates, employment and shopping, yet set off the main street so they are quiet and relatively private.

The units are 4 to 5 years young, and have been professionally managed and maintained from the beginning, so there is no deferred maintenance. The management company is happy to continue managing the property for 5% of gross rents for a new owner, making this an easy, stress-free, cash-flowing property to own.

At present rents, and actual expenses, these generate a Net Operating Income of $137,790, and for units this size, (1,200 SF!), there is good upside potential in these rents. Please contact Listing Agent by email for a password to access detailed financials.

There are an additional 9 units from this owner that are available as well, only 18 months young, located approximately 2.7 miles away, and marketed under MLS #30031205. They are even larger, at 1,902 square feet, have 3 large bedrooms, 2.5 baths, with attached 2-car garages, in-unit washer and dryer, and stay rented at $1,695 per unit. This property was also built as condominiums, with upscale finishes and superior construction, and has a Net Operating Income of $126,539, with an asking price of $1,860,300. Again, full financials are available by contacting the Listing Agent for a password.

Together, they net $264,329 in combined Net Operating Income, (TownePark NOI = $137,790 & Village Point NOI = $ 126,539), and have a combined asking price of $3,885,300.

Please see Agent notes for showing information and access to financials.