Dayspring Townhomes

Description:

Dayspring Townhomes 1 and Dayspring Townhomes 2 form a townhouse community in Ridgely, on the eastern shore of Maryland. The two parcels add up to 8.41 acres containing 46 townhomes.  Of the 46 townhomes, 43 are 3BR, one is 2BR and two are 2BR.  The complex is currently operated as a low-income property under an agreement with the State of Maryland. That agreement imposes rent restrictions on the complex.  As a result, rents are significantly below market rate.  The agreement will terminate upon the sale of the property.  Therefore, the rent restrictions will not apply to the buyer after a sale.  Here is a value-add opportunity to do some upgrading, improve the occupancy rate and bring the units up to market rents.

 


Ridgely, Maryland is a charming town located in Caroline County on the Eastern Shore of Maryland. Known as the "Strawberry Capital of the World," Ridgely boasts a rich agricultural heritage and hosts an annual Strawberry Festival to celebrate its history. The town offers a peaceful, rural atmosphere, making it an ideal place for those seeking a quieter pace of life while still being close to larger towns and cities. Easy access to Maryland and Delaware beaches.


Unit Options:  Dayspring Townhomes provides 1, 2, and 3-bedroom apartments, including handicapped-accessible units.

Value Add Opportunity:  Option to operate as a low-income community under a variety of state/federal programs or convert to market-rate property.

Community Amenities: Residents enjoy access to a community room and an on-site laundry facility.

Outdoor Spaces: Each unit includes a patio, offering a private outdoor area.

Demand:  Tight inventory of homes on the market may mean increased demand for rental units.