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Rarely Available Commercial Property on Wheel Rd in Bel Air. Currently divided into four units and being used as an auto repair shop, insurance office, and two residential units with large parking lot set back from the street. One of the residential apartments is currently vacant with an $1800/ mo potential rent. Rents are currently below market value; excellent value-add opportunity as tenants below market are on short term leases. Property appraised in 2022 for $700,000. Showings will only be permitted once a contract is ratified. Buyer may build in showing contingency. This is to minimize the burden on the tenants. Owner is willing to do repairs to the vacant residential unit but is waiting to do so in the event an interested purchaser would rather convert the residence to office space. Owner is not certain this can be done. It would be the buyer's responsibility to determine the property would work for their planned use. Appraisal noted potential gross annual rent of $80,471 with modified gross leases. Lot lines on satellite image are approximate.
| DAYS ON MARKET | 9 | LAST UPDATED | 10/14/2024 |
|---|---|---|---|
| YEAR BUILT | 1981 | COUNTY | HARFORD |
| STATUS | Active | PROPERTY TYPE(S) | Commercial |
| PRICE HISTORY | |
| Prior to Oct 14, '24 | $700,000 |
|---|---|
| Oct 14, '24 - Today | $704,000 |
| ADDITIONAL DETAILS | |
| AIR | Central Air |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Electric Water Heater |
| CONSTRUCTION | Frame |
| HEAT | Electric, Oil |
| LOT | 0.76 acre(s) |
| SEWER | Public Sewer |
| TAXES | 7519 |
| WATER | Public |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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*Estimate only
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