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144 UNITS | SALISBURY, MD
Core-Plus Opportunity
ISLAND CLUB APARTMENTS
ISLAND CLUB APARTMENTS
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Island Club Apartments, a 144-unit apartment community located in Salisbury, MD. Built in 1990, Island Club offers investors the opportunity to acquire a proven value-add apartment community within the stable Salisbury market. The Property can be repositioned through upgraded kitchens and bathrooms, garnering additional rental premiums and creating a distinctive advantage against its competitive set. The Property’s convenient location within Salisbury provides direct access to the region’s major employment, retail, lifestyle amenities and major roadways. Island Club presents investors with the opportunity to acquire a proven value-add community within an opportunity zone that has strong future growth prospects in the stable Salisbury economy.
OFFERING
PROPERTY SUMMARY
Address 1500 Sharen Drive, Salisbury, MD
County Wicomico
Site Size 11.85 Acres
Year Built 1990
Gross Building Area 132,464 SF
# of Units 144 units
Avg. Unit Size 920 SF
Avg. Market Rent $1,005
Avg. Market Rent/SF $1.09
Occupancy 100%
HIGHLIGHTS
1VALUE-ADD OPPORTUNITY Units can be renovated with upgraded finishes to achieve rental premiums while still holding a competitive advantage in the rental market.
2UNRIVALED ACCESS Located between Route 50 and Route 346, providing access to multiple retail amenities and major employment within Salisbury and broader area.
3PROXIMATE MAJOR EMPLOYERS The Property is located within a short drive to the three largest employment centers in Wicomico County, Perdue Farms Headquarters (3-minutes), Peninsula General Hospital (8-minutes) and Salisbury University (10-minutes).
4STABLE SALISBURY ECONOMY
MSA is at its lowest level of unemployment since 2008 at 4.5% and has historically high levels of total employment.
5EXPANDING APARTMENT MARKET
Solid fundamentals show through increased rent growth (2.1% YTD) combined with decreasing vacancy rates (2.2%).
ISLAND CLUB APARTMENTS
COMMUNITY AMENITIES• Resort Style Swimming Pool
• Anytime Fitness Center with free weights and machines
• Clubhouse w/Cyber Café Computer Center
• Lighted Dog Bark Park with
a Bark Bar
• On-Site Storage
• Open Recreational Area with horseshoes, cornhole, hopscotch, ticktacktoe, picnic and grilling
• Resident Grilling Area
• Lighted Sand Volleyball Court
UNIT FEATURES• 42” Flat Screen TV’s In
Select Units
• Full Size Washer/Dryer in every unit
• Designer Kitchen w/Dishwasher, Disposal & Energy Efficient Appliances
• Beach Closet
• Breakfast Bar
• California Closets - in many units
• Chair Rails
• Private Patio or Balcony
ISLAND CLUB APARTMENTS
SALISBURY REGIONAL AIRPORT
CHESAPEAKE HEALTHCARE
SALISBURY UNIVERSITY
PERDUE FARMS
PERDUE STADIUM
SALISBURY ZOOLOGICAL
PARK
13B
13
50B
50
12
CUSHMAN & WAKEFIELD1800 TYSONS BOULEVARDSUITE 200PHONE: +1 703 448 1200FAX: +1 703 286 3012www.cushwake.com
MID-ATLANTIC MULTIFAMILY ADVISORY GROUP
For Financing, Please Contact:
BRAD GEIGERSENIOR VICE PRESIDENT+1 202 266 [email protected]
JOHN CAMPANELLAEXECUTIVE MANAGING DIRECTOR+1 202 266 [email protected]
JORGE ROSASENIOR DIRECTOR+1 703 286 [email protected]
ANTHONY ‘TJ’ LIBERTODIRECTOR+1 703 286 [email protected]
MATTHEW COLLINSFINANCIAL ANALYST+1 703 286 [email protected]
