Cambridge Multifamily for Sale
ALL THAT FEE-SIMPLE LOT OF GROUND AND THE IMPROVEMENTS THEREON, If any, situated in Dorchester County, MD and more fully described in the Mortgage. Tax ID No. 07-193815.
The property (the “Real Property”) is believed to be improved by a garden style apartment complex containing 20 units. The unit mix is believed to include 10 one-bedroom units and 10 two-bedroom units. Lot size 1.49+/- acres.
Personal Property
Pursuant to the Mortgage, the Sale Order, and that certain Security Agreement dated March 27, 1987, from the Mortgagor, granting the Noteholder a security interest and lien on certain tangible and intangible assets of the Mortgagor, as perfected and further evidenced by a Financing Statement recorded with the Maryland State Department of Assessments and Taxation as File Number 210316-1208002 (original File Number 70897925), default having occurring thereunder, the Trustee will also offer for sale at public auction on the same date, and at the same time and place, all of the tangible and intangible assets of the Mortgagor that are located on or about the Real Property and that are subject to the security interest and lien of the Noteholder, and not owned by any third party, whether fixtures to the Real Property or otherwise, including all ranges, refrigerators, washing machines, dryers, heating, air conditioning and other equipment pertaining to the Real Property now owned or hereafter acquired, including all replacements of or substitutions therefor (the “Personal Property” and, together with the Real Property, the “Property”).
NOTE: The information contained herein or as may otherwise be made available by the Seller Parties has been obtained from sources deemed reliable and is believed to be substantially accurate, but is offered for informational purposes only and has not been independently verified by the Seller Parties. The Seller Parties do not make any representations or warranties with respect to the accuracy of the information contained herein or in any of the information and materials made available to prospective purchasers and no express or implied warranties or representations may be inferred. All dimensions, square footage, acreage, building area and other measurements, if any, are approximate. Building area shown is gross building area and approximate. Prospective purchasers are encouraged to perform their own due diligence in advance of the auction regarding the Property and the permitted uses thereof.
The Rambler Apartments present a compelling value-add investment opportunity located along the east side of Crusader Road, ideally positioned between Roslyn and Meteor Avenues.
According to tax records the property was constructed in 1987. This multifamily community consists of 20 residential units.
Note: The Mortgage contains certain low-income housing restrictions/covenants. The Noteholder [USDA] advised the Trustee that following the sale, any remaining low-income restrictions/covenants imposed by the Mortgage (if any), will not be enforced against the purchaser of the property. Thus, the property is being sold free and clear of any low-income restrictions/covenants. The purchaser shall otherwise comply with all relevant federal and state law regarding the rights of tenants.
The unit mix includes:
• 10 - 1-bedroom/1-bath units with an average of 543 +/- sq. ft.
• 10 - 2-bedroom/1-bath units with an average of 709 +/- sq. ft., some being 2 level townhome style units
• Unit kitchens offer a full sized refrigerator, electric stove and garbage disposal. Baths offer a tub/shower w/vinyl surround, vanity and toilet.
• Units have a mix of heating/cooling systems: PTAC units, mini-split heat pumps and central HVAC, some have window units
According to the rent roll provided by the management company the property is currently 80% occupied.
According to public records the site is Corridor Mixed-Use and includes an approximately 33 +/- space surface parking lot, providing ample parking for residents and guests.
Investment Highlights
• Significant value-add through lease up at market rate rents
• Low-density layout across four buildings
• Ample on-site parking
Location & Area Overview
Situated in Dorchester County on Maryland’s Eastern Shore, Cambridge serves as a regional hub for employment, healthcare, and commerce. The property benefits from proximity to:
• Downtown Cambridge waterfront district
• Major employers including healthcare systems and local government
• Retail corridors along Route 50
• Access to Salisbury and Easton, as well as regional connectivity to Annapolis
Employment Drivers:
• Healthcare (regional medical centers)
• Education and public sector
• Manufacturing and logistics
• Tourism and hospitality tied to the Chesapeake Bay
The market demonstrates consistent demand for affordable and workforce housing, with limited new supply, making subsidized housing assets particularly attractive for long-term stability.
Summary
Rambler Apartments offers investors the opportunity to acquire a partially occupied, income-producing asset with government-backed rent support in a stable and supply-constrained market. With upside through lease-up and operational efficiencies, the property is well-positioned to deliver reliable cash flow and long-term appreciation.
Diligence Materials
The leases and rent roll are included in the document section of our bidding platform.
