Foreclosure – 26-Unit Apartment Building Damascus, MD

Foreclosure auction. The Perrywood Apartments consist of 26 units plus 1,400 sf of retail space in 2 buildings. The building totals 23,600 square feet of gross building area and 20,164 square feet of net rentable area set upon a 1 acre lot. There are 26 total apartments consisting of 24, 3-bedroom, 1-bath units and 2 efficiency apartments. There is also approximately 1,400 square feet of retail space.

The property was built in 1958 and fully renovated in 2021. According to an appraisal done in 2024, the November 2023 rent roll showed the building fully occupied and a gross monthly rental income of $54,916 in rents and an additional $2,400 for parking. No income was reported for the commercial unit(s).

Parcel ID#: 161200925498
2023 Tax Assessment: $2,266,300
2024 Annual Taxes: $22,928

Click on “ACCESS PROPERTY DOCUMENTS.” The Property Information Package contains information, including the sales contract, not available elsewhere.

The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Jeff Stein

Jeff Stein: Tranzon Key

703-539-8111 jstein@tranzon.com

All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.

For general information on the auction process, please review the Frequently Asked Questions.

• Buyer's Premium: None
• Closing: 30 days from final ratification of the sale by the Circuit Court for Montgomery County, Maryland. See Notice of Substitute Trustee's Sale in Property Information Package.
• Deposit Amount: A deposit in the amount of Two Hundred Thousand Dollars ($200,000), payable in cash or certified check, will be required of the purchaser of the Property at the time and place of sale. The successful bidder(s) will be required to increase the deposit to ten percent (10%) of the bid amount by the close of business on the third business day following the date of sale by delivering certified funds to the Trustees (collectively, the “Deposit”). See Notice of Substitute Trustee's Sale in Property Information Package.
• Buyer Agent Compensation: 1% of the high bid will be paid to a properly registered broker at settlement.
• Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only.
• Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.