Property ID : Bolton1216
Sold Comp $385,000.00 - Apartment Building, Townhouse
Tall 3,600 sq.ft. (plus full improved basement = 4,500 sq.ft. of improved living space) grand brick mansion house divided into 4 apartments. First floor/basement is a combined 2 Bedroom apartment. Upper floors are one-bedroom each.
Located on a great block, a one-way street. The Bolton Hill swim and tennis club is at the end of the block. MICA, the nation’s third highest rated art school, is just around the corner (3 blocks). The Light Rail stop is 2 short blocks and the Baltimore Subway is 3 blocks away. Baltimore’s Penn Station, which AMTRAK service to Boston, New York, Washington DC, and beyond, is a reasonable 6 block walk.
Building is fully rented. The kitchens, baths, and décor are dated offering the opportunity to significantly raise rents. Currently rented for $3,050 per month, the average apartment rents for only $762; well below market for Bolton Hill.
The landlord currently pays for the oil-fired forced air central heating system in this building. There is a separate gas and electric meter for each apartment.
This is a prime block in the heart of Bolton Hill…no fringe location here…offering a terrific investment opportunity.
$106,250 Per Door
$ 118 per sq.ft.
$ 3,050 Current Monthly Rent
5.8 Cap Rate
4% Cash-on-cash ROI