Property ID : Callow2444
For Sale $160,000.00 - Apartment Building, Townhouse
This building has a lot going for it! Nice 28′ wide lot; solid brick structure with 1,300 sq.ft. floor plates plus a front porch for each apartment, large room sizes, and separate utilities. Each of the three apartments has the potential to be large, spacious, bright two-bedroom apartments with eat-in kitchens.
Some of the issues that need to be addressed are the wood fire escape on the rear, problems with the water drainage system where there are some small spots of mold and ceiling/wall damage on the inside rear of the building, and the electrical work appears to be non-professional. While the building is zoned and licensed for 3 apartments, a fourth apartment has been built-out in the basement level. Possibilities include combining it with the first floor apartment or going to the zoning board to seek a variance to allow a basement-level fourth apartment.
A tree-shaded rear yard provides off-street parking.
The property is located just off of Druid Park Lake Drive, a half-block from Druid Hill Park and one block from the I-83 entrance ramp.
With a little bit of work, this property will be a money-maker!
$160,000 Investment Offering / List Price
$ 53,333 per unit
$ 57 per sq.ft.
5.0 potential Gross Rent Multiplier
9.8 cap rate