Property ID : Callow2444
Sale Pending $160,000.00 - Apartment Building, Townhouse
100% Leased, 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 is a large, spacious, bright two-bedroom unit with eat-in kitchens.
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.
Each apartment has its own gas-fired forced air heating system. Each apartment has its own electric meter with 200 Amps of power coming into this building. Circuit breaker panels for each apartment. Some of the wiring appears to be sub-standard.
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.
This property is a money-maker!
$160,000 Investment Offering / List Price
$ 53,333 per unit
$ 57 per sq.ft.
5.1 Gross Rent Multiplier
9.2 cap rate