Property ID : Calvert2834
Sold Comp $335,000.00 - Apartment Building, Townhouse
Money-maker porch-front townhouse with 5 apartments.
First floor front is listed as a rooming unit.
First floor rear is a one-bedroom.
Second floor front is a studio.
Second floor rear is a one-bedroom.
Third floor apartment is a one-bedroom.
(A rooming unit is defined in the Baltimore City code as a living unit with no formal cooking facilities. It can have a sink and a refrigerator, but cannot have any cooking facilities, which the City Code defines as a stove. Hot plate and microwave is permitted).
Units feature hardwood floors, some exposed brick walls, several fireplace mantels, and a bay windows in the second floor front and rear apartments. Kitchens typically have laminate cabinets and counters, electric range, refrigerator and 3 units have a dishwasher. Bathrooms are modern and in good condition. The two first floor units have shower only while the upper floor apartments have a steel tub with ceramic tile or vinyl tub surround.
Each apartment pays for its own electric baseboard heat and its own electric bill, except for the rooming unit, which is paid by the landlord. The landlord provides hot water and cold water/sewer service for all apartments. The building has a copper water main and all interior pipes are copper or vinyl. New 400-Amp electric service and much re-wiring was done in 2003. The building has a newish modified rubber roof.
Located just below 29th Street, and around the corner from the popular Saint Paul & 27th Hopkins Shuttle Bus Stop makes for a great living arrangement for Hopkins Medical and Grad Students as well as research assistants. With demand for apartments in Charles Village and Remington increasing, the demand for decent, affordably priced units becomes more important. R-House is just a 10-minute half-mile walk.
$335,000 purchase price
$67,000 per unit
6.5% Cap Rate
5.5% ROI Cash Flow