405 Church St, Baltimore, MD 21225, USA
SOLD COMP
$360
Property ID :
Church405
Solidly built in 1948 with stucco over masonry finish and a 9-car parking lot in the rear, this Certified Lead-Free property produces cash like crazy! Fully leased. 5 one-bedroom apartments and 1 two-bedroom unit just a couple of blocks off of Route 2, Ritchie Hwy in the Brooklyn Park Shopping District. This makes it easy for tenants to shop, catch a bus, or easily get into Baltimore City or jump onto the Baltimore Beltway. Less than 7 miles from BWI, another generator of jobs for workers in this area.
The apartments all have updated kitchens and bathrooms. Most apartments have wall-to-wall carpet. Kitchens are supplied with a full size gas range and refrigerator. All bathrooms, except one, have a full size shower/tub and modern vanity with vinyl or ceramic tile flooring. The building is clean and very well maintained. Roof is in good shape and there are replacement windows throughout.
Coin-operated washer and dryer provides additional source of revenue. Anne Arundel County provides trash pick-up.
The landlord pays all utilities in this building, allowing one to charge premium rents for the neighborhood. The building has a central oil-fired hot water radiator heating system. Two 50-gallon gas-fired water heaters deliver domestic hot water. 200-Amps of electric power with circuit breakers is modern and up-t0-date. The building has a copper water main and appears to have all-copper interior water pipes. All of this delivers adds an easily maintained property to your portfolio.
The grassy yard provides outdoor space for the tenants and the 9-car asphalt-paved parking lot in the rear provides the convenience of plenty of off-street parking for the tenants.
INVESTMENT SUMMARY:
$377,000 List price
$ 62,833 per unit
$ 115 per sq.ft.
6.0 Gross Rent Multiplier
8.2 Cap Rate
10% Projected cash-on-cash return on investment
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.
Suze Orman