Property ID : Church405
For Sale $377,000.00 - Apartment Building, Garden Style
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.
$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