Property ID : Falls6049
Sold Comp $295,000.00 - Apartment Building, Commercial, Mixed Use, Office
Opportunity to own a high visibility office-apartment building on Falls Road, just south of Lake Avenue. Baltimore County locations offers lower property tax rates. 11,200 vehicle per day exposure.
All units are currently vacant, offering you the opportunity to create a space for your business, for your living, create a live-work environment, or attain great cash flow from a pure-investment vehicle in a high-demand rental market. The Seller is willing to hold a first mortgage to a financially responsible and qualified purchaser with 20% down, a 5% interest rate amortized over 30 years with a 5-year balloon.
The apartments are spacious with plenty of windows and natural light and high ceilings. There is a two-bedroom apartment on the second floor and a one-bedroom apartment on the first floor, south-side. The office space is on the north side of the first floor.
The building has updated electric service, copper plumbing, and a separate heating system and water heater for each apartment, so that the tenants pay all of their own utilities making for excellent cash flow.
The wide lot offers excellent frontage and exposure for your signs. 4-Car off-street parking in the rear offers convenience for you, your customers and tenants. The covered front porch offers an attractive entrance.
Bare Hills Business Center is just 1 mile up the road, a highly sought-after area that is expanding with new development. Whole Foods and Starbucks are less than a half-mile to the south with the I-83 interchange at Northern Parkway just under a mile from this location.
Price per Unit: $ 98,333
Cap Rate: 7.9
Cash Flow ROI: 11%