Property ID : FranklinCourt
Sold Comp $2,125,000.00 - Apartment Building, Commercial, Garden Style, Mixed Use, Retail Stores
29 Apartments and 7 Stores known as “Franklin Court” is 1/2 mile north of University of Maryland, 1/2 mile south of State Center (26-acre and $1.5 billion new development), and across the Street from Metro West (1.1 million sq. ft. of office space on 11-acres) which is being redeveloped. Franklin Court contains a security-gate protected rear entrance that brings the residents into a landscaped courtyard with benches, gardens, and mature shade trees. Franklin Court backs up to the historic 4.75 acre Seton Hill Park.
Franklin Court is a value-add opportunity to own a well-located quality property with good systems and structures. The rents are well below market rates.
Franklin Court underwent a complete historic renovation in 1985. At that time, all new plumbing, electric, heat and air conditioning was installed in this property. Half of the apartments are two-stories, some with spiral staircases, loft overlooks, vaulted ceilings, and atriums. All of the apartments feature interiors with drywall and wood frame windows (some new, some restored-original). Living areas typically have wall-to-wall carpet over plywood floors, with vinyl tile in the kitchens and ceramic tile floors and tub enclosures in the bathrooms. Kitchens typically have European style cabinets with formica counters. The apartments are all-electric with electric range, dishwasher, electric heat pump with central air conditioning and electric water heater. Each apartment has 100-, 125-, or 150-amp electric service.
Most upgrades such as new flooring treatments, new cabinetry and appliances, new light fixtures, etc, would like lead to significant improvements in rental rates.
There is a 3,030 sq.ft. enclosed parking garage with a security entrance gate. The 7 stores total 4,400 sq.ft. of retail space. The 29 apartments are contained in 20,770 sq.ft. of gross building area. The total building is 28,200 sq.ft. The 0.40 acre lot measures 173’6″ frontage on West Franklin Street and 100′ deep along North Paca Street.
$69,444 per rental unit
$89 per square foot
$24,363 monthly rental income
8.6 gross rent multiplier
7.3 cap rate
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