Property ID : Guilford3301
Sold Comp $304,000.00 - Apartment Building, Townhouse
Fantastic Location right across the street from Union Memorial Hospital, 1 block to the Johns Hopkins Shuttle Bus, 1 block to the Charles Village Shopping District and just 2 blocks from Johns Hopkins University Homewood Campus. Such a location indicates a full building at top-of-the market rents is achievable.
Great mix includes 2 one-bedroom and 2 two-bedroom apartments plus a detached 2-car parking garage in the rear provides additional revenue source. Your tenant’s will appreciate the homey covered front porch and the free washer and dryer in the basement.
On the corner of an alley, the property has windows all across the side of the building, with a southern exposure, flooding these apartments with natural sunlight.
The apartment finishes are adequate and the rents are below market for this neighborhood leaving room for rent increases if you choose to upgrade the apartments. Currently, the landlord pays heat and hot water and there is a separate gas and electric meter for each apartment. Immediate improvement to cash flow can be had if the new owner comes in and passes the cost of heat and water through to each tenant on a pro-rata share.
This opportunity is reasonably priced to produce positive cash flow from day one with higher returns as the new owner implements improvements.
$81,250 per door
$141 per sq.ft.
7.5% cap rate
8.6 GRM (Gross Rent Multiplier)