Property ID : Madison10
Off Market $1,099,000.00 - Apartment Building, Townhouse
This property is now priced at a point where it reflects the owner’s motivation to close a deal quickly.
The location is unquestionably one of the best in Baltimore. 10 East Madison Street is around the corner from Mount Vernon Square Park, Peabody Conservatory of Music, the Walter’s Art Gallery, and some of Baltimore’s finest restaurants, including The Helmond and Dooby’s Coffee Shop. The Johns Hopkins University and University of Maryland Downtown both operate free shuttle bus services with a stop a half-block away at Madison and Saint Paul. The free “Downtown Circulator” bus stops around the corner. Penn Station (AMTRAK and MARC Commuter Rail Service is a short 8 block walk.
Currently, there are 3 apartments in the lower level that are vacant and need some degree of renovation to put them in rentable condition. Every other apartment in the building is rented to good quality tenants and bringing a nice cash flow.
The upper floor apartments feature ceiling heights ranging from 8′ to 11′, many with marble fireplace mantels, gilded historic mirrors and some with original hardwood floors.
The kitchens are mostly European style cabinets with a small refrigerator and 20″ gas range over a vinyl floor. Most bathrooms are 1950’s vintage with black-and-white basketweave ceramic floor tile, and 4″ ceramic tile tub surrounds with a cast iron tub. The front windows are original wood frame. Many of the side windows have long ago been replaced with vinyl replacement windows. The roof is in good condition, with 90# mineral felt roofing paper and the chimneys have been pointed and are in very good condition. THe electric is dated with 200 Amp service to the entire building. Since there are only 10 electric meters, the landlord pays all utilities for 6 apartments.
5 Parking Spaces add value and convenience to the rear of the property. These spaces rent to tenants or outsiders for $130 per month, providing not only convenience and value, but additional cash flow.
Click below to view a video I made with my new drone. The video shows the proximity to Peabody Conservatory and Mount Vernon Square Park. I hope you enjoy it.
$ 78,500 per unit
$141 per sq.ft.
$329,000 Cash Investment needed with 25% down
7.1 GRM-Gross Rent Multiplier assuming 100% occupancy
7.1 Cap Rate
8% Cash-on-cash assuming full occupancy at current rents and 75% LTV at 4% interest rate