1830 Madison Ave: 3 Huge Renovated Apartments
1830 Madison Ave Baltimore MD
SOLD COMP
$355,000
Description
These huge 1,000 sq.ft. Apartments are full of natural sunlight and feature 10′ high ceilings, marble fireplace mantels, renovated and updated with separate 90+ gas furnace with Central Air and separate electric water heater. The kitchens have ceramic tile floors, built-in microwave oven, gas or electric stove and a refrigerator. Bathrooms are updated and modernized with ceramic tile floors and modern vanities. Each apartment has its own washer and dryer in the unit.
The second floor two-bedroom apartment is rented to a long-term Voucher tenant who has been there since 2016. An application is pending for the third floor two-bedroom apartment at a market rate of $1,250 per month. The first floor one-bedroom has a tenant who is moving out after 10 years. This one-bedroom apartment is being offered for lease.
The building was completely renovated in 2008 with electric updated with 400 Amps of power coming into the building with all new wiring and circuit breaker panel boxes. Kitchens, bathrooms, heat and air conditioning were all modernized at that time. In 2010, a new rubberoid roof was installed with a 10-year warranty. The roof looks to be in excellent condition.
There is a full basement that used to be a separate apartment many years ago. The basement has lots of natural light through the windows and a high 8′ ceiling, so perhaps it could be renovated into a 4th apartment or at least be used to expand the first floor apartment for increased value.
This property is located on a section of Madison Avenue that is blocked to through traffic. From Eutaw Place, turn onto Robert Street. The property is at the next corner. Being a non-through street, the street is quiet with 54% of the properties on this block being owner-occupied. Across the Street is the historic and iconic Berea Temple SDA Church.
For More Information and to arrange a Tour, Contact Will Cannon III at 410-916-3331 or Will@BenFrederick.com
INVESTMENT SUMMARY:
$360,000 Investment
$120,000 per unit
$109 per sq.ft.
8.9 GRM
7.66 CAP RATE
10.3% Cash-on-Cash Return On Investment
