• 01 2101-2103 Maryland Ave
  • 02 2101-2103 Maryland
  • 07 Side View of Building
  • 19 Entrance Hall
  • 35 2nd Floor Hall
  • 13 1A Living Room
  • 15 1A Kitchen
  • 16 1A Bathroom
  • 20 Apt 1 Living Room
  • 21 Apt 1 Bedroom
  • 18 1A Bedroom
  • 22 Apt 1 Kitchen
  • 23 Apt 1 Bathroom
  • 36 2A Living-Sleeping Room
  • 37 2A Kitchen
  • 38 2A Bathroom
  • 43 2B Deck
  • 44 2B Kitchen
  • 45 2B Washer-Dryer in Apartment
  • 46 2B Bathroom
  • 47 2B Bedroom 1
  • 48 2B Loft Bedroom 2
  • 52 2C Electric Panel
  • 53 2C Living Room
  • 54 2C Kitchen
  • 55 2C Bedroom 1
  • 56 2C Bedroom 2
  • 57 2C Bathroom
  • 58 2C Washer-Dryer in unit
  • 59 Deck on 3rd Flr Rear
  • 60 Restaurant Service Bar and Entry Seating Area
  • 62 Restaurant Dining Room
  • 63 Restaurant Bathroom 1
  • 64 Restaurant Bathroom 2
  • 65 Restaurant Triple Sink
  • 67 Restaurant Walk In Box
  • 66 Restaurant Kitchen
  • 70 Rear Bar-Lounge
  • 71 Rear Bar-Lounge
  • 75 Rear Bar Sink
  • 74 Rear Bar Kitchen
  • 73 Rear Bar-Lounge Bath 2
  • 72 Rear Bar-Lounge Bath 1
  • 85 Electric Meters
  • 78 New Rubber Roof
  • 81 Rooftop View of Shopping Center

Property ID : Maryland2101

Off Market $695,000.00 - Apartment Building, Mixed Use, Townhouse
7 Units 9 Bathrooms  Add to Favorites Print

100% Leased to quality tenants in this mixed-use corner property with a Bar/Restaurant on the ground floor and 5 renovated lead-free-limited apartments on the upper floors.  Totally gut-rehabbed in 1992, this building features exposed brick walls, vaulted ceilings, loft bedroom, wood deck on the rear, ceramic tile kitchens and baths.  2 apartments have a washer-dryer in the unit.  Renovated in 1992, the building has all new electric wiring, all new plumbing, with a separate heat-pump with central air conditioning for each apartment.  Separate water heaters mean tenant’s pay all utilities.  A new rubber roof was installed in 2015.

2 blocks north of all the action along the North Avenue Station North Arts District, this property is poised to experience continued rental income growth with improving values.  This property is 5 blocks from Penn Station and University of Baltimore and 10 blocks from Johns Hopkins University.

Last year the restaurant signed a 5-year lease with a 5-year renewal option.  In addition to paying a monthly rent, the restaurant tenant pays 50% of the water/sewer bill and 39% of the property taxes and insurance for the entire building.  The restaurant and lounge is operating as Picasso’s and has a 4-star rating on Yelp.  Find out more in this Baltimore Sun article reviewing Picasso’s Restaurant.

Investment Summary:  $695,000
GRM: 6.9
Price per unit:  $99,286
Cap Rate:  8.7
Return on Investment, assuming financing with 25% down:  12.4%

Click below on “Cash Flow” and “Property Information” for complete investment details.

Property Map

Agent Meet Ben Frederick, III, CCIM

  • Mobile : 410-752-6400
  • Fax : 410-435-5041

» President & Broker

Advises Buyers and Sellers of Multi-Family Apartment Properties…
Know More

Contact

Loading...
 

Similar Properties