Property ID : Maryland2101
Off Market $695,000.00 - Apartment Building, Mixed Use, Townhouse
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
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.