Property ID : Monument226
Off Market $570,000.00 - Apartment Building, Mixed Use, Townhouse
Fully leased, this 7,000 sq.ft. building is located in a B-5 zoning district which allows many uses including many commercial uses and high-density residential uses. The first floor hair salon is well established – over 3 years at this location. The 5 apartments are spacious with high ceilings. The apartments well maintained and functioning with some historic details such as fire place mantels and 9′ and 10′ high ceilings. Being a corner end-of-group building, the apartments have abundant windows and feature lots of natural sunlight with a south and west exposure.
Each apartment has its own gas-fired forced air heating system. Two apartments and the store have central air conditioning. Three apartments use window air conditioning. Each apartment has its own gas and electric meter, its own gas-fired water heater. So, the tenants pay all utilities. In addition, the commercial tenant pays 20% of the water bill and 20% of the property tax bill.
The Washington Monument on Mount Vernon Square is visible, two blocks away, from the front steps of this building. Maryland General Hospital is across the street with State Center, with its subway connection, 2 blocks away. The Light Rail Line stops across the street from this property. Peabody Conservatory of Music is 2 blocks away, while MICA and University of Baltimore are within walking distance.
$570,000 investment is only $95,000 per unit and $81 per sq.ft.
Priced at a competitive 7.5% cap rate and only 8 times gross annual rent, this property represents an exceptional value in today’s market.