Property ID : Preston211
Sold Comp $725,000.00 - Apartment Building, Townhouse
Rare opportunity to acquire a fully leased 10-unit apartment building in Historic Mount Vernon. This gem has been in the same family ownership for over 40 years. It has been well maintained with modest upgrades made from time-to-time with the following mix:
4 Studio Apartments
4 One-Bedroom (one a deluxe one-bedroom previously occupied by the owner)
2 Two-Bedroom Apartment.
The front brick and stone is very handsome and welcoming. The Mount Vernon Historic District has become one of Baltimore’s most popular rental neighborhoods.
Many years ago, the building lots known as 211 and 213 East Preston were combined. So, these two buildings now have one tax bill, as 211 E. Preston, and provide a property lot that is 38′ wide by 100′ deep.
There are 3 off-street parking spaces in the rear. Currently, the owner does not charge for these spaces, providing an opportunity to increase the cash flow. The rents are below-market with an opportunity for increases to further increase the cash flow return on investment. Each apartment has its own electric meter. The kitchens have wood cabinets, formica counters, 30″ gas stove and a refrigerator. Bathrooms are in average to good condition. Energy saving vinyl windows have been installed on the front and rear of the building. The roofs are well maintained and in good condition. Most apartments have a carved wood fireplace mantel.
The building has 300 Amps of electric service with a 40-Amp main to each apartment. The gas-fired central heating system boiler was installed just last year. Each apartment has electric baseboard heat so the tenants can control, and pay for, additional heat above what the landlord provides. A coin operated washer and dryer in the basement provides convenient laundry for the tenants.
You can’t beat the location, just 2 blocks from University of Baltimore. Penn Station, which provides AMTRAK train service to New York and Washington DC, as well as the MARC Commuter Rail line, allows workers to earn significant income with high paying jobs in Washington DC and live a more affordable lifestyle in Baltimore. Penn Station is an easy 4-block walk from this property. Many restaurants, museums, Lyric Opera House, Symphony Hall, and other performance and entertainment venues are a short walk from the property.
$750,000 offering in fee simple (no ground rent)
$ 75,000 per unit.
$ 7,470 current actual rent roll with potential for $8,000 or more.
8.4 Gross Rent Multiplier
7.2 Cap Rate