Property ID : StPaul1226
Sold Comp $835,000.00 - Apartment Building, Townhouse
Fantastic opportunity to own a fully-leased top quality gut-rehabbed apartment building that is just one block from Penn Station and University of Baltimore in the heart of Mount Vernon; one of Baltimore’s Best Historic Districts. This building was totally rehabbed in 2013.
2 Studio Apartments
3 one-bedroom / two-bath apartments that could be adapted to two-bedrooms.
1 two-bedroom / two-bath
2 off-street parking spaces.
Totally rehabbed kitchens with granite counters, full stainless steel appliance package includes full-size gas stove, dishwasher, built-in microwave, disposal and refrigerator. Beautiful cherry wood cabinets and a ceramic tile floor. There is a washer-dryer inside each apartment for added convenience and supporting you obtaining the best tenants at the highest rental rates. Ceramic tile bathrooms, each of the upper floor apartments has two – one with a tub, the other with a ceramic tile shower. Hardwood floors throughout. Replacement wood double-hung windows on the front and insulated vinyl windows on the rear.
Tenants pay all of their own utilities, with a separate gas forced air furnace (terrace level apartments have electric mini-split heat pumps) with central air conditioning. Each apartment has its own electric water heater. The fire safety system includes a full sprinkler to lower your insurance costs.
Modern touches include some recessed lighting and ceiling fans. Historic features include:
- high ceilings,
- carved wood moldings and trim,
- hardwood floors, and
- marble fireplace mantels.
Reasonably priced given the high quality of finishes at $925,000
$875,000 Offering Price
$145,833 per unit
$167 per sq.ft.
7.8% Cap Rate
9.7% Cash-on-cash Return on Investment
SOLD: Closing January 12, 2018
$835,000 Final Sales Price
$139,167 per unit
$160 per sq.ft.
8.5 Times annual gross rent (GRM)
8.19 Cap Rate
11% cash-on-cash return on investment