JUST SOLD: Bolton Hill 4-Unit Townhouse

In less than 30-days, Ben Frederick Realty generated multiple offers on this 4-unit apartment property in Baltimore’s Historic Bolton Hill neighborhood.  The seller owned the property since 1983, when he purchased it for $110,000 and lived in one of the apartments.  After a few years, he got married and moved Elkton, keeping 1216 Bolton Street as a rental property, earning rental income all these years.

Recently retired, the seller decided to rebalance his assets and get out of the rental property business.  The property had not been updated or upgraded in a number of years.  Aggressive target marketing brought interest and several offers.  The seller elected to accept an all-cash contract with no inspections.  Frederick facilitated each party saving over $5,000 in closing costs by structuring the transaction as an asset sale.  The buyer intends to upgrade and improve the property to capitalize of Bolton Hill’s excellent reputation and high demand for rental apartments.

Ben Frederick III, CCIM specializes in the sale and marketing of Baltimore Apartment Properties, Mixed-Use, and Commercial-Investment Real Estate. A third-generation Realtor® with more than 35 years experience, Mr. Frederick is a director of the Maryland Multi-Housing Association and serves on the Legislative Committee of the Greater Baltimore Board of Realtors.

SUMMARY:

$385,000  Sales Price
$96,250     per unit
$107            per sq.ft.
10.5             GRM
5%              Cap Rate

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