113, West 22nd Street, Charles North, Baltimore, Maryland, 21218, United States
This Charles North investment property is certified lead-free, a feature that investment property owners appreciate during turnover time. The spacious apartments have been upgraded in recent years, but there is room for further improvement in these units, potentially allowing for higher rents. Operating costs are low, as the apartments are separately metered for gas and electric, and tenants are responsible for paying their own utility bills.
The building offers spacious, open floorplans, providing ample living space for residents. Apartment 1 encompasses both the first floor and basement levels. Its kitchen boasts new stainless-steel appliances, contemporary wood shaker cabinets, a dishwasher, and ceramic tile flooring. Apartments 2 and 3 are single-story units, featuring practical laminate countertops, laminate cabinets, dishwashers, and durable laminate flooring. The bathrooms in these units offer a mix of fiberglass or steel tubs with vinyl tub surrounds and easy-to-clean ceramic tile flooring.
The basement utility room houses three gas-fired boilers that provide heat through hot-water baseboards in each apartment. Additionally, each apartment is equipped with its own gas-fired water heater. The building is supplied with a total of 200 amps of electrical service, with 100 amps allocated to each apartment. The dry basement is protected with a newly installed sump pump and a French drain system. All visible water supply lines are made of copper, while the observable interior drain lines are PVC. The rubber roof comes with a transferable 5-year warranty and was replaced in the fall of 2021.
Charles North is an attractive neighborhood for renters. According to LiveBaltimore, renters constitute 93% of this neighborhood’s residents! 113 West 22nd Street is conveniently located near Maryland Institute College of Art (MICA) and University of Baltimore and is just four blocks from Penn Station. The Maryland Avenue Cycle Track runs along the east side of this block, adding appeal for bike commuters as well. This neighborhood has a Walk Score of 92, a Bike Score of 87, and a Transit Score of 88. Many investors and entrepreneurs have helped in rejuvenating this area of Baltimore. Charles North has experienced a revitalization driven by numerous investors and entrepreneurs. Noteworthy dining options in the area include Dutch Courage, a “gin-centric” cocktail bar, IBar, which has garnered a devoted following, and Clavel, a restaurant receiving national recognition. Residents of this neighborhood savor the eclectic mix of eateries, bars, and diverse art and entertainment venues available within walking distance.
$107,672 Per Unit
$131 Per Sq. Ft.
9.3 Times Actual Rents (GRM)
8.2 Times Market Rents (GRM)
8.68% Cap Rate
8.5% Projected Cash-on-Cash Return
Call Will Cannon to schedule a tour today and discuss your investment needs: 410-916-3331.
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman