What Makes This Value-Add Building in Charles Village Special:
Opportunity is calling for a new owner to upgrade apartments and increase rents at 1 West 27th Street. Located just three blocks from Johns Hopkins University Homewood Campus, enjoy the stable growth and property value appreciation guaranteed by this world-renowned institution
Mixed-Use Building Details:
1 Two-Bedroom Apartment
2 One-Bedroom Apartment
Each floor houses an apartment. Kitchens feature sturdy, easy-to-clean laminate counters, a mix of laminate and wood cabinets, and a mix of 30″ electric and 20″ gas ranges. Sunny, well-lit living spaces could benefit from upgrades such as kitchen and bathroom improvements, drywall ceilings, and new flooring and paint. Rents could be substantially increased, to match an uptick in apartment grade.
Who Pays Which Utilities:
Heat is provided through a gas-fired Weil-McLain steam boiler, with radiator distribution. A gas-fired 50 gallon GE water heater provides hot water to the units.
1 West 27th Street has one electric meter with 200 amp service, and one gas meter. Currently the landlord pays for electric, gas, and water/sewer. A savvy landlord could increase cash flow by passing these costs along to the tenants.
Observable interior water supply pipes are copper, with a steel main. Drain lines are pvc. Vinyl replacement windows help to insulate the building and reduce utility costs. The roof is built-up. Tenants share a clothes washer/dryer in the basement.
What’s Great About Charles Village:
Tenants can walk to the Charles Village Shopping District, Johns Hopkins University Homewood Campus and Wyman Park, a 16-acre public park by the Baltimore Museum of art. Just one blocks east is the Hopkins Shuttle Stop, providing an easy commute to Hopkins’ other Baltimore campuses. 1 West 27th Street earns the designation “Walker’s Paradise” with a WalkScore of 92, a TransitScore of 64, and a BikeScore of 88. This block is served by the Charles Village Benefits District. This nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.
Call Tom Fair at 410 235 5200 to schedule a tour or to discuss your investment goals and criteria.
$66,250 Per Unit
$122 Per Sq. Ft.
9.4 Times Market Rent (GRM)
10.51% Cap Rate
18.0% Projected Cash-on-Cash Return
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”.