111, West 29th Street, Charles Village, Baltimore, Maryland, 21218, United States
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Spacious Apartments in a grand turn-of-the century brick townhouse located directly across the street from he Wyman Park Dell and the Baltimore Museum of Art. Johns Hopkins University Homewood Campus is just 2 blocks away, as is the Charles Village Shopping District. The property has been lovingly maintained and occupied by the current owner for the past 34 years, making this a rare and unique offering. Owning this property gets you a great location with excellent upside potential that will attract high quality tenants and increasing value for many years to come.
The first floor is a spacious one-bedroom apartment with brick fireplace mantel, hardwood floors, in-unit washer/dryer, eat-in kitchen, rear deck, and tree-shaded rear yard. The second floor features a one-bedroom apartment in the front with a large bay window flooding the apartment with natural light, and a studio apartment in the rear. The third floor has a similar floor plan with a one-bedroom in the front and studio apartment in the rear. The basement has some storage, a large utility room, and is finished with a two-bedroom apartment.
Most windows have been replaced with dual pane vinyl windows. All apartments feature hardwood flooring, with linoleum or 12×12 vinyl tile in the kitchens and bathrooms. The building has a flat, rubber roof and a steel fire escape. The kitchens feature vintage cabinetry, with some kitchens still using cast-iron porcelain topped kitchen sinks. Each apartment is equipped with a 20″ range and a refrigerator.
Since there are no buildings across the street, the street parking is plentiful; there is no parking on this property. All units are in compliance with lead inspections. There is a new above-ground oil tank in the basement and we observed asbestos heat-shield and pipe insulation in the basement boiler room.
Each apartment has its own electric meter. There are two gas meters, so the owner provides gas for domestic hot water and the stoves. The building is heated by an oil-fired steam boiler with heat distributed by radiators. The owner provides window air conditioning units for the residents. There is one 50-gallon gas-fired water heater that is 5 years old. Currently, the owner pays for gas, heat, and water; however, it is common in this market for housing providers to pass through these costs to the residents and doing so is an easy way to improve cash flow from this excellent property.
A “Walk Score” of 92 indicates this is an area where many residents do not need a car to accomplish their daily tasks. The Charles Village Shopping District is just a 3 blocks away. R-House Food Hall is just one-block away providing excellent eating and socializing space. “Walk Score” rates this location as 85 for bicycle use. The Maryland Avenue protected Bike Lane begins at the end of the block where 111 W. 29th Street is located. This protected Bike Lane takes one all the way to Baltimore’s famous Inner Harbor. A Transit Score of 73 indicates excellent bus service to help residents access all areas of Baltimore including Amtrak’s Penn Station which offers may daily trains to Philadelphia, New York, Washington DC, and other east-coast cities.
Johns Hopkins University provides top-rated educational opportunities for undergraduates. In addition, JHU offers a number of graduate-level and doctoral programs, including a Masters in Public Health, the Carey School of Business offering MBA programs, the Johns Hopkins Medical and Nursing Schools as well as many scientific programs. Johns Hopkin’s Space Telescope Science Institute is located on the other side of the Campus where it operates the Hubble Space Telescope, the James Webb Space Telescope, and partners with NASA and numerous other projects.
All of this means that the owner of 111 West 29th Street can expect achieve high rental and occupancy rates.
$635,000 $105,833 Per Unit $201 Per Sq. Ft. 7.1 Times Market Rent (GRM) 8.12% Projected Cap Rate 8.1% Projected Cash-on-Cash Return
Call Tom Fair at (410) 235-5200 to discuss your investment goals and to schedule a tour.