1101, West Baltimore Street, Hollins Market, Baltimore, Maryland, 21223, United States
A prime opportunity to own a recently renovated, fully leased, well maintained 4 unit mixed use investment property in a great location. The property sits one block from the rejunvenated Hollins Market, 3 blocks from the rapidly expanding UMB BioPark and a short walk to University of Maryland’s 5 graduate schools. The property sets up well for an owner-occupant, live in one unit and let the other units pay your mortgage. Check out our “ House Hacking” discussion to learn more about the advantages of owner-occupied property investing.
The property makeup is one retail unit, one 1 bedroom, 1 bath apartment and two 2 bedroom, 1 bath apartments. The large open retail space is occupied by a long tenured hair stylist business. The space is accented by exposed brick and hardwood floors. The one bedroom apartment has a metal spiral staircase conecting three levels: a bedroom and bath on the second floor, kitchen/ living space on first floor and additional living space on the basement level. The second and third floors of the property each have a self contained 900 sq. ft., 2 bedroom, 1 bathroom apartment. The spacious, recently rehabbed apartments have full kitchens with bright adjacent living space. The kitchens have 30 ” electric ranges, refrigerators, disposals, granite countertops and wooden cabinets. The bathrooms have large modern vanities, ceramic tile floors and tubs with ceramic surround. The apartments are enhanced with abundant natural light and bright wood floors. Both apartments have in unit stacked washer/dryer.
The physical plant of 1101 W Baltimore is in great shape. The property uses all electric for utilities. All units are seperately metered with 100 amp electric panels in each unit making it easy for tenants to pay their own utilities. Each unit has its own electric heat pump and central air conditioning. Three of the heat pumps and A/C units were replaced within the last 2 years giving the investor low maitanance costs going forward. All units have their own 40 gallon electric hot water heater. All door locks are keypad making tenant turn over a breeze. The property has a 2″ copper water main coming in from the street. The current landlord pays for water which could be billed back to the tenants to increase investor returns. The windows in this corner building are all vinyl replacement.
The location of 1101 W. Baltimore is great. The location garners a Walk Score of 91, a walkers paradise, daily errands do not require a car. Located on the corner of well-light tree lined street with a Charm City Circulator (orange) stop directly in front of building. 1 block from the Hollins Market, 3 blocks from BioPark/UMB/UMMC/V.A hospital, walking distance to University of Maryland’s 5 graduate schools, Inner Harbor, Camden Yards, M&T Bank Stadium, performance theaters and restaurants. 1 mile to all major highways I-95,I-295, I-83 & route 40.
$380,000 $95,000 per unit $136 per square foot 7.0 times market rent (GRM) 10.30% cap rate 15.9% projected ROI (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”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman