3500 Callaway Avenue: 6 Apartments in Garrison Neighborhood

> Modernized plumbing, electrical, and mechanical systems provide reliable and efficient operation, minimizing maintenance concerns for investors.

> Each unit includes in-unit washers and dryers and central air, highly attractive amenities that appeal to tenants and help reduce turnover.

> Four tenants receive subsidies, providing consistent rental income through local housing programs.

What Makes this Garrison Multi-Family Special:

This 6-unit property in the Garrison neighborhood offers a mix of 3 two-bedroom and 3 one-bedroom units, along with an oversized garage that is leased and adds to monthly cash flow. Renovated in 2017, the building features modern plumbing, electrical, and mechanical systems, providing peace of mind for investors. With a portion of the tenants participating in local housing programs, there is consistent rental income supported by these programs.

Building Details:

3500 Callaway is located on a spacious, tree-lined lot, providing a quiet setting for tenants. Inside, the units offer practical features, including kitchens with laminate countertops, wood cabinets, 30″ gas ranges, and ceramic tile flooring. Bathrooms come with modern vanities, full-sized tubs, and ceramic tile surrounds for easy upkeep. A bonus for tenants is the full-sized, in-unit washers and dryers, which help attract long-term renters and reduce turnover times. Tenants can also enjoy the large wrap-around porches, with two units offering private porches.

Utility Specifics:

Each unit is separately metered for electric and gas, allowing tenants to control their own climate and pay their own utility costs. The building is equipped with 400 amps of electrical service. Each apartment features an AirTemp gas-fired furnace with central air, installed in 2016, and Rheem gas-fired water heaters from the same year. Vinyl replacement windows throughout the property enhance energy efficiency. The landlord covers water, as per the lease agreements. Additionally, there is a contract with Republic for weekly trash removal service.

What is Great About Garrison:

While the 21215 area has experienced some demographic shifts, the neighborhood remains home to over 26,000 residents, contributing to its vibrant community life. When originally built, deed covenants in Garrison and surrounding neighborhoods required porch lines to be set at least 40 feet from sidewalks, with single-family, detached homes set along tree-lined streets, enhancing curb appeal and preserving the charm of the area. With a strong sense of place and a densely populated urban setting, there continues to be demand for housing and services. The area also anticipates gradual improvements in household incomes, reflecting a steady upward trend in economic vitality. As investments in local infrastructure and housing continue, the neighborhood offers an opportunity for future growth and development.

Investment Summary:

$580,000
$96,667 Per Unit
$130 Per Sq. Ft.
6.9 Times Actual Rents
9.00% Cap Rate
9.1% Projected Cash-on-Cash Return