2208 Fleet Street: 2 Self Contained Apartments in Canton / Recently Renovated / Lead Free / Fully Leased

What Makes This Investment Property Special?

2208 Fleet Street offers a great opportunity to own a recently renovated, lead free, fully leased investment property in a great location. The property straddles the border of Canton and Fells Point placing the tenants walking distance to the best that both popular neighborhoods have to offer – restaurants, bars, coffee shops, hotels and waterfront promenades.

Property Details:

The property layout is a 1 bedroom, 1 bathroom apartment on the first floor and a 2 bedroom, 1 bathroom apartment on the second and third floors. The upstairs apartment is accessed by a breezeway that leads to cozy courtyard that is a great space for grilling and entertaining. The spacious, recently rehabbed apartments have full kitchens with bright adjacent living space. The kitchens have a 30 ” gas ranges, refrigerators, dishwashers, granite countertops (first floor apartment), laminate countertops (upstairs apartment) and wooden cabinets. The first floor apartments bathroom has a modern vanity, ceramic tile floors and a five foot stall shower with ceramic surround. The upstairs apartment bathroom has a modern vanity, ceramic tile floors and tub/shower with vinyl surround. The apartments are enhanced with exposed brick walls and bright wood floors. Both apartments have in-unit stacked washer/dryers. The apartments are Lead Free making tenant turnover hassle free and less expensive for the landlord.

Who Pays What Utilities

The physical plant is in great shape! The building is separately metered for gas and electric allowing the tenants to pay their own utilities. The landlord currently bills back water to the tenants, increasing investment returns. All units have modern, gas fired furnaces and 40 gallon gas fired hot water heaters with central air. The rear windows have been replaced with vinyl replacements making for energy efficient living. The apartments both have 100 amp electric panels in unit.

What’s Nearby?

The location of 2208 Fleet St. is one of the highlights of the property. The property has a Walk Score of 98 out of 100! A true Walker’s Paradise, located right on the border of two of Baltimore’s most popular and vibrant neighborhoods. A five minute walk puts residents at the Pendry Hotel in the heart of Fells Point or the Baltimore Waterfront Promenade. Restaurants, bars, coffee shops and great shopping are all a short walk away.

Investment Summary:

$360,000
$180,000 Per Unit
$237 Per Square Foot
10.3 Times Market Rent (GRM)
7.49% Cap Rate
5.00% Projected Cash on Cash Return