24, Indian Lane, Roland Park, Baltimore, Maryland, 21210, United States
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Unique opportunity to acquire a 5 unit apartment building in one of Baltimore City’s most prestigious neighborhoods. The building sits on almost an acre of land with mature landscaping. Tenants have plenty of room to enjoy the serene scenery, similar to what a homeowner in Roland Park experiences. Situated by the Baltimore Country Club, nestled between Roland Avenue and Falls Road, with easy access to I-83 to get to downtown Baltimore City or points north into Baltimore, Harford and Carrol counties. Long term tenants speak to the value of this property and there is room to increase NOI.
Built in 1954, hardwood floors are in great condition and living areas feature crown moldings, fireplaces with ornate mantles and spacious rooms.
Each apartment has a sunporch with stone floors and storm windows, providing bonus living space almost year round. Kitchens feature a 5 burner gas range, dishwasher and garbage disposal, so tenants enjoy easy clean up. Bathrooms have cast iron tubs with ceramic tile tub surround and wall-mounted porcelain sinks. The terrace features one shower stall and one bathtub. The basement features private storage space for each tenant and shared, free laundry. The grounds have various sitting areas, plenty of open green space and a garden. 10 off street parking spaces are assigned, two per unit.
Each apartment was recently upgraded to feature mini-splits for heating and air conditioning. Hot water is provided by a central, 68-gallon Bock oil-fired water heater. The owner pays for public service electric, gas cooking fuel and hot and cold water. A savvy landlord would increase cash flow by passing the gas and water fee charges along to the tenants. Each apartment is separately metered for electric usage. Observable water supply lines are a mix of galvanized steel and copper; observable drain lines are a mix of galvanized steel and cast iron.
Just recently, the Roland Park Community Association announced a huge win for the community and Baltimore City alike. 20 acres of land are being purchased from the Baltimore Country Club and will be called “Hillside Park”, offering city residents the largest green space created in over 100 years. With a crime grade “A”, tenants can enjoy walking to the local grocer, Starbucks, Enoch Pratt Free Library and top performing public schools. Many private schools, both K-12 and colleges, are within 3 miles of 24 Indian Lane. Tenants are moments from Petit Louis, one of Baltimore’s most notable French bistros, as well as other local restaurants.
$179,000 Per Unit
$127 Per Sq. Ft.
11.3 Times Actual Rent (GRM)
8.9 Times Market Rent (GRM)
6.75% Cap Rate
7.1% Projected Cash-on-Cash Return
Email Cheryl Sadera to schedule a tour: Cheryl@BenFrederick.com or call 410-688-1348 to discuss your investment objectives and criteria.
**Baltimore City has a recent, temporary change in property registration. Please click here to learn about registering your new property and learn of the temporary change.**
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