2435 Lakeview Avenue: 12 Apartments in Historic Reservoir Hill/ Well Maintained/ Program Tenants

What makes this multiunit subsidized investment property in historic Reservoir Hill special?

2435 Lakeview Avenue presents a great opportunity to acquire a well maintained 12 unit investment property with subsidized tenants located next to the reimagined Druid Hill Park in Reservoir Hill. Collect steady, guaranteed monthly rent from program tenants in a extensively renovated rental property.

Property details of this 12 unit multi family:

The property make up is 12 apartments, 6 one bedroom, one bath apartments and 6 two bedroom, one bath apartments. The property is a stand alone building, with abundant natural light in all units. The front 6 apartments all have french doors that lead out private balconies with the top 2 floors offering views of Druid Lake and Druid Hill Park beyond. The rear apartments have the added attraction of eat in kitchens. The kitchens are good sized with 30″ electric ranges, refrigerators, stainless steel sink, wood cabinets and laminate counter tops. The bathrooms all have vintage porcelain sinks, subway tile surrounds and floors with steel shower/tubs. This substainal building retains its historic character with 10 -12 ft ceilings, original hardwood floors and a broad open staircase. The current rents are below market, allowing a new landlord to raise rents and increase investment returns. The cavernous basement, currently underutilized, sets up well for tenant storage and washer/dryers. The addition of contracted washer/ dryers would give the landlord an additional source of revenue. There are 6 parking spaces behind the building that could garner additional income or be used as a perk to entice tenants to lease within the building.

Who pays utilties?

The property was extensively renovated in 2010, leaving the mechanics of the building in great shape. The property is an electric building. The recently updated electric service is seperately metered for all units with seperate 100 amp panels in each apartment, allowing the tenants to pay their own utilties. Each apartment has an updated heat pump, central air and a 40 gallon electric hot water heater. The building has a 2″ copper water main in from the street that feeds an operational commercial sprinkler system. The redone C-PVC plumbing is neatly seperated in the basement, making maintenance a breeze. The recently replaced roof is roll down mineral felt.

What’s nearby?

2435 Lakeview Avenue has a great location! Reservoir Hill is a historic neighborhood in West Baltimore. The diverse neighborhood near Druid Hill Park boasts access to the amenities of one of the largest green spaces in the city, community gardens, (Whitelock Community Farm) and cafes. Residents love the walkability and enjoy easy access to public transportation, including Metro Subway, LightRail and buses.The property is located a short walk from Druid Hill Park. The park has been under going a massive renovation, including a totally redone waterfront with shops, restaurants and access to the water. When completed, these improvements will add value to all surrounding neighborhoods.

Investment Summary

$1,225,000.00 Contract Sales Price
$102,083.00 per unit
$146 per sq. ft.
6.8 times market rent (GRM)
8.66% cap rate
8.1% cash on cash return