1520 Madison Avenue: 6 Apartments

> Pick Up Where Seller Left Off at Discounted Price: Gut-to-Stud Renovation 75% From Completion

> Less Than 1 Mile to Reservoir Square, A $1,000,000 Mixed-Used Community in Development

> High-End Finishes Attract Quality Tenants

> Stellar “WalkScores:” Deemed a Walker’s Paradise with Excellent Transportation

Madison Park 6-Unit Interiors:

Apartment interiors boast high-end finishes that tenants desire, mostly completed with new stainless-steel appliances in the kitchens, which include 30″ electric ranges, over-the-range microwaves, modern stainless sinks with faucets, and garbage disposals. The bathrooms feature sleek modern vanities and either vinyl shower stalls or tubs, all with designer ceramic tile surround. Durable vinyl plank flooring throughout the apartments not only ensures longevity for landlords but also offers tenants easy-to-clean surfaces. Each apartment includes a stacked washer and dryer for convenience. While common area hallways and ceilings retain their plaster, apartment interiors now feature new drywall with recessed lighting.

Utilities:

This Madison Park 6-Unit stands as an all-electric building with separate metering, allowing tenants to control their environments and pay utility bills directly to providers. Each unit receives 150 amps of power and is equipped with in-unit wall-mounted electric heat pumps and central air conditioning. High-performance electric Rheem 6-gallon or Steibel 4-gallon water heaters serve each unit, with suitable plastic water supply lines and PVC drain lines. Vinyl replacement windows have been installed in the rear, while original wood frame windows remain in the front. Interior water supply lines are plastic; interior drain lines are PVC. Windows in the rear have been upgraded to vinyl replacement, while original wood frame windows remain on the front.

Madison Park 6-Unit Punch List:

• Zoning has approved the permit for 6 dwelling units.
• Framing and insulation permit complete and approved.
• Plumbing, mechanical and gas permits need to be re-filed, completed and finalized.
• Electric and building permits are valid through August 2024 and need to be finalized.

The main water supply line has been upgraded to serve the required fire suppression system. The sprinkler system is near completion. Quotes have been obtained for the remaining work, including an estimate to complete the suppression system by Faithful Fire Protection and a quote from Electronic Security Solutions to complete the fire alarm monitoring system.

Paving the rear pad would allow for 2 off-street parking spaces, boosting monthly cash flow.

Why Own in Madison Park:

Exciting developments are underway nearby, including the redevelopment of an 8-acre plot between Reservoir Hill and Bolton Hill, less than 1 mile from 1520 Madison Avenue. Named Reservoir Square, this new gateway to West Baltimore will feature townhomes, apartments, office space, a national grocer, street-level retail, open space, and green space with a park. Just a mile east lies the vibrant culture of Mount Vernon, home to concert venues like the Joseph Meyerhoff Symphony Hall and The Lyric. Tenants will also appreciate the proximity to the YMCA in Druid Hill, offering an indoor pool, state-of-the-art gym, and cycle studio. According to “Walkscore.com,” this Madison Park 6-Unit boasts a Walk Score of 91 and a Transit Score of 87 (excellent!).

Investment Summary:

$499,999
$96,433 Per Unit
$138 Per Sq. Ft.
$78,600 Rehab Budget*
ARV Market Rent (GRM): 5.8
ARV Cap Rate: 13.39%
ARV Projected Cash-on-Cash Return: 17.8%

Call Will Cannon directly to discuss this opportunity: 410-916-3331.