645, Melvin Drive, Ridgely's Delight, Baltimore, Maryland, 21230, United States
SOLD COMP
$350,000 $345,000
Property ID :
RH-22510-property
This is a great opportunity to own a spacious 2 apartment investment property tucked away in the heart of Ridgley’s Delight. This end unit townhome was razed and rebuilt in 1986, which allows this property to be completley lead free, saving the landlord money/time and making tenant turn over a breeze. This properties fully leased apartments provide a solid ROI return of 8.1% and a 6.61% Cap Rate. The property, which borders the Melvin Drive Tot Lot, is all within a 5 minute walk to University of Maryland Medical Downtown Campus, its 5 graduate schools and Camden Yards/ Ravens Stadium. The property sets up well for FHA (owner occupied) financing—live in one unit and let the others pay your mortgage! Check out our House Hacking video to learn more about the advantages of owner occupied investing.
The unit mix is: one 1 bedroom, 1 bath apartment and one 3 bedroom, 1 1/2 bath apartment. Both units have second floor decks allowing you to enjoy the outdoors and the veiws! The kitchens have modern appliances – refrigerator, electric range, dishwasher, disposal, laminate counter tops,wooden cabinets and 30 ” stainless steel sink. All bathrooms have modern vanities, ceramic tile floors and tub/shower ceramic tile surrounds. Both units have full sized washer/dryers. The 1 bedroom apartment has an unfinished basement with plentiful dry storage. The two bedroom apartment comes with a dedicated parking pad which is much desired by potential tenants. The property is an end unit whick allows for great natural light in both units.
The physical plant in this 2 unit is in great shape. The apartments are separately metered for electric, allowing the tenants to easily pay their own utilities. The property is an electric building with 400 Amp service to the building with 200 Amps going to each apartment with seperate electric panels.The current landlord currently pays for water, leaving the opportunity for the new landlord to bill back to the tenants for water, increasing investment returns. Each unit has their own electric heat pump forced air furnace, central air conditioning and 40 gallon hot water tank. All of this adds up to an investment property that won’t be very expensive to maintain over the next 10 years, and ensures solid investment returns.
The location of 645 Melvin is prime! Tucked into a quiet tree lined street in Ridgely’s Delight, you wouldn’t believe you are a 5 minute walk from both the University of Maryland Medical Downtown Campus, its 5 graduate schools and Camden Yards/M&T Bank stadium. 645 Melvin has a Walk Score of 92 out of 100. This location is a walker’s paradise, so daily errands don’t require a car. The location has a crime grade of A, making it one of the safest neighborhoods in Baltimore. The nicely kept Melvin Street Tot Lot is located yards from your front door, adding to the great neighborhood vibe.
Investment Summary $350,000.00 $175,000.00 per unit $140 per square ft. 10.1 times market rent (GRM) 6.55 % Cap Rate 7.9% Cash on Cash return
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”.
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Suze Orman