629, Plymouth Road, Westowne, Catonsville, Baltimore County, Maryland, 21229, United States
This is a great opportunity to own a fully leased, value-add 6 unit multifamily property located in Baltimore County, tucked away on a quiet street in Catonsville. As-is, this property offers great cash flow numbers with a projected 10.05% Cap Rate and a 17.7% cash on cash return. It also offers the opportunity as a “value-add” by renovating and upgrading the property to raise rents and returns.
This property was built as a 6 unit apartment building, as opposed to the vast majority of Baltimore multi family properties that were once single family homes that have since been cut up into apartment buildings. It offers 6 identical spacious two bedrooms, one bath apartments, each having the added bonus of a screened porch (Apts 1-4) or balcony (Apts 5-6). The building is situated on a hill with great views of the Baltimore skyline. All apartments have large living rooms opening to a large dining room on one end and the screened porch on the other. Each unit has two good sized bedrooms and one bathroom with a tub/shower and ceramic tile surround. All units have galley kitchens with laminate counter tops, 24″ stainless steel sink, wooden or vintage metal cabinets, 30′ gas range, refrigerator and built in pantry.
The landlord currently pays for heat and water. The property has one gas fire boiler and radiator heat in each apartment. The water costs in the county are much more reasonable than the city while each apartment is separately metered for electric and gas. There is a public service meter for common area lighting. There is a shared washer/dryer in the basement and storage for each apartment. There is one 120 gallon commercial gas fired water heater. The systems are in good shape, but a new owner could upgrade with separate heat pump forced air systems in each apartment allowing the tenants to pay for their heat, adding value to the property and increasing your returns over time.
This 6 unit multifamily is tucked on a quiet street in Catonsville with a mix of single family homes and multifamily properties. The prestigious private catholic school, Mount De Sales, is located one block away. The property is a 5 minute drive to 695 (Baltimore Beltway) and a 15 minute drive to BWI airport making near or far destinations an easy task. A short 5 minute drive to US 40 (Baltimore National Pike) makes for a variety of shopping. The University of Maryland, Baltimore County (UMBC), a major public research university with close to 14,000 students, is only a ten minute drive away from this location.
$595,000.00 $99,167 per unit 129 per Sq Ft 6.6 GRM (gross market rent) 10.05% Cap Rate 17.7% 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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