1011, Saint Paul Street, Mid-Town Belvedere, Baltimore, Maryland, 21202, United States
OFF MARKET
$965,000
Property ID :
RH-27196-property
Renovated in 2019, this 7-unit mixed use investment property is turnkey. Spacious and bright studio apartments are in high demand in this established and historically rich neighborhood. This property meets Baltimore City’s latest building codes, boasting both sprinkler systems and all-electric utilities—a compelling investment opportunity.
Inside this Mount Vernon investment property are generously sized studio apartments. Featuring newer, gleaming hardwood floors throughout the living spaces, tenants are immediately attracted as they enter their individual units. The kitchens are equipped with wood cabinets, durable laminate countertops, and a mix of 24″ and 30″ electric ranges. The bathrooms feature modern vanities, and most have steel tubs with ceramic tile tub surrounds for easy maintenance. Apt 2A is unique with its shower stall and ceramic tile tub surround. Tenants can enjoy the convenience of free shared laundry facilities located in a spacious fourth-floor laundry room. The office space boasts prime frontage along Saint Paul Street, a bustling thoroughfare with plenty of foot traffic. It features vinyl plank flooring throughout the main area and a powder room. Towards the rear of the office space, there’s a loft-style live/work space with upgraded finishes, including new luxury vinyl tile flooring, modern paint combinations, and recessed lighting. The kitchen in the live/work space is equipped with granite countertops, wood cabinets, and a garbage disposal for easy clean-up. An attractive ceramic tile surround was chosen for the bathroom, along with large shower doors and a modern vanity.
Renovated in 2019, this all-electric building has undergone significant upgrades to its mechanical systems. Two units are equipped with mini-split systems, while the remaining four apartments use ceiling units for both heating and cooling. 30-gallon electric water heaters serve each unit, and each unit is separately metered, ensuring that tenants are responsible for their individual electric bills. The building is serviced by a 600-amp electrical system, with each unit receiving 100-amp service. Furthermore, the building is equipped with a sprinkler system for added safety. A rear parking pad offers 2 off-street parking spots.
Mount Vernon is a continuously sought after neighborhood by renters, both residential and commercial alike, because Mount Vernon is easily accessible, culturally significant, and rich with history. Artscape is hosted on Mount Vernon’s streets every year, attracting crowds of over 350,000 people from around the nation. Tenants can jump on I-83 South in just one city block, to get to points downtown. Penn Station, Amtrak’s hub, is a 10-minute walk north. The Walter’s Art Museum, Meyerhoff Symphony Hall, Peabody and Center Stage provide consistent cultural enjoyment. Lining Saint Paul Street and Charles Street, you’ll find a multitude of local, upscale restaurants and inviting watering holes.
$965,000
$137,857 Per Unit
$200 Per Sq. Ft.
16.8 Times Actual Rents (GRM)
9.7 Times Market Rents (GRM)
8.51% Cap Rate
6.7% Projected 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