3006 Saint Paul Street: Prime Location in Charles Village, 4 Apartments

What Makes this Charles Village Apartment Building Special:

Located just one block from Johns Hopkins University Homewood campus, 3006 Saint Paul Street is a must-have for student rental investors. Four super-sized apartments provide an excellent, steady income stream. Enjoy the cash flow as-is, or modernize the units to increase rents in this A+ location.

Apartment Building Details:

Unit Mix:

• One 3-Bedroom, 1.5-Bathroom Apartment
• Two 2-Bedroom, 1-Bathroom Apartments
• One 1-Bedroom, 1 -Bathroom Apartment

These large apartments have early 1900’s historic charm, with veneer hardwood floors; original doorways, stairwells, and windows; and claw-foot tubs–just to name a few. Kitchens feature sturdy, easy-to-clean finishes like laminate counters and ceramic tile floors. Dishwashers and garbage disposals in the above-grade apartments help for a quick mealtime clean up. All apartment tenants enjoy in-suite laundry.

The second and third floor apartments have rear decks that overlook the backyard. The first floor has an expansive rear sunroom with windows on three sides.

The basement includes the Terrace Apartment in the rear; and large storage rooms towards the front. An oversized one-car detached metal garage sits on the rear of the property. Currently used by the owner for storage, the basement rooms and garage could be leased out to tenants for yet another income stream.

Who Pays Which Utilities?

The tenants each pay their own electric bill, and each pitch in to cover the public service electric, gas, and water: an ideal set-up for a rental property.

3006 Saint Paul Street has four electric meters, with one submeter for the Terrace Apartment. The building has 400 amp service, with 100 amps to each above grade apartment and the public service meter; the Terrace Apartment submeter has 60 amps.

One gas meter provides cooking fuel to the apartments’ gas ranges; for hot water; and for heating fuel. The building uses a 50 gallon gas-fired Bradford White water heater, dated 2020. Heat is provided via a gas-fired hot water boiler, with radiator distribution.

3006 Saint Paul Street has a built-up main roof, and a modified rubber lower roof. Both are partially covered with an aluminum fibre coating.

What’s Great About Charles Village:

Location, Location, Location! 3006 Saint Paul Street is just steps from the Charles Village Shopping District, and one block from Johns Hopkins University Homewood campus. This property earns the designation “Walker’s Paradise” with a WalkScore of 94, a TransitScore of 56, and a BikeScore of 85. This block is patrolled by Johns Hopkins campus security, and is served by the Charles Village Benefits District. This nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.

Investment Summary:

$695,000
$173,750 Per Unit
$166 Per Sq. Ft.
10.6 Times Actual Rent (GRM)
9.0 Times Market Rent (GRM)
8.82% Cap Rate
10.4% Projected Cash-on-Cash Return