University One: 1 E. University Parkway, Unit 1502

What Makes This Charles Village Rental Condo Special:

Leased through May 31, 2025, University One attracts tenants for a multitude of reasons, including 24-hour security, exercise room, a rooftop pool, laundry facilities, and off-street parking. Located just one block north of the Johns Hopkins University Homewood Campus, with a designated JHU Shuttle stop right outside, and directly across from JHU tennis and baseball fields, its prime location is a major draw. With tenants already scheduled to move in on June 15, 2024, after the current lease expires, turnover is an upcoming burden that has been avoided. Moreover, a recent special assessment for new windows and sliding balcony doors has been successfully completed, with no current or planned special assessments in place.

Unit 1502 Details:

This Charles Village rental condo features 2 bedrooms and 1.5 baths and is situated on the top floor, known as the penthouse. This spacious unit features a generous living area that invites tenants to savor the top-floor experience, with impressive views of Charles Village, Waverly, Oakenshaw, and the esteemed Johns Hopkins-Homewood neighborhoods. The galley kitchen is practical, with easy-to-maintain laminate counters and cabinetry, adorned with a decorative ceramic tile backsplash. Renters will appreciate the convenience of a dishwasher and garbage disposal, making meal cleanup a breeze. Bathrooms feature modern vanities, and the full bath has a steel tub with ceramic tile tub-surround. The in-ground pool is just steps away from the front door. The laundry room is equipped with Speed Queen washers and dryers, offering tenants top-notch quality in laundry facilities. Additionally, a community room with a kitchen is available for private gatherings, and secure off-street parking is provided in the underground garage.

Charles Village Rental Condo Specifics:

Currently leased through the end of this May, with a new one-year lease beginning June 15, 2024 at $2,300/month. Condo fees are $904 per month and paid by the landlord. Heating and air conditioning, garbage, water and electric expenses are all included in the monthly condo fee; the tenant is responsible for their own internet and cable.

What’s Great About Charles Village:

WalkScore.com gives this location a WalkScore of 85 and “A” crime grade. Tenants can walk to campus, the Barnes & Nobles Bookstore, Starbucks, Chipolte and other shops and dining spots in Charles Village proper. A few blocks west are popular local restaurants One World Cafe, The Ambassador and Cypriana. Residents enjoy plenty of green space and in and around Charles Village.

Investment Summary:

$165,000
$177 Per Sq. Ft.
6.9 Times Actual Rent (GRM)
6.0 Times Market Rent (GRM)
7.96% Cap Rate
7.3% Projected Cash-on-Cash Return