626 Washington Blvd: Ridgley’s Delight Rental House

What Makes This Ridgely’s Delight Rental House Special:

This is a great opportunity to own a spacious 5 bedroom, 2 and 1/2 bathroom rental house on a tree lined street in Ridgley’s Delight. Only a 5 minute walk to University of Maryland Medical Downtown Campus and its 5 graduate schools; providing a great pool of rent-ready graduate school tenants. The rental house is also a 5 minute walk to Camden Yards/ Ravens Stadium and all their adjoining bars and restaurants. The property, with it’s traditional layout, could easily be used as a single family home by a growing young family as well.

Building Details

The property layout makes for easy communal living with a large common area, dining room, a fully equipped kitchen and a half bath on the first floor. Modern appliances including refrigerator, 30″ electric range, dishwasher, disposal and stacked washer dryer make for a user friendly kitchen. There are five bedrooms on the second and third and forth floors. The two full baths are located on the second and third floors. The bathrooms have modern vanities, ceramic tile floors and tub/shower ceramic tile surrounds. The end unit property is complimented by a deck off the second floor. A “community only” parking lot a short walk away makes parking a breeze for additional renters or family members.

Who Pays the Utilities in this Rental House:

The physical plant for this property is in good shape. The property is an electric only building. There is an electric heat pump furnace / central air conditioning and a 50-gallon electric water heater. The current tenants pay all utilities, including water. There is 200 AMP service coming into the building with the panel in the unit. The windows are replacements, wood in the front and vinyl in the rear and side.

What’s Nearby:

The location of 626 Washington is prime! Located in the Ridgely’s Delight, you are a 5 minute walk from both the University of Maryland Medical Downtown Campus, its 5 graduate schools and in the shadow of Camden Yards/M&T Bank stadium. 626 Washington 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 a five minute walk from your front door, adding to the great neighborhood vibe.

Investment Summary

$330,000
$112 per sq. ft.
9.8 times market rent
6.98% cap rate
4.3% cash on cash return