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Description

There are many cool things about this property:

  1. For a townhouse in Charles Village, this property is deceptively large at 3,100 sq.ft. above ground improved building area.
  2. it has 2 off-street parking spaces in the rear.
  3. A professional landlord had his office in this property from 1976 to 2016 by a professional landlord, so many of the little things have been well attended to over the years.
  4. The property contains 4 rental units, all of which are leased producing strong positive cash flow.
  5. Safeway Grocery Store and Subway Sandwich Shops are across the Street.  PNC Bank is down the block.  CVS is on the corner.  Thus, this location generates strong traffic from these big-name retailers.
  6. The owner current does not charge extra for the 2 off-street parking spaces in the rear, offering opportunity for more revenue growth.
  7. Room sizes are large and generous.
  8. Property is zoned C-1 Commercial, allowing many uses and more opportunity for future value growth and appreciation.
  9. There is upside potential to improve the kitchens and bathrooms, and thus achieve higher rental rates.

UNIT MIX:
Terrace level store/office with a front reception area, large front room, small back room, utility room in the rear and one half-bath.
First Floor store with nice display window, customer/reception area, 3 large rooms and a half-bath.  This floor has central air conditioning.
Second Floor one-bedroom apartment with hardwood floors and high ceilings.  This apartment could be reconfigured into 2 bedrooms if desired.
Third Floor one-bedroom apartment with hardwood floors and generous room sizes.  Possible to convert this into a 2-bedroom unit.

PHYSICAL PLANT:
New 90# Mineral felt roof looks to be in very good condition.  This type of roof requires very little maintenance and typically lasts 12-15 years.
Copper water pipes.
200 Amps of electric power.  All units have Square D and Cutler Hammer circuit breaker panels.
Gas fired 275,000 BTU central hot water radiator heating system, for which the owner pays.  The heat cost could be passed through to tenants.
Gas fired central water heater.  A.O. Smith has a reputation for high quality water heaters.  This unit was manufactured in 2012 and has a 40-gallon capacity.

INVESTMENT SUMMARY:
$300,000  Offering
$75,000 per unit
$96  per sq.ft.
7.5   times gross annual rent (GRM)
8.7   Cap Rate
11%  Cash-on-cash return on investment.

Property Documents

  • Address: 28 East 25th st
  • City: Baltimore
  • State/county: Maryland
  • Zip/Postal Code: 21218
  • Neighborhood: Charles Village
  • Country: United States

Detail

Updated on April 7, 2019 at 3:40 pm

  • Property ID: 25th28
  • Price: $300,000
  • Property Size: 3135 Sq Ft
  • Units: 4
  • Bathrooms: 4
  • Parking Spaces: 2
  • Year Built: 1915
  • Property Type: Apartment Building - Mixed Use - Townhouse
  • Property Status: For Sale

Contact info

Ben Frederick, III, CCIM
Ben Frederick, III, CCIM
410-752-64004107526400
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