2009 Madison Avenue: Three Apartments, Rehabbed in 2011, Fully Leased

A great opportunity to own a fully leased recently rehabbed 3 unit property in up and coming Madison Park.

The property makeup is 3 good sized one bedroom, one bath apartments. All apartments were rehabbed in 2011. The kitchens all feature ceramic tile floors, granite counter tops, wood cabinets, refrigerator, electric range, built in microwave, stacked washer/dryer and disposal. The bathrooms have modern vanities, 12/16 ceramic flooring and tub/ shower with ceramic tile surround. Laminate wood flooring and 9 ft. ceilings through out and exposed brick accents add up to a nice apartment.

Mechanically the property is solid with all systems recently rehabbed. It is an electric building. The units all have electric heat pump furnaces and central air conditioning new in 2013. The units are all separately metered with 150 Amp panels in each unit. All units have 40 gallon electric hot water heaters. The windows were replaced in 2011.

The location of 2009 Madison Avenue receives a Walk Score of 87 out of 100. This location is very walkable so most errands can be accomplished by foot. The restaurants of Bolton Hill are a short walk away together with a 6 minute walk to the Metro Subway link making getting to Camden Yards and M&T Bank stadium a breeze.

2009 Madison Ave presents a great opportunity to own a recently rehabbed, fully leased 3 unit property in a great location with a 7.36 % Cap Rate and a 10.2% cash on cash return.

Investment Summary:
$308,500.00
$102,833 per unit
$136.00 per Sq. Ft.
8.9 times market rent (GRM)
7.36% Cap Rate
10.2% Cash on Cash return