2208 Eutaw Place: 3 Apartments in Reservoir Hill / Gut Rehabbed 2008 / Fully Leased

A great opportunity to own a multifamily property consisting of 3 apartments that were completely gut rehabbed in 2008 and is fully leased.

2208 Eutaw Place consists of 2 three unit multifamily buildings that are exact twins. Each building consists of 2 spacious two bedroom, 2 bath apartments and 1 spacious three bedroom, 2 level apartment. The buildings were both gut rehabbed in 2008. All full kitchens have stainless steel appliances (refrigerator, stove, built in microwave, dishwasher, disposal) granite counter tops and wooden cabinets. The units are good sized with 10 ft ceilings throughout, all have in unit washer/dryer hook ups, in unit security system, good light and a spacious rear deck to complete the package.

Mechanically the buildings are in great shape. The roof on the main buildings is new in 2020. ( torch down rubber) All windows replaced in 2008. All units are are separately metered with in – unit electric panels with 200 Amp service. All units have their own forced air high efficiency gas furnace with central A/C and 40 gallon electric hot water tank. The plumbing and electric new as of 2008.

The location offers a Walk Score of 75, This location is Very Walkable so most errands can be accomplished on foot. The buildings are located 1/2 mile from MICA (Maryland Institute College of Art) with Druid Hill Park and the Whitelock Community Farm both a short walk away.

2208 / 2210 Eutaw Place presents a great opportunity to buy a recently rehabbed, well maintained 6 unit property with a 7.78 % Cap Rate and a 11.6% cash on cash return.

Investment Summary:
$900,000.00
$150,000.00 per unit
$130 per Sq Ft
9.1 times market rent (GRM)
7.78% Cap Rate
11.6% Cash on Cash Return