207, West 29th Street, Remington, Baltimore, Maryland, 21211, USA
Attractive porch-front brick rowhome with 3-apartments, including a two-story 3-bedroom unit, a 2-bedroom unit on the second floor and a small one-bedroom apartment on the third floor. Two wood decks overlook the rear parking pad, which easily accommodates 2 vehicles on this 25′ wide lot. The wide lot makes for bright, large interior room sizes, giving an attractive sense of space in which to enjoy comfortable living.
Remington is Baltimore’s hottest and fastest growing neighborhood. The quirky Paper Moon Diner is at the end of this block and R-House Food Hall creates a great space for excellent food and super socializing is just down the street. The Wyman Park Dell is 1 block away providing space for festivals, walks, park benches for reading and a tot-lot for playing. The Baltimore Museum of Art is 1 block to the north, with the Johns Hopkins University Campus directly behind that. I-83 is easily accessible directly from West 29th Street, with the ramp 1/3 of a mile from this property.
This location in Remington garners a Walk Score of 92, a Bike Score of 80 (the Maryland Avenue Cycle Track with protected access to Baltimore’s Inner Harbor is one block away), and a Transit Score of 61 makes this location very attractive to renters in today’s market. Walkscore.com gives its best rating for crime and safety in this location, with an “A” grade.
The building features a two-level apartment on the first floor and terrace, that is configured as a three-bedroom, two-bath apartment with a large storage room. A large two-bedroom apartment is on the second floor. The third floor is somewhat smaller, with a one-bedroom apartment. The kitchens and baths are older; the first floor has apartment grade wood cabinets, while the second floor has vintage metal cabinets and the third floor has older laminate cabinets. Each apartment has an electric range; 30″ on the first floor, 20″ on the second and third floors and each has a refrigerator. Kitchen and bath floors are vinyl tile. Each bathroom has a shower/tub with vinyl tub enclosure.
The owner pays the gas (there is 1 meter) for heat and hot water. The Weil McLain gas-fired boiler, with radiator distribution, has 3 circulator pumps, so each apartment has its own thermostat. Adding 2 boilers and 2 gas meters would allow one to have each tenant pay their own heat cost. While there are 3 electric meters, the landlord pays 10%of the first-floor meter (averaging $16 per month) for the hallway lights, with the tenant paying the balance. Water/sewer costs are passed through the tenants, with each paying a share of the bill.
$111,677 per unit
$121 per square foot
9 times gross annual rent
7.7% Cap rate
8.6% cash-on-cash return on investment