301 E 33rd St: 100% Leased 3-Unit Apartment Property + 2-Car Garage in Charles Village

301 E 33rd St:  100% Leased 3-Unit Apartment Property + 2-Car Garage in Charles Village

301 E 33rd St: 100% Leased 3-Unit Apartment Property + 2-Car Garage in Charles Village

301 E 33rd St, Baltimore, MD 21218, USA

SOLD COMP

$378,000

Property ID :

 33rd301

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Units
3
Bathrooms
3
Garage
2
Sq Ft.
2096

Description

Classic Corner apartment property with expansive covered front porch and trellised rear deck provides exceptional outdoor space for your residents.  Each tenant feels more like “coming home” since the apartment has its own separate entrance and there are no common hallways to clean, secure, or maintain.    All kitchens and bathrooms have been updated with new cabinets, appliances, and fixtures.  Upper floor living areas have classic veneer hardwood flooring with intricate inlay accents.  Since this is an end-of-group, corner townhouse, the apartments are quite bright and enjoy bathing natural sunlight.  The second floor has a large bay window in the front and a bump-out side window adding additional space and architectural interest.

Systems are a landlord’s dream with 100 Amp electric service to each apartment with updated wiring.  All water pipes appear to be a mix of copper and CVPVC plastic.  Tenants pay all utilities, including a pro-rata share of the water bill.  Each apartment has its own gas-fired hot water baseboard heating system.  Each apartment has its own gas-fired water heater.

A coin-operated laundry room with 2 washers and 2 dryers provide the opportunity to invite neighboring residents for an additional revenue source.

The 2-car 324 sq.ft. garage in the rear is rented on a long-term lease to a local carpenter who uses it for his workshop.  This unit provides a stable additional cash flow.

Union Memorial Hospital, a big job generator, is across the street.  Johns Hopkins University is 3 blocks away with the Charles Village Shopping District, including Starbucks, Barnes & Noble, Chipotle, Race Pace Bicycles, CVS, Eddies Supermarket, and Bank of America is only 2 blocks away.

All of this points to a solid investment opportunity that is as great an opportunity for the first-time investor as adding to an existing portfolio.

INVESTMENT SUMMARY:
$395,000
$98,750    per unit
$188          per square foot
8.5              times gross annual rent (GRM)
8.4              Cap Rate
11%             Cash-on-Cash Return on Investment

Click below to see a video of fun things to see and do in Charles Village!

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