511 S Bond St, Baltimore, MD 21231, USA
Own 6 beautifully renovated, 100% leased condominium units in an historic 1891 school that was converted into 24 condominium apartment residences in 2007. Everything inside is brand new with all new plumbing, electric, heat, central air conditioning, 100 Amp electric service, and a sprinkler system. Beautifully appointed apartments with attractive eat-in kitchens with granite counters and stainless steel appliances. Laundry facilities are inside each apartment.
Quality rentals to residents who work as professionals in the neighborhood, including Johns Hopkins Medical Institution, which is only a few blocks away. Three blocks to the south is the exciting and Historic Fells Point Waterfront with amenities that include high-end hotels and restaurants, the water taxi, and quality employers such as Brown Advisory, Laureate, and Constellation Energy. Retailers within a short walk include Whole Foods, Starbucks, Anthropologie and J. Crew.
These units are super-easy to rent and manage since the condominium association handles many aspects of rental property ownership with a professional condominium association management company in-place. All current tenants are paying market rent and are on one-year leases that go to the summer of 2019. Fells Point is one of Baltimore’s best rental markets with very strong demand.
$122,500 per unit
$194 per square foot (interior living space only)
7.5 Times Gross Annual Rent (GRM)
7.8 Cap Rate
10 % Cash-on-Cash Return on Investment