Huge 5,000 sq.ft. Brownstone Apartment Building with 9 older, smaller apartment units. Located just 3 blocks from Penn Station and 1 block from the Free Charm City Circulator Bus Stop. Walk Score rates this location as 94 “Walker’s Paradise”, 83 “Very Bikable”, 80 “Excellent Transit” and “Grade A” for crime. Mount Vernon is one of Baltimore’s highest demand neighborhoods for rentals. Washington DC workers increasingly opt to live in Baltimore for its lower cost of living and take the convenient MARC train to Washington for work. The train station is a short 8 minute walk from this building.
The apartments are studios and small one-bedroom apartments, each with older kitchens and baths. Kitchens typically have vinyl flooring, wood cabinets, laminate counters, and a 20″ gas stove. Baths typically have vinyl flooring, steel shower/tub with a modern vanity. 2 apartments have vintage clawfoot tubs with pipe shower adapter. Some living areas have painted paneling for walls. Most have high ceilings, some with 2×4 lay-in ceiling tile.
Extra revenue comes from the coin operated washer-dryer on site.
This is a money-maker from day one with the opportunity to increase rents as affordable housing in quality neighborhoods becomes more scarce.
$69,444 per unit
$116 per sq.ft.
7 times gross potential rent
7.8% Cap Rate
8% Cash-on-cash return on investment