2908, North Calvert Street, Charles Village, Baltimore, Maryland, 21218, United States
While fully leased, this building was sold with significant deferred maintenance, for which an $18,000 seller credit was given. The buyer purchased with plans to rehab the apartments.
This 4-unit apartment building is located on a prime block in Charles Village. While three of four units are rented, the rents are low and kitchens and bathrooms are older–providing the opportunity to make improvements and increase rents accordingly.
Kitchens have electric ranges, wood cabinets, laminate countertops and stainless steel sinks. Bathrooms include a mix of steel and cast iron tubs; porcelain and wall-mounted sinks; and a mix of ceramic tile, vinyl tile, and laminate floors. Living areas have plaster walls, plaster and Celotex ceilings, and hardwood and laminate floors. An oversized 1-car garage provides parking or additional storage for tenants.
Tenants pay for their own electric meters, and reimburse the landlord for water consumption. The landlord pays for public service electric, heat, and hot water. A savvy landlord can increase cash flow by passing these expenses through to the tenants.
2908 N Calvert St has 200-amp electric service, and five electric meters. There is one gas meter that fires the steam boiler and 67-gallon water heater. Coin-operated laundry is available in the basement. The water main is 3/4″ copper; observable interior water supply pipes are a mix of copper and steel, and drain lines are steel. The building has single-pane, double-hung wood windows, a lower built-up tar roof with elastomeric coating, and an upper roof of 90 lb mineral felt (upper roof replaced in 2018).
Tenants can walk to the Charles Village Shopping District, Johns Hopkins University Homewood Campus and Wyman Park. The 32nd St. Farmer’s Market is just around the corner, open every Saturday. 2908 N Calvert St earns the designation “Walker’s Paradise” with a WalkScore of 92, a TransitScore of 59, and a BikeScore of 86. This block is patrolled by Hopkins campus security, and is served by the Charles Village Benefits District. This nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.
Charles Village attracts a variety of tenants, and as such there is a demand for apartments in all conditions and all price ranges. These apartments are rentable as-is, and offer the opportunity to make improvements and increase income. See “Cash Flow – Rehab” attachment for ideas.
$425,000 $106,250 Per Unit $145 Per Sq. Ft. 12.5 Times Actual Rent (GRM) 9.1 Times Market Rent (GRM) 7.31% Cap Rate 10.9% Projected Cash-On-Cash Return
Email Tom Fair to schedule a tour: Tom@benfrederick.com or call 410-235-5200 to discuss your investment objectives and criteria.
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
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