3110 – 3116 N Calvert St: 17 Apartments in Charles Village!

What Makes this Multifamily Property Special:

Does Johns Hopkins student housing fit your business model? Add this 17-unit investment offering to your portfolio! These buildings have a prime location within Charles Village, and you’ll have positive cash flow starting day one.

Multi-Unit Property Details:

3110 – 3116 N Calvert St are four contiguous buildings, housing 4 efficiency apartments, 11 one-bedroom apartments, and 2 two-bedrooms apartments. All the apartments are leased to Johns Hopkins University students, who often rent an entire building as a group! The apartments have been upgraded: many have kitchens with granite countertops and stainless steel appliances, some bathrooms have ceramic tile floors and modern vanities, and new or refurbished flooring. All four buildings have vinyl replacement windows, and 90 lb mineral felt roofs replaced circa 2016.

Who Pays Which Utilities?

All utility charges are passed through to the tenants–including water, sewer, heat, hot water, gas and electric–so the owner’s operating costs stay low! Each building is served by a gas-fired steam boiler with radiator distribution. Each building has its own laundry facilities–two in the basement common areas, and two in their private basement apartments. Tenants are privy to 8 parking spaces in the rear, rented for $50/month each.

What’s Great About Charles Village:

Located just two blocks from Johns Hopkins University Homewood campus, these rentals are in “the zone” for student housing! Tenants enjoy a short walk to campus, passing Starbucks, Chipotle, and other amenities in the Charles Village shopping district on the way. 3110 – 3116 Calvert St. is patrolled by Hopkins campus security, and has an “A” crime grade, meaning it is on one of the safest blocks in Baltimore! This location has WalkScore of 94, earning the title “Walker’s Paradise”. The neighborhood is served by the Charles Village Benefits District–this nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.

With the winning combination of location and quality apartments, these buildings are easy to rent, and easily profitable!

Investment Summary:

$1,875,000  
$110,294 Per Unit 
$174 Per Sq. Ft. 
8.8 Times Actual Rent (GRM) 
8.7 Times Market Rent (GRM) 
7.93% Cap Rate 
12.7% Projected Cash-on-Cash Return