917, North Calvert Street, Mount Vernon, Baltimore, Maryland, 21202, United States
A great opportunity to acquire a fully leased, well maintained 6 unit apartment building in the heart of historic Mount Vernon within walking distance to the arts, fine dining, shopping and transportation. The property offers value add possibilities, cash flowing well in its current form but with updated kitchens and baths could garner higher rents and higher investor returns.
The building make up is 3 one bedroom, one bath apartments and 3 spacious studio apartments. There is parking behind the building of which 2 of the spots are currently leased to a private vendor, there is one spot that is currently offered with one of the apartments that could be leased for additional income. The first floor apartment is huge! It covers the length of the building. Historic touchs abound with 12 ft high ceilings, original wood floors, staned glass windows and marble fireplace mantle. There is a full cook’s kitchen including a 36″ gas range with built in microwave, double stainless stell sink and ample ceramic tile contertops and wooden cabinets to spread out. The other 2 one bedroom, one bath apartments are generously sized. The kitchens both have penisula breakfast bars with 30″ gas ranges with built in microwaves and ample counter space. 2 studio apartments are good sized, well thought out with abundant light, galley kitchens and decent storage There is a large basement studio apartment as well. The first and second floor rear apartments are both enchanced by private decks for 3 season relaxing. There is a coin operated/ privately managed laundry in the basement providing additional income to the landlord.
All units are seperately metered for gas and electric allowing tenants to easily pay their owns utilities. Electric service to the building was completly redone in 2020. All units are seperately metered for gas and electric allowing tenants to easily pay their owns utilities. There is 400 amps into the building and 200 amps into each unit with seperate electric panels in the basement. The apartments all have electric baseboard heat (newly installed in 2020) with seperate thermastats on each unit. This allows the tenant to only heat the room they are in, saving the tenant money. The landlore currently charges a flat fee of $25.00 per tenant per month for water, covering the majority of the water bill for the landlord.There is a 50 gallon gas fired hot wate heater that services all tenants.
The location of 917 N. Calvert St. is one of the highlights of the property. It is not surprising the property receives a “Walk Score” of 97 out of 100. It is a short walk to Penn Station’s Amtrak / MARC and Light Rail, making commuting to Washington, DC or heading to NYC for a meeting an easy task. Within minutes of your front door, you can take in shows at The Lyric or The Meyerhoff Symphony Hall. High end restaurants, museums and world class universities including University of Baltimore School of Law and Johns Hopkins University are close by.
$720,000.00 $120,000.00 per unit $171 per square foot 9.3 times market rent (GRM) 7.02% Cap Rate 7.2% cash on cash return
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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