3422, Chestnut Avenue, Hampden, Baltimore, Maryland, 21211, United States
This 3 story, end of group Hampden investment property has 2 apartments and 1 office space on the terrace level. Hampden is artsy, lively, walkable, historic, kid-friendly and commuter friendly and is one of Baltimore’s hottest neighborhoods. This property cash flows as-is, but rents are low and kitchens and baths are older – providing the opportunity to make improvements and increase rents accordingly.
Tenants enjoy the ample sunlight that these east-facing end-of-group apartments offer, with fourteen above-grade windows. Sturdy finishes to the apartments make turnover a breeze. The first floor apartment kitchen has an original metal sink base with porcelain sink and a 30″ gas range, and the bathroom has original claw foot tub and wall-mounted sink. The second floor apartment has an updated kitchen with Formica countertops and a stainless steel sink; this bathroom features a modern vanity and steel tub with vinyl tub surround. Kitchens and baths have vinyl tile flooring. The living areas have hardwood floors. Each apartment has a private porch off the rear.
Downstairs, in the office, glass block windows allow sunlight to filter through. This basement office has a suspended grid ceiling for easy utility maintenance to the apartments above. A half bathroom is provided for workers and guests.
These apartments are separately metered for electric; public service utilities for both gas and electric are tied into the commercial basement meters. Both residential tenants reimburse the landlord for 1/3 each of the water & sewer bill for the property. Radiator heat throughout the building is supplied by a Columbia gas-fired boiler. One gas-fired GE water heater provides hot water to the units.
Long-term tenants provide a stable cash flow; but a savvy investor could make improvements to significantly increase rents and better the cash flow for this building. In a hot market like Hampden, well done renovations attract top-tier renters! See “Renovation Budget” in the docs for details.
Hampden has a WalkScore of 88 and BikeScore of 85. With a CrimeGrade of “A” it is one of Baltimore’s lowest-crime neighborhoods. Wyman Park is located to the east and Druid Hill Park located to the west. Tenants can easily access I-83, making Hampden an attractive location for commuters to both downtown Baltimore and points further north. Just a quick 250 foot walk get tenants fresh baked goods at Harmony Bakery, one of Hampden’s newer and popular restaurants.
$395,000 $131,667 Per Unit $241 Per Sq. Ft. 17.9 Times Actual Rent (GRM) 10.8 Times Market Rents (GRM) 6.02% Cap Rate 6.6% Projected Cash-on-Cash Return
Email Cheryl Sadera to schedule a tour: Cheryl@BenFrederick.com, or call 410.688.1348 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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