405 Church St: Cash is King! Fully Leased 6-Unit with 9% Cap Rate! Great Anne Arundel County Location

405 Church St:  Cash is King!  Fully Leased 6-Unit with 9% Cap Rate!  Great Anne Arundel County Location

405 Church St: Cash is King! Fully Leased 6-Unit with 9% Cap Rate! Great Anne Arundel County Location

405 Church St, Baltimore, MD 21225, USA

SOLD COMP

$360

Property ID :

 Church405

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Units
6
Bathrooms
6
Garage
9
Sq Ft.
3270

Description

Solidly built in 1948 with stucco over masonry finish and a 9-car parking lot in the rear, this Certified Lead-Free property produces cash like crazy!  Fully leased.  5 one-bedroom apartments and 1 two-bedroom unit just a couple of blocks off of Route 2, Ritchie Hwy in the Brooklyn Park Shopping District.  This makes it easy for tenants to shop, catch a bus, or easily get into Baltimore City or jump onto the Baltimore Beltway.  Less than 7 miles from BWI, another generator of jobs for workers in this area.

The apartments all have updated kitchens and bathrooms.  Most apartments have wall-to-wall carpet.  Kitchens are supplied with a full size gas range and refrigerator.  All bathrooms, except one, have a full size shower/tub and modern vanity with vinyl or ceramic tile flooring.  The building is clean and very well maintained.  Roof is in good shape and there are replacement windows throughout.

Coin-operated washer and dryer provides additional source of revenue.  Anne Arundel County provides trash pick-up.

The landlord pays all utilities in this building, allowing one to charge premium rents for the neighborhood.  The building has a central oil-fired hot water radiator heating system.  Two 50-gallon gas-fired water heaters deliver domestic hot water.  200-Amps of electric power with circuit breakers is modern and up-t0-date.  The building has a copper water main and appears to have all-copper interior water pipes.  All of this delivers adds an easily maintained property to your portfolio.

The grassy yard provides outdoor space for the tenants and the 9-car asphalt-paved parking lot in the rear provides the convenience of plenty of off-street parking for the tenants.

INVESTMENT SUMMARY:
$377,000   List price
$  62,833   per unit
$        115    per sq.ft.
6.0     Gross Rent Multiplier
8.2    Cap Rate
10% Projected cash-on-cash return on investment

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