403, South Collington Avenue, Upper Fell's Point, Baltimore, Maryland, 21231, United States
A great opportunity to own a turnkey 2 apartment investment property that has been extensively renovated located a two block walk from beautiful Patterson Park and Eastern Avenue with its shops and restaurants. The property sets up well for FHA (owner occupied) financing, live in one unit and let the other pay your mortgage. Check out our House Hacking video to learn more about the advantages of owner occupied investing.
The property make up is 2 self contained apartments – one 1 bedroom/ 1 bathroom apartment and one 2 bedroom/ 2 bathroom apartment. The one bedroom apartment is situated in the front of the building, it features new laminate flooring, fresh paint and exposed brick walls. The kitchen has granite counter tops, wooden cabinets, refrigerator, dishwasher and disposal. The bathroom has a modern vanity, soaking tub with shower and ceramic tile surround. the package is completed with a stacked washer/ dryer. The two bedroom apartment is in the back of the building. The apartment has just undergone a tasteful extensive renovation which included a completely gut rehabbed kitchen with all new stainless steel appliances, refrigerator, dishwasher, disposal, 30″ gas range with built in microwave, granite countertops and wooden cabinets. The exposed brick wall compliments the new laminate floors. The bedrooms upstairs are newly carpeted. The two full bathrooms have been completely gut renovated. The downstairs bathroom has a 5 ft. walk in shower with ceramic tile surround, a modern vanity and a glass block window for privacy and light. The upstairs bathroom is en suite. It has a modern vanity and a soaking tub with shower. The unit is completed by a new stacked washer/dryer. The apartment also has a small walled courtyard for grilling or relaxing.
The apartments are separately metered for gas and electric allowing the tenants to easily pay their own utilities. Both units have their own gas fired forced air furnace and central air conditioning. The windows are vinyl replacement throughout. The building has 200 Amps coming in with 100 Amps going to each unit with separate panels in unit.
The location of 403 S. Collington Avenue is great with a Walk Score of 96 out of 100. This location is a Walker’s Paradise so daily errands do not require a car. The property is located two short blocks from bustling Patterson Park nicknamed ” Best Backyard in Baltimore”. The park consists of open fields of grass, large trees, paved walkways, historic battle sites, a lake, playgrounds, athletic fields, a swimming pool, an ice skating rink and other signature attractions and buildings. A short 5 block walk and you are in the heart of the Canton waterfront.
Investment Summary $385,000.00 $192,500.00 per unit $233 per square foot 10.3 times market rent (GRM) 7.29% Cap Rate 10.8% 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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