1017 W Cross St, Baltimore, MD 21230, USA
A corner building on a Extra wide 25 1/2 foot lot means this offers the tenants great light and generous sized rooms. Totally renovated about 15 years ago, this building offers all of the modern amenities a quality tenant and an owner could want: exposed brick walls, lead-free interior, all separate utilities, central air conditioning and a full size washer/dryer in every apartment!
Though the current owner does not charge extra for the two off-street parking spaces, this is a source of addition revenue for the new investor.
The interiors have hardwood flooring, high ceilings with a ceiling fan in every apartment, ceramic tile kitchen and bathroom floors, upgraded kitchen cabinets with granite counters and a complete stainless steel appliance package, including full size electric range, dishwasher, disposal, built-in microwave, and refrigerator. The first floor rear unit is licensed only as an “efficiency unit” so it has a built-in cook top only (no oven or stove).
Each apartment has its own energy efficient heat pump with central air conditioning, except for the efficiency unit which has a wall-hung mini-split air handler that provides both warm air and air conditioning. Each apartment has its own water heater.
The building is ideally located on more of a side street in a neighborhood know affectionately as “Pig Town” complete with its own festival, local shops and restaurants nearby. Appealing to both professionals working downtown and the 5,000 graduate-level students at the University of Maryland Downtown Campus (just over a half-mile away), Oriole Park at Camden Yards and Ravens Stadium are each just a 10-minute walk from this property.
Super convenient, this property has a Walking Score of 90, a Transit Score of 65, and a biking score of 77.
It is easy to keep this property fully rented. This is an easy property to own, manage, and maintain.
$395,000 Investment Offering
$ 98,750 per unit
$ 143 per sq.ft.
102 times the monthly rent (8.5 times the monthly rent)
8.2% Cap Rate
11% Cash-on-cash return on investment