East Eager Street, Mid-Town Belvedere, Baltimore, Maryland, 21202, United States
A great opportunity to own a grand, well maintained, renovated 5 unit investment property located in the heart of Mt. Vernon within walking distance to fine dining, shopping and transportation. The property sets up well for an investor looking for a solid positive cash flow investment. It also sets up well for the owner-occupied investor who can live in one unit and have the other apartments pay your mortgage. Check out our “ House Hacking” discussion to learn more about the advantages of owner-occupied property investing.
The building make up is 1 two bedroom/ one and one half bathroom apartment and 4 one bedroom/ one bathroom apartments. The property is an end unit giving all apartments great natural light. The grand, self contained 1st floor apartment with numerous historic touchs is spread between 2 floors with the living space/ kitchen and half bath on the first floor and the bedrooms, full bath and laundry room on the walkout lower level. The cooks kitchen has 30′ gas stove, stainless steel appliances and corian counter tops. The apartment is enhanced by a spacious private brick patio for relaxing or entertaining. A much desired dedicated parking space off the enclosed patio completes the package. The 4 one bedroom/ one bathroom apartments are well proportioned with large bright living spaces and bedrooms. The kitchens are efficient with gas ranges, refrigerators, stainless steel sink, wood cabinets and laminate counter tops. There is a shared laundry room on the 3rd floor od the property. The building retains its historic character with a broad sweeping staircase, high ceilings, marble fireplace mantles, large windows, ornate molding and hard wood floors.
All apartments are seperately metered for gas and electric allowing the tenants to easily pay their own utilities. The current landlord pays for water which could be billed back to the tenants to increase investment returns. The first floor apartment has a gas fired forced air furnance and central air. The four remaining apartments have recently installed, efficient mini split systems for heat and air conditioning. There is one 75 gallon gas fired hot water heater for the property. The water main is copper coming in from the street.
The location of 23 East Eager 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.
$795,000.00 $159,000.00 per unit $151 per square foot 9.4 times market rent (GRM) 7.04 Cap Rate 7.6% 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”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman