2501, Eastern Avenue, Fells Prospect, Baltimore, Maryland, 21224, United States
For Sale - Under Contract
A great opportunity to own a well maintained, fully leased 2 apartment / 1 retail store property located directly across the street from Patterson Park.
The property make up is 1 retail store, 1 one bedroom, one bath apartment and 1 three bedroom, two bath apartment. The retail store that fronts on busy Eastern Ave is a coffee shop called Patterson Perk. It has been in the same location, same owner for 10 years and has a loyal following. The apartments both have updated kitchens with granite counter tops, wood cabinets, refrigerator, gas range, built in microwave, dishwasher and disposal. Bathrooms in both units have been updated with granite counter top vanities, 16′ ceramic tile floors and ceramic tile tub/ shower surrounds. A stackable washer/ dryer is included in both units. Beautiful hardwood floors, exposed brick add to the charm of the apartments.
Mechanically the property is solid and has been well maintained. The units all have gas fired furnaces and central air conditioning. The HVAC in the retail store is completely new, replaced in 2020. All units are separately metered with separate panels in each unit. All units have their own 40 gallon hot water heater and all units have replacement windows as of 2008. Plumbing and electric has been updated as well.
The location of 2501 Eastern Ave (the corner of Eastern Ave and S. Milton Ave) is great with a Walk Score of 88 out of 100. The location is Very Walkable so most errands can be accomplished on foot. The property is located directly across the street 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 4 block walk and you are in the heart of Canton waterfront.
2501 Eastern Ave presents a great opportunity to own a well maintained, fully leased 3 unit mixed use property in a great location with a 7.00 Cap Rate and a 8.5% cash on cash return.
Investment Summary: $525,000.00 $175,000.00 per unit $166 per Sq. Ft. 9.7 times market rent (GRM) 7.0 Cap Rate 8.5 % 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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