312, Emory Street, Ridgely's Delight, Baltimore, Maryland, 21230, United States
This is a great opportunity to own 3 spacious apartments, tucked away in the heart of Ridgley’s Delight. These recently renovated, fully leased apartments offer a solid ROI return of 10.7% and a 7.51% Cap Rate, all within a 5 minute walk to University of Maryland Medical Downtown Campus, its 5 graduate schools and Camden Yards/ Ravens Stadium. The property sets up well for FHA (owner occupied) financing—live in one unit and let the others pay your mortgage! Check out our House Hacking video to learn more about the advantages of owner occupied investing.
The unit mix is: one 2 bedroom, 2 bath apartment (629 Melvin), one 2 bedroom, 1 bath apartment (312 Emory) and one 3 bedroom, 2 bath apartment (314 Emory). All kitchens were renovated: 2018 (312 / 314 Emory) and 2019 (629 Melvin). Stainless steel appliances (refrigerator, range, built-in microwave, dishwasher), disposal, granite counter tops, white wooden cabinets and 30 ” Stainless Steel sink make for a full cook’s kitchen in each unit. All bathrooms have modern vanities, ceramic tile floors and tub/shower ceramic tile surrounds. The 3 bathrooms in 312/314 Emory were tastefully renovated in 2018. All units have stacked washer/dryers (2018). New laminate flooring throughout all units offers a clean, modern look.
The physical plant in this recently renovated 3 unit is in great shape. The apartments are separately metered for gas and electric, allowing the tenants to easily pay their own utilities. The current landlord bills back to the tenants for water, increasing investment returns. All units have their own gas fired forced air furnace (2018), central air conditioning (2018) and 40 gallon hot water tanks (2018). The entire roof was recoated in 2019. Extensive structual support was completed in the basement of 312/314 Emory in 2018, along with new electric service. All of this adds up to an investment property that won’t be very expensive to maintain over the next 10 years, and ensures solid investment returns.
The location of 312 Emory is prime! Tucked into a quiet tree lined street in Ridgely’s Delight, you wouldn’t believe you are a 5 minute walk from both the University of Maryland Medical Downtown Campus, its 5 graduate schools and Camden Yards/M&T Bank stadium. 312 Emory has a Walk Score of 92 out of 100. This location is a walker’s paradise, so daily errands don’t require a car. The location has a crime grade of A, making it one of the safest neighborhoods in Baltimore. The nicely kept Melvin Street Tot Lot is located 100 yards from your front door, adding to the great neighborhood vibe.
Investment Summary $720,000.00 $240,000.00 per unit $215 per square foot 10.8 times market rent (GRM) 7.51% Cap Rate 10.7% 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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