1321, Eutaw Place, Bolton Hill, Baltimore, Maryland, 21217, USA
7 massive apartments with historic features such as original wood trim, crown molding, pocket doors, and multiple marble fireplace mantels. A total renovation in the mid-1980s means all copper water pipes, 100 Amp new wiring circuit breaker electric service to each apartment, separate gas-fired heating systems with central air conditioning. Since this is an end-building, it has ample windows providing abundant natural light to each apartment. The current owner has provided meticulous maintenance to this building, with a newish rubber roof, newer appliances, many newer kitchen cabinets, and updated baths.
The 55′ wide lot provides a side yard with privacy fence for tenant use and 7 off-street parking spaces.
Tenants pay all utilities, with separate furnaces, separate water heaters and separate gas and electric meters for each apartment.
100% occupied, this property is 3 blocks from Maryland Institute College of Art, and 2 blocks from the State Center Metro Station and the large employment base at the State Office Building Complex making this an area with continued rental demand.
$171,429 per unit
$140 per square foot
10.2 Times current actual rent (GRM)
9.3 Times Projected Annual Rent (GRM)
7.5% Cap Rate
8% projected cash-on-cash return on investment