What makes this mixed use investment property special?
A great opportunity to own a value add 5 unit investment property with the bustling Canton waterfront a short 3 block walk away with all its shops, restaurants and waterfront park. The property cash flows in its current form, but the 4200 sq. ft. corner property offers numerous value add opportunities in a great location.
Property details of this mixed use investment property:
The building make up is 2 retail spaces that front on Fait Avenue and 2 one bedroom, one bathroom apartments and 1 large two bedroom, one bathroom apartment that are accessed on Melvin St. The retail units are both approximately 750 sq. ft. One is currently occupied by an accounting office, the other, with a little work, could be ready for the next tenant to add to investor cash flow and returns. All apartments are currently occupied with long term tenants. The second floor apartment is huge! It runs the entire depth of the building with formal dining room, great living space, private rear deck and great light. The third floor apartment is bright and airy with windows abound! All kitchens have gas ranges, refrigerators, stain-less steel sinks. The second floor apartment has an in unit washer/ dryer.
Who pays what utilities for this investment property?
Heat is provided by a central 2015 Columbia gas fired steam boiler with radiiators. The property has a 50 gallon gas fired hot water heater. The landlord currently pays for the heat and the hot water. A savvy landlord could pass these costs through to increase cash flow and returns.The property is seperately metered allowing the tenants to pay for their own gas (cooking gas) and electric. The landlord pays for water then bills back to the tenants.
The location of 2500 Fait Avenue is one of the highlights of the property. The property receives a Walk Score of 89 out of 100 and a Bike Score of 83 out a 100 with Patterson Park a short walk/bike to the north and the Canton Waterfront a short walk/bike to the south. The neighborhood is popular with young professionals and is family friendly with the Canton Waterfront Park a great place throw down a blanket and enjoy the waterfront.
$90,000 per unit
$107 per square foot
8.9 times market rent (GRM)
6.82% Cap Rate
6.01% 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”.