3501 Fait Ave, Baltimore, MD 21224, USA
SOLD COMP
$562,500
Property ID :
Fait3503
A great opportunity to own a 5-unit fully rented in a high-income, popular neighborhood near Baltimore’s Waterfront. The predominant housing stock in Canton is narrow 2-story rowhouses, so this is a rare opportunity to acquire a multi-family in this popular area.
With a median household income of $79,000, most tenants in this area have high-paying professional jobs. The waterfront is 6 blocks to the south, 295-acre Patterson Park is 6 blocks to the west. This location has a walking score of 93 and a 78 biking score making this area easily accessible and attractive to prospective renters.
The building, originally 3 separate townhouses built in 1913, it was converted into apartments many years ago and is very well maintained. Each apartment has its own gas-fired forced air heating system and separate gas-fired water heater, so tenants pay all utilities. Washers and Dryers are provided for all tenants.
Kitchens and living areas are bright and spacious, as are the bedrooms. Kitchens are basic, but very well maintained, with wood cabinets and laminate counters. Bathrooms have ceramic tile floors and tub surrounds for durability and easy maintenance. Apt 2 has a 9′ x 12′ deck with views of the Inner Harbor. A new rubber roof was installed in 2011 and is coated with aluminum fibre to maximize a long life or service.
Act fast!
INVESTMENT SUMMARY:
$585,000 investment
$117,000 per unit
$167 per sq.ft.
8.8 Gross rent multiplier
7.2% Cap rate
6% budgeted return on investment (ROI)
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