3501 Fait Ave, Baltimore, MD 21224, USA
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.
$117,000 per unit
$167 per sq.ft.
8.8 Gross rent multiplier
7.2% Cap rate
6% budgeted return on investment (ROI)