This 5-Unit apartment building, located just off of Roland Avenue, is just two blocks away from the Roland Park retail district, where they can enjoy a cup of coffee from Starbucks and pick up groceries and prepared meals from Eddie’s. One of Baltimore’s wealthiest neighborhoods, Roland Park tenants can enjoy a suburban living experience while benefiting from City life.
The first floor “Owner’s Suite” is a 2 bedroom, that has been rented on a three-year lease with built-in annual rent increases. The terrace Apartment was updated more recently and features wall-to-wall carpeting and a small den for added living space. All other apartments have hardwood flooring in the main living areas. Bathrooms and kitchens have a mix of vinyl, linoleum, or laminate flooring. Kitchens include full-size refrigerators, mostly original metal cabinets, and Formica countertops. 3 of the apartments have 30″ electric ranges; 2 have 24″ electric ranges. Bathrooms all classic 1950’s styling, with wall-mounted sinks, cast iron tubs, and ceramic tile tub surround. Take advantage of this incredible opportunity, as the current one-bedroom apartments rent at $800 per month, whereas other one-bedroom apartments in this area rent for $1,000 to $1,500 per month, depending upon the level of upgrades and amenities
Who pays for utilities?
The owner pays for the heating oil for the building with a 12-year-old modern 165,000 BTU Columbia oil-fired hot water radiator heating system. One gas meter provides gas to the 75-gallon water heater. Each apartment has its own electric meter, with 60 Amps of service to each and fuse panels.
What’s Great in Roland Park?
Roland Avenue features a bike lane and Gladstone Avenue is a quiet, one-way street with easy connections, only about a mile away, to I-83 for access to downtown and northern suburbs. The Gilman School and Roland Park Country School are less than a 1/2 mile north. This neighborhood has a WalkScore of 73 and an “A” Grade for the crime. Additionally, there are public transit options nearby.
$100,000 Per Unit
$120 Per Square Foot
8.4 Times Actual Rent (GRM)
7.2 Times Market Rent (GRM)
7.50% Cap Rate
9.6% Cash on Cash Return
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Would you consider living in one unit and renting the rest? Check out Apt. C and watch our webinar which details "Owner-Occupying."
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”.