722 Gladstone Ave, Baltimore, MD 21210, USA
For Sale - Under Contract
This 6-Unit Multi-Family, is located in the heart of Roland Park, Baltimore City, just a 2 block walk to Eddie’s Super Market and Starbucks. On a quiet, one-way street, this building is fully leased, with over half long term tenants. Bringing in $82,680 in annual rents a year, this is great addition to your rental portfolio and is projected to bring an 8.5% cash-on-cash return.
The house sits on a 50′ wide by 126′ deep lot, which is enough for tenant enjoyment and parking, but not too much to maintain. Every apartment has a bit of outdoor personal space with either a deck or balcony. The first floor apartments are 2-bedroom, 2 bath, and have access to the rear parking lot. Kitchens are updated, with modern wood cabinets and newer appliances. Bathrooms feature ceramic tile tub surrounds and ceramic tile floors. Each apartment has a washer and dryer in the unit. Each apartment has their own water heater, and either a gas-fired forced air furnace or electric heat pump. All units except the studio have central air conditioning. The large basement houses electrical meters and water heaters for all apartments, and provides additional storage space. New siding and roof work (2021) and 5 year warranty transfers to buyer. Check our webinar on owning and managing Baltimore Rentals by clicking here.
In addition to Baltimore’s favorite local grocer, USPS, multiple banks, a hair salon and florist are all in the same shopping center just 2 blocks north. The Roland Park Branch of the Enoch Pratt Free Library is across the street. Roland Park Elementary-Middle, Gilman and Roland Park County School are within 3 blocks. Loyola University and Notre Dame are within walking distance. Roland Avenue’s cycle track is one of the most beautiful and popular in Baltimore; just over 2.5 miles long, and this area has a BikeScore of 73.
$125,000 Per Unit
$144 Per Sq. Ft.
9.1 Times Actual Rent (GRM)
8.8 Times Market Rent (GRM)
7.18% Cap Rate
8.5% Projected 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”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman