3322 Greenmount Ave – Store + 3 Apts in Waverly Shopping District

3322 Greenmount Ave – Store + 3 Apts in Waverly Shopping District

3322 Greenmount Ave – Store + 3 Apts in Waverly Shopping District

3322 Greenmount Ave, Baltimore, MD 21218, USA

SOLD COMP

$250,000

Property ID :

 Greenmount3322

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Units
4
Garage
1
Sq Ft.
3750

Description

Here is an opportunity to own an income producing corner property in the busy Waverly Shopping District, just north of 33rd Street.  Large 900 sq.ft. corner store is 23’6″ wide with a stable tenant that does a nice business.  The full basement is attached to the store and is used for storage of inventory and can be used as a prep-area.  First floor rear two-bedroom apartment is rented to the Store tenant.

Two apartments on the second floor have hardwood wood floors, updated kitchens and baths, vinyl replacement windows.  These apartments have large rooms that are very bright, with windows on 3 sides.  Each apartment has its own electric baseboard heating system and electric water heater, so the tenants pay all utilities.  One apartment is rented for $850 while we expect to have the other rented soon.

The one-car garage in the rear is currently used by the owner.  He may rent that back from you for $100 per month or you can use it or rent it yourself.

This is a solidly constructed building with a poured concrete foundation that was built in 1940; a time known for quality materials and workmanship.

INVESTMENT SUMMARY:

$250,000   Offering
$62,500   per unit
$67            per square foot of building area
5.3             times gross annual rent (GRM)
8.6             Cap Rate
11%            Cash-on-cash return on investment (ROI)

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