2918 Guilford Ave, Baltimore, MD 21218, USA
This 4-unit offers a solid core-investment holding in one of Baltimore’s most stable and desirable rental markets, just 4 blocks from Johns Hopkins University Homewood Campus and 4 blocks from the Waverly Farmer’s Market, held year-round each Saturday.
First floor and second-floor one-bedroom apartments are spacious and bright with the second-floor unit offering a bay window and potential to convert into a 2-bedroom unit. The third floor is a smaller one-bedroom, but equally bright with large room sizes. The terrace level features a studio apartment in the front. The rear utility room could be converted into additional living space.
The bathrooms have ceramic tile tub surrounds. Some kitchens are older and some newer, each with a gas range and refrigerator.
The building has circuit breaker electric service, with a separate meter for each apartment. 3 of the main panels have Federal Pacific main breakers, the other panels are fine. The building has copper water main service with a combination of copper and cvpvc interior pipes. There’s an old abandoned oil tank and oil-fired boiler that is asbestos covered. There are some old abandoned heating pipes in the basement that are insulated with a material that appears to be asbestos.
With a current average monthly rent of $690 per apartment, there is plenty of room to increase rents and improve operations to further enhance the financial performance of this valuable property.
$85,000 per unit
9.9 times current actual rent
6.7% cap rate