919 S Hanover St, Baltimore, MD 21230, USA
Totally renovated in the mid-1990’s this spectacular 2-unit property is ideal first-time investment or addition to an existing portfolio.
The first floor one-bedroom features and open floor plan with exposed brick walls, carpeted floors, ceiling fans, energy efficient heat pump with central air conditioning and a washer-dryer inside the apartment. The kitchen has an electric range, refrigerator with wood cabinets and laminate counter. There is a cute outdoor seating area leading to the parking pad.
The upper floor apartment is a two-story duplex unit with bright open spaces, exposed brick walls, hardwood floors and a rear deck providing open space outdoors. This apartment has an updated kitchen with hardwood floors, new stainless steel appliances including a dishwasher, microwave, electric range and refrigerator, and new shaker-style wood cabinets. There is a half-bath and laundry room on the main level of this apartment along with one bedroom. The second bedroom and full bathroom are on the third floor of this building.
Each apartment has its own electric meter, heat pump with central air conditioning and water heater so the tenants pay all utilities. Each tenant also pays a share of the water bill. The building has a modified rubber roof which appears to be in good condition.
This property is “Certified Lead-Free Limited” which means there is no lead-paint on the inside of the apartments; there is no annual registration fee required, and the landlord does not need to provide notices to the tenants. To maintain the lead-free limited status, the exterior is to be inspected once every two years to ensure there is no chipping, flaking, or peeling paint on the exterior.
Oriole Park and Ravens Stadium are just across the train tracks, a short 10-minute walk away. Baltimore’s Inner Harbor is a short 10-minute walk in the other direction and the ever-popular Cross Street Market is 3 blocks away. Thus, 919 S. Hanover Street is extremely convenient, popular, and desirable location for residents desiring the best of Baltimore City’s downtown living lifestyle.
With a Walking Score of 95, this property is located in a “walker’s paradise”, a 77 Transit Score means the area has excellent transit which is convenient for most trips, and a Biking Score of 85 means the area is flat as a pancake with excellent bike lanes. Thus, this location is highly desirable among urban professionals seeking quality rental housing.
$192,500 Per Unit
118 Times the Monthly Rent (9.8 times the annual rent)
7.7% Cap Rate
9.5% Cash-on-Cash Return On Investment