2300 Block Hunter Street: 18 Rental Townhouses

2300 Block Hunter Street: 18 Rental Townhouses

2300 Block Hunter Street: 18 Rental Townhouses

2300, Hunter Street, Barclay, Baltimore, Maryland, 21218, USA

For Sale

$1,795,000

  • 03 2300 Hunter Odd Side
  • 252 2311 Kitchen
  • 232 2307 Kitchen
  • 112 2302 Kitchen
  • 102 2300 Kitchen
  • 291 2319 Living Room
  • 281 2317 Living Room
  • 271 2315 Living Room
  • 291 2319 Living Room
  • 284 2317 Bedroom
  • 253 2311 Rear Yard
  • 251 2311 Living Room
  • 232 2307 Back Yard
  • 231 2307 Living Room
  • 222 2305 Kitchen
  • 203 2301 Rear Yard
  • 202 2301 Kitchen
  • 165 2314 Bath
  • 163 2314 Basement Clubroom
  • 162 2314 Kitchen
  • 148 2310 Furnace
  • 143 2310 Kitchen
  • 142 2310 Rear Yard
  • 132 2306 Kitchen
  • 131 2306 Living Room
  • 128 2302 Electric
  • 127 2304 Laundry
  • 125 2304 Bath
  • 122 2304 Kitchen
  • 117 2302 Laundry
  • 116 2303 Den
  • 115 2302 Bath
  • 112 2302 Kitchen
  • 110 2302 Hunter St
  • 109 2300 Electric
  • 108 2300 Furnace
  • 108 2300 Basement
  • 106 2300 Den
  • 105 2300 Bath
  • 104 2300 Bedroom
  • 102 2300 Kitchen
  • 100 2300 Hunter
  • 09 Rear View of Even Side
  • 08 Rear View Odd
  • 03 2300 Hunter Odd Side
  • 02 2300 Hunter Odd side

Property ID :

 RH-9433-property

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Units
18
Year Built
1890

Description

Fully Leased 18-unit Townhouse project in Old Goucher Historic District on one of the cutest streets you would ever see.

Each house is two stories, with a full basement, 2 bedrooms, and a large eat-in kitchen.  Each house is 12′ wide and 28′ deep (672 sq.ft.), except for one, which is 12’6″ by 40′ (1,000 sq.ft.), plus the basement.  The basements each have a window and 7′ clear ceiling height with a concrete floor making them very usable.  The floors have a living room, 3 with a fireplace mantel, and a large eat-in kitchen.  The kitchens were all renovated within the last 6 years, each with new wood cabinets, laminate counters with a drop-in porcelain sink, and a full appliance package including 30″ electric range, dishwasher, and disposal.  Each house has a full-size washing machine and dryer in the basement.   6 houses have new laminate flooring, with others featuring hardwood floors on the first floor.

2 bedrooms and 1 full bath are located on the second floor, with wall-to-wall carpet.  All bathrooms have been renovated with ceramic tile floors, ceramic tile tub enclosures.  5 bathrooms have whirlpool tubs, the others are steel.  Each has a modern vanity.

Unlike apartments, each of these rental homes has a fenced rear yard, providing the tenants with outdoor space that is not available in multi-unit apartment units.

The houses are certified lead-free limited, the homes were completely renovated with new drywall, molding, trim and doors in the early 1980s.  At that time, each house received a new copper water main and new interior wiring.  All houses have modern circuit breaker electric service, most with 100-Amp, with 4 having 150-amp or 200-amp.

Each house has its own gas-fired forced air furnace, 5 with central air conditioning.  Each house has its own 40-gallon gas-fired water heater.

The Walk Score for this block is a whopping 95 and a 91 Bike Score, making this location “Paradise” for walkers, with the Old Goucher Shopping District just 2 blocks away at Charles and 25th and the Charles Village Bike-Way on Guilford Avenue a half-block away.

2-Bedroom homes in Old Goucher and Remington regularly sell for $105,000 to $150,000 providing the opportunity to exit from this investment by selling the houses to homeowners.

Nearby two-bedroom apartments rent for $1,100 to $1,500 presenting the opportunity to increase rents.  Alternatively, renting below market assures that these units will always be filled, regardless of whether the rental market gets weaker or stronger.  The current average rent is only $995 per month.

INVESTMENT SUMMARY:
$1,795,000  Investment
$99,722  per unit
$144 per sq.ft.
8.2  GRM
8.3% Cap Rate
10.5% Return on Investment

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