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.
$1,795,000 List Price
$1,700,000 Final Closing Price
$94,444 per unit
$137 per sq.ft.
8.6% Cap Rate
12% Cash-on-Cash Return on Investment
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”.