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Description

Located on Historic Lafayette Square Park, this fully leased 7-Unit apartment property has all separate utilities, is lead-free limited, and was totally rehabbed in 2015.

Spacious, bright one-bedroom apartments provide an ideal unit-mix with attractive amenities.  Windows are plentiful as are natural light and space since this is a stand-alone detached building.  Each apartment has high ceilings (ranging from 8’6″ to over 10′) with all new drywall, ceramic tile bathrooms, and cocoa wood kitchen cabinets with laminate counters.  Each apartment has its own energy efficient electric heat pump with central air conditioning and its own 40-gallon electric water heater.  The first floor rear apartment meets handicap accessibility standards, including a rear access door with ramp and in-unit washer and dryer.  The other residents access the coin-operated washer and dryer in the basement.

The renovation included a new mineral felt roof, all new electric, with 150-Amp service to each apartment, all new plumbing, and a full sprinkler system.

The City of Baltimore granted a second mortgage on this property.  The loan requires that apartments be rented to residents earning 60% of Area Median Income (currently $54,660) and the loan is forgiven on June 13, 2025, 10-years and one day after construction was completed.  For this reason, it is advised to acquire the LLC that owns the Property.  Purchaser will need to be approved by Baltimore City Housing Department.  See Offering Memorandum for further details.

The property enjoys a freeze on its tax assessment for 10 years, ending June 30, 2026, fixing the annual property tax bill at a mere $1,790 per year.

The 2 1/2 acre Lafayette Square Park is at your front door providing an oasis of amenity space that includes 5 historic churches on this block known as a Spiritual hub for West Baltimore residents.  Historic Lafayette Square Park, established in 1857, was the home of Parren Mitchell, the first black man from Maryland elected to Congress and Verda Welcome, the first black woman elected to the Maryland Senate.  The Upton Metro Station and Avenue Market is a mere 4 block walk helping this location to earn a Walk Score of an admirable 84, a 70 Transit Score, and a 59 bicycle score.

INVESTMENT SUMMARY:
$470,000  Investment Offering
$67,143   per unit
$105         per square foot
6.5             GRM (Gross Rent Multiplier)
10%           Cap Rate
15%            Cash-on-Cash Return on Investment

Address

  • City: Baltimore
  • State/county: Maryland
  • Neighborhood: Charles Village
  • Country: United States

Contact info

Ben Frederick Realty
Ben Frederick Realty

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