1045 W. Lanvale St: 10 Apartments across from Historic Lafayette Square Park

1045 W. Lanvale St: 10 Apartments across from Historic Lafayette Square Park

1045 W. Lanvale St: 10 Apartments across from Historic Lafayette Square Park

1045 W Lanvale St, Baltimore, MD 21217, USA

SOLD COMP

$550,000

Property ID :

 Lanvale1045

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Units
10
Bathrooms
10
Sq Ft.
8442

Description

These 10 Apartments were totally gut-rehabbed in 1962 by the legendary James Rouse.  The current owners have done a very good job of keeping the building well maintained, though the kitchens and baths are the same as they were in 1962.  Since all interior surfaces were replaced, the building is Lead-Free Limited.  A rubber roof has kept the building clean and dry.  The building has a trash room, a laundry room, and a large maintenance shop.

The unit mix includes 3 one-bedroom apartments, 3 two-bedroom apartments, and 4 three-bedroom apartments.  Two apartments have an outside balcony.

Only 4 apartments are occupied, and two of these are very low rents.  The current average rent is $450 per month, versus $850 to $1,000 typical rent for the neighborhood; thus, there is ample opportunity to make some simple improvements to this building and drastically increase the monthly cash flow.

Each apartment has its own gas furnace, its own gas water heater, its own separate gas and electric meter.  All water pipes appear to be copper.

A few disclosures:  all electric panels appear to have Federal Pacific circuit breakers and there is ample 9″x9″ floor tile that appears to be asbestos-containing, in the public halls, in all of the furnace/utility closets, the laundry room, and as floor covering in 4 apartments.

INVESTMENT SUMMARY:
$550,000
$55,000 per unit
$65 per square foot
5.4 times projected monthly income
10.2% projected cap rate

 

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