2910, Markley Avenue, Lauraville, Baltimore, Maryland, 21214, United States
This property is a short 15-minute walk away from Morgan State University. On August 31, 2022, Baltimore Fishbowl published an article describing the rise in enrollment, especially out-of-state freshmen on campus, and on-campus housing resources being strained. Students are being housed as far as a 30-minute commute away. Read the article here and take advantage of acquiring this multi-family, in a neighborhood with growing demand, now! Lake Montebello, a popular place to walk, run or bicycle is only a mile away. Purchase this 2-unit building and place tenants just before the holidays.
As an end unit, tenants benefit from additional sunlight from the building’s extra east-facing windows. This property has sturdy, easy-to-clean finishes that make tenant turnover a breeze. Spacious, eat in kitchens feature wood cabinets, laminate counters and stainless sinks. Both bathrooms have new fiberglass tub enclosures and modern vanities. Apartment 1 has new laminate flooring throughout the entire apartment. The main bedroom has a private porch for quiet enjoyment on this tree-lined street. Apartment 2 has new laminate flooring in the kitchen, and original, shiny hardwoods in the living areas and ceramic tile flooring in the bath. Vinyl replacement windows throughout make lead paint compliance easy. A parking pad fits one car and street parking is ample and free.
Each apartment is separately metered for gas and electric, so tenants cover all of the BGE bills. The apartments have separate hot water tanks and heating systems. Apartment 1 is heated by radiator heat, gas-fired with hot water circulation. Apartment 2 has a gas-fired furnace. Each apartment has their own 50-gallon, gas-fired water heater. 100 amps come into the building with 100 amps serving each apartment.
Observable water supply lines are copper and most observable interior drain lines are pvc. The main drain line is cast iron.
Once rented, a savvy landlord would charge the water bill back to the tenants and increase cash flow.
LiveBaltimore describes Lauraville as a neighborhood great for residents to enjoy a suburban feel, or for those looking for a little more space and grass. This blue-collar neighborhood is made up largely of homeowners. Safeway is 2.5 blocks southeast and Lauraville’s “Main Street” is 3.5 blocks away, offering shopping and dining options. Zeke’s Coffee and Koko’s Pub are very popular destinations to locals and visitors alike, and both originated right in Lauraville. Morgan State University plans to have unprecedented growth over the next 10 years, including elevating Morgan’s status to a R1 “Very High” doctoral research university, meaning an even greater rise in enrollment and stronger demand for off-campus housing.
Call me today to schedule a visit or to talk about zoning and permitting, and special financing options for this investment opportunity.
$82,500 Per Unit
$97 Per Sq. Ft.
6.8 Times Market Rent (GRM)
10.23% Cap Rate
16.1% Projected Cash-on-Cash Return
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”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman