Description
A good deal gets better! Just authorized a $30,000 price reduction!
Totally gut rehabbed in 1992 with recent mechanical updates and updated kitchens and baths, this represents an opportunity to own a well maintained lead-free-limited property with excellent mechanical, plumbing and electric systems in an up-and-coming area into which MICA (Maryland Institute College of Art – the third highest rated art school in the country) is expanding and growing. 2 blocks from the newly renovated Motor House, “Artists and Craftsman” store, The newly restored Parkway Theater, the mixed use “Center Theater”, and a short 5 block walk to Penn Station with AMTRAK service to New York and MARC Commuter Rail service to BWI airport and Washington DC.
Individual apartments feature high ceilings, some with skylights and lofts, many exposed brick walls, modern kitchens with 30″ electric range and refrigerator. Two apartments have in-unit washer and dryer.
Each unit has its own electric heat pump with central air conditioning. Each unit has its own electric water heater. The main building has a modified torch-down rubber roof and the rear bar has a TPO roof. These roofs were installed new in 2014 and appear in very good condition.
The front restaurant has 2 bathrooms, full commercial kitchen, and walk-in box. The rear bar has 2 bathrooms and plumbing for a full service bar. The Landlord controls the 7-Day beer, wine and liquor license with live entertainment authorized. The current operator runs both the front restaurant and the rear bar, which fronts on the side street East 21st Street. The current restaurant/bar tenant has a long-term lease through 2021 with a 5-year renewal option.
INVESTMENT SUMMARY:
$825,000 offering price
$117,857 per unit
$138 per sq.ft.
7.4 times gross annual rent (GRM)
9.3% Cap Rate
13% projected Cash-on-Cash Return-On-Investment
