2643 Maryland Ave: 3 Apartments, Certified Lead-Free, In Charles Village

2643 Maryland Ave: 3 Apartments, Certified Lead-Free, In Charles Village

2643 Maryland Ave: 3 Apartments, Certified Lead-Free, In Charles Village

2643, Maryland Avenue, Charles Village, Baltimore, Maryland, 21218, USA

For Sale - Under Contract

$325,000 For Sale

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Property ID :

 RH-12002-property

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Units
3
Garage
1
Sq Ft.
108333 per unit

Description

Located in Historic Charles Village, this 3-story brick townhome features 3 full sized 1-bedroom apartments, completely gut-rehabbed in 1991 with upgraded kitchens and baths in 2005.

These large, well-lit apartments collect top-dollar rent. Each apartment is separately metered for gas and electric, and each has in-unit washer/dryer. Well-kept, clean apartments with modern amenities ensure quick tenant turnovers at little cost. This building is certified lead-free, so only a quick exterior inspection every 2 years is needed to satif MDE requirements.

This building has vinyl replacement windows throughout, a 90# mineral felt roof, and brick and concrete foundation. All kitchens and bathrooms have tile floors, with laminate/pergo flooring in living areas. Copper water main, with a mix of copper and pvc water pipes. First floor has gas-fired forced-air furnace with central air conditioning; second floor utilizes hot water radiator heat; and third floor is served by a gas-fired forced-air furnace. Each unit has its own Rheem 40-gal gas water heater, dated 2015-2016.

This building is centrally located in Charles Village between Hopkins University, MICA, and University of Baltimore. It features a Walk Score of 79, a Transit Score of 59, and a Bike Score of 58.

INVESTMENT SUMMARY:
$325,000 investment
$108,333 per unit
$146 per square foot
9.0  times gross annual rent
7.8% cap rate
9.8% cash-on-cash return on investment

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