11 Paradise Ave, Catonsville, Baltimore County: 5-Unit on 1.26 Acres

11 Paradise Ave, Catonsville, Baltimore County: 5-Unit on 1.26 Acres

11 Paradise Ave, Catonsville, Baltimore County: 5-Unit on 1.26 Acres

11 N Paradise Ave, Baltimore, MD 21228, USA

SOLD COMP

$325,000

Property ID :

 Paradise11

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Units
5
Bathrooms
5
Garage
5
Sq Ft.
4940

Description

4,900 3-story frame detached mansion house converted into 5-apartments.  All units are rented to long-term tenants.  1.26-acre site offers sub-division and development opportunities.  3 garages provide 5 covered off-street parking spaces.

Also offered for sale is 22 Cedarwood Road, immediately behind this property, which is improved by a vacant 2-unit apartment building on a 4,000 sq.ft. lot for $275,000.

These apartments have older kitchens and baths.  Some units have hardwood floors, other units have wall-to-wall carpet over presumed hardwood floors.  Current tenants have been in place for 8 years to 22 years.

The roof and structure appear to be sound.  There is much opportunity to make improvements to this property with commensurate opportunity to bring rents in-line with the attractive market that this Baltimore County location affords.

Some environmental conditions include a 1,000 gallon underground oil tank, asbestos insulated heating pipe and heat shield, and a presumption that lead-based paint exists in this property.

INVESTMENT SUMMARY:
$350,000   Investment
$70,000 per unit
$71 per sq.ft.
8.9 GRM
6.5 Cap Rate

OPPORTUNITY TO INCREASE THESE NUMBERS is Priceless.

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