This two-unit apartment building has been recently renovated with high end finishes. Easy to maintain and lease, this would be a great start for a first time investor. Purchase this property to live in one unit and rent the other, or add it to your portfolio for an 11% projected cash-on-cash return.
1 two bedroom, two bathroom apartment
1 one bedroom, one bathroom apartment
Featuring bright, spacious rooms, tenants enjoy modern amenities and a huge yard for outdoor enjoyment. Each kitchen has granite countertops, custom ceramic tile backsplash, gas ranges and real wood cabinets. Hardwood floors throughout the living spaces are refinished and gleam. Bathrooms feature tubs with ceramic tile tub-surround and modern vanities. Each unit also has an in-unit washer and dryer. The basement of the first floor apartment is clubbed in and whitewashed for bonus living space and has built-ins for additional storage.
Each apartment is separately metered for cooking gas and electric. The heat for the first floor apartment is on the public service meter and can be billed back to the tenant. The second floor apartment is heated and cooled with mini-splits, installed in 2020. A central 40-gallon, AO Smith gas-fired water heater serves the building. Water and sewer is currently paid by the landlord but a savvy investor would bill this back to the tenants, increasing cash flow. Observable water supply lines are a mix of C-PVC and copper; the main supply line has been upgraded to copper. Observable drain lines are PVC. 100 amps serve the building and each apartment.
What’s Great about Frankford:
4521 Parkwood Ave. is located just 1.5 miles from I-95, offering an easy commute to downtown Baltimore and a quick drive out to the county. Nearby Bel Air Road is home to many restaurants and shops. Residents of Frankford also enjoy access to Lake Montebello and Herring Run Park.
Morgan State University is northeast Baltimore’s preeminent university and Maryland’s largest HBCU, and is located just 2.5 miles from 4521 Parkwood.
$250,000 $125,000 Per Unit $195 Per Sq. Ft. 9.9 Times Actual Rent (GRM) 8.0 Times Market Rent (GRM) 8.85% Cap Rate 11.5% 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”.