127, West Read Street, Mount Vernon, Baltimore, Maryland, 21201, United States
For Sale - Under Contract
A great opportunity to own a well maintained, charming, affordable mixed use investment property in the heart of historic Mount Vernon. Currently fully leased, this property gives a first time buyer an opportunity to get their feet wet with a well maintained mixed use investment property in a great location. The property sets up well for FHA (owner occupied) financing, live in one unit and let the other help pay your mortgage. Check out our House Hacking video to learn more about the advantages of owner occupied investing.
The property is make up is office space on the first floor and nicely finished basement level. Exposed brick walls, open floor plan, full bath and small kitchen make this a nice working space. The office kitchenette has a 2 burner gas cooktop, under counter refrigerator and stainless steel bar sized sink. The fully contained spacious, two level one bedroom, one and half bath has a open, bright feel with historic features including hardwood floors, high ceilings and exposed brick walls. The apartment kitchen has wood cabinets, ceramic tile counter tops, 30″ gas range, 18″ dishwasher, refrigerator and porcelain sink. The apartment also has a full sized washer/dryer.
Mechanically, the building is in good shape. The office space and the apartment have separate gas fired forced air heating systems and central air conditioning. Each unit has a 40 gallons gas fired hot water heaters. The units are separately metered for gas and electric with 200 Amp main with 100 Amps into each unit with separate panels allowing the tenants to easily pay their own utilities. The roof is torch down rubber.
The location of 127 West Read St. is one of the highlights of the property. It is not surprising the property receives a “Walk Score” of 96 out of 100. It is a 10 minute walk to Penn Station’s Amtrak / MARC and Light Rail, making commuting to Washington, DC or heading to NYC for a meeting an easy task. Within minutes of your front door, you can take in shows at The Lyric and The Meyerhoff Symphony Hall. High end restaurants, museums and world class universities including University of Baltimore School of Law and Johns Hopkins University are close by.
$339,000 $169,500 per unit 201 per square foot 9.1 times market rent (GRM) 7.86% Cap Rate 10.1 % 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