3132, Remington Avenue, Remington, Baltimore, Maryland, 21211, United States
This 2-unit apartment building is 1/2 block from Johns Hopkins University Homewood Campus and 2 blocks to Remington’s popular “R House“, a modern Food Hall offering upscale food and a fun social environment attracting patrons from all over the City. Doorsteps.com rates Baltimore City’s Remington neighborhood as top trending, creating a “community” sense of living. Remington is experiencing a surge in investment and redevelopment. This property can be run “as is” and also offers the opportunity as a “value-add” by renovating and upgrading the property and raising rents.
Each apartment spans an entire floor and tenants have access to shared laundry in the basement. Both apartments have 30″ gas ranges and garbage disposals. The 1st floor has a built-in microwave oven. Vinyl floors carry throughout the first floor, while the 2nd floor features modern vinyl plank flooring in the kitchen and carpet in the living areas. Each bathroom has a modern vanity. The 1st floor has a cast iron tub with ceramic tile enclosure. The second floor bathroom has the original, ornate claw foot tub. Plaster walls throughout both apartments, with some wood paneling on the 2nd floor.
Each apartment has it’s own oil tank and tenant’s pay for heating fuel. The 1st floor apartment has a Rheem oil-fired furnace and forced air heat. The 2nd floor has an oil-fired Bock water heater servicing the radiators. Each tenant pays for their own electric usage. The cooking fuel for both ranges is paid for by the tenant on the 2nd floor. The owner pays for water and sewer.
Purchase this building and lease as-is with a 9.4% return on investment. If you were interested in a value-add opportunity, upgrading HVAC, new paint, new floors and new kitchens and baths, one could increase monthly rents from an average of $800 per apartment to $1,050 and potentially increase the cash-on-cash return on investment to 10.8%. Homeowners could live on the larger second floor apartment rent the 1st, letting the tenant below help pay your mortgage. See our house-hacking webinar here for an outline and call me to discuss further.
This value-add apartment building has a WalkScore of 85 and crime grade “A”, the lowest possible crime grade in all of Baltimore City. The property backs to the Stony Run Trail and Wyman Park. Remington Row is 3 blocks south and many locally owned and operated boutiques, salons and stores populate the corners the nearby . Access to I-83 is minutes drive away, allowing tenants to get to points downtown or into the suburbs quickly. Remington Avenue heads north into Hampden and is less than a mile walk to Hampden’s famous 36th Street. This area is also patrolled by Hopkins Campus Security.
$152 Per Sq. Ft.
9.7 Times Actual Rent (GRM)
9.0 Times Market Rent (GRM)
7.29% Cap Rate
10.4% Projected Cash-on-Cash Return
Interest rates are still low and the supply of investment properties is low. Call me today to schedule your viewing and discuss the best approach to add this to your portfolio or owner-occupy.
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