4803, Roland Avenue, Roland Park, Baltimore, Maryland, 21210, United States
Special opportunity to own a 7,000 square foot, historic Roland Park mansion that has been converted into 6 grand apartments. Fully leased, with average rents over $2,100/month. Immediately, the 1,500 square foot wrap-around deck overlooks a 1/2 acre of landscaped yard and creates a warm and welcoming environment. High ceilings, generous room sizes and historic charm permeate this apartment building.
Move into one of these units and have the rents generated from the 5 other apartments pay your mortgage. Every unit has 10′ foot ceilings, gorgeous hardwood floors and spacious floorplans. The current owner used to live in one of the apartments, so this building has been meticulously maintained and has the character and decor that would be attractive to owner-occupants. Call me to discuss the living space that best suits your needs. You are invited to check out our webinar on purchasing a multi-family building and living in one unit.
For an investor, this multi-family is turn-key. The building is fully leased and all tenants are paying rent on time, every month. The current owner has shown pride in ownership by upgrading 5 kitchens within the last two years.
Comprised of one 4-bedroom, 2 bath apartment, two 2-bedroom, 2 bath apartments, two 1-bedroom, 1 bath apartment and one studio, every apartment has a slightly different design, while staying true to the iconic quality and craftsmanship of a 1900 Roland Park mansion. The top floor is the largest, with 4 bedrooms and 2 bathrooms surrounding an open-concept living, kitchen and dining room, with ceilings up to 15′. Some apartments feature built-in bookshelves, decorative mantles above fireplaces and spectacular crown molding. Tenants take pride living in this prestigious building.
All kitchens have tile backsplash and 4 of them have farmhouse porcelain sinks. In 2019, owners upgraded all but the studio to include stainless steel kitchen appliances, including 4 and 5 burner gas ranges, modern wood cabinetry and granite countertops. Bathrooms are original cast iron tubs, some claw foot, and all have a ceramic tile tub-surround. Floors in bathrooms are ceramic tile, with flooring throughout the rest of the living spaces and building being pristine hardwood.
A 2011 Weil-McLain gas-fired steam boiler, with supplemental radiant heat serves the building. 3 of the apartments have their own separate gas and electric meters and the tenant’s pay these utility bills. The other apartments are tied into the gas public service meter and the rent includes the costs for heating and cooking. The owner pays for internet service, water and sewer Electric service was upgraded to 600 amps and adequately serves the entire mansion. Most interior water supply lines are copper, with drain lines being replaced with PVC. 4 apartments all have in-unit washer and dryers, while apartments 2B and 2C share free laundry in the basement. Original, operable wood-frame windows throughout. Slate roof and stucco exterior construction. The rear lot offers parking for 7 cars plus there are two 1-car garages.
Roland Park is one of Baltimore’s most prestigious neighborhoods, and one of the Nation’s first planned suburbs. Compromised of almost 50% renters and 50% homeowners, the top performing public schools, plus proximity to private schools, continuously attract residents to the area. Loyola, Notre Dame and Johns Hopkins University are nearby. Just across the street is Petit Louis, one of Baltimore’s 5-star restaurants, and the more casual Johnny’s. Roland Park Presbyterian is your neighbor to the south. Roland Avenue was designed by world-famous landscape architect Frederick Olmstead and stretches for 2.5 miles. Starbucks, Eddie’s grocer, USPS and upscale boutiques are within walking distance. Access to I-83 is easy off of either Cold Spring Lane or Northern Parkway, so getting downtown is as easy as heading to points north.
$249,167 Per Unit
$196 Per Sq. Ft.
9.8 Times Actual Rent (GRM)
9.1 Times Market Rent (GRM)
7.02% Cap Rate
8% Projected Cash-on- Cash Return
A building like this is rare – make sure to call me so we can schedule your tour. 410-688-1348
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