743, Springfield Avenue, Pen Lucy, Baltimore, Maryland, 21212, United States
Fully leased and ready for a new owner! Bringing in a total annual rent of $33,000, these two townhomes offer immediate cash flow with a 10.48% cap rate!
Each of these buildings contains 3 bedrooms and 2 full bathrooms, and feature modern kitchens, hardwood flooring, and central heating and cooling. Tenants can use the partially finished basements as additional living area or storage space, and enjoy the laundry facilities provided here too. As an end-of-group, 745 Springfield brings in extra sunlight and commands a higher month rent of $1,400/month; 743 Springfield brings in $1,350/month. Tenants pay all utilities, leading to low operating costs for the landlord.
The Pen Lucy neighborhood sits off the York Road corridor in North Baltimore. Tenants enjoy the many shops and eateries along York Road. This corridor also offers easy access to both Towson and downtown Baltimore. According to LiveBaltimore, Pen Lucy is made up of 65% renters–you’ll always have demand for rental housing here!
Available as a package deal or as two separate parcels. Schedule your tour of these rental homes today!
Investment Summary: $245,000 $122,500 Per Unit $107 Per Sq. Ft. 7.4 Times Actual Rent (GRM) 7.3 Times Market Rent (GRM) 10.48% Cap Rate 23.6% 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”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman