1125 Saint Paul Street: 4 Apartments in Mid-Town Belvedere / Fully Leased

What makes this multi unit investment property in Mid-Town Belvedere special?

A great opportunity to own a grand, well maintained, extensively renovated 4 unit investment property located in the heart of Mid-Town Belvedere within walking distance to fine dining, shopping and transportation. The property sets up well for an investor looking for a solid positive cash flow investment. It also sets up well for the owner-occupied investor who can take advantage of FHA financing while living in one unit and have the other apartments pay your mortgage. Check out our “ House Hacking” discussion to learn more about the advantages of owner-occupied property investing.

Property details of this 4 unit multi family

The building make up is 4 spacious one bedroom, one bathroom self contained apartments, a quiet enclosed rear brick patio, two car garage and a large basement for tenant storage. All apartments have in unit washer/dryers. All kitchens have granite countertops, 30″ stainless steel sink, gas range, refrigerators and wood cabinets. Apartments # 2, 3 and 4 add dishwashers, disposals and built in microwaves. Apartment # 2 has a true cooks kitchen with stainless steel appliances and ample granite counter tops with room to cook and entertain. Bedrooms are large with plentiful storage and closet space. All bathrooms have modern vanities, ceramic floors and ceramic/ glass tub/ shower surrounds. Apartment # 2 has 1 1/2 baths both with high end finishes. The building retains its historic character with a broad sweeping staircase, high ceilings, marble fireplace mantles, large windows, ornate molding and hard wood floors. The property is enhanced by a quiet enclosed rear brick patio open to all tenants for entertaining, dining or just relaxing. The two car garage adds convenience for the tenants and revenue for the landlord.

Who Pays What Utilities in this Apartment Building

Mechanically the building is in good shape. There is a new (2020) gas boiler that heats the basement (common space) and the first floor apartment with radiator heat. There is one gas meter and the landlord currently pays for the heat in the basement, first floor and all gas ranges. Apartments #2, 3 and 4 all have separate electric heat pump systems. (2012) All units are separately metered for electric with separate panels in each unit, allowing the tenants to pay their own electric bill. Apartments #2, 3 and 4 have central air conditioning. Apartment #1 has two window air-conditioning units supplied by the landlord. All units have separate electric hot water tanks. There is one water meter into the building which can be billed back to the tenants to increase an investor’s return. The roof on the main building is torch down rubber (2019) and the garage roof is asphalt rolled shingle. (2019) The property is cable ready.

What’s Nearby

The location of 1125 Saint Paul 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 5 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.

Investment Summary

$880,000.00
$220,000.00 per unit
220 per square foot
11.5 times market rent (GRM)
6.90% Cap Rate
8.7% Cash on Cash return