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Description

Fantastic opportunity to own a fully-leased top quality gut-rehabbed apartment building that is just one block from Penn Station and University of Baltimore in the heart of Mount Vernon; one of Baltimore’s Best Historic Districts.  This building was totally rehabbed in 2013.

Unit Mix:
2 Studio Apartments
3 one-bedroom / two-bath apartments that could be adapted to two-bedrooms.
1 two-bedroom / two-bath
2 off-street parking spaces.

Totally rehabbed kitchens with granite counters, full stainless steel appliance package includes full-size gas stove, dishwasher, built-in microwave, disposal and refrigerator.  Beautiful cherry wood cabinets and a ceramic tile floor.  There is a washer-dryer inside each apartment for added convenience and supporting you obtaining the best tenants at the highest rental rates.  Ceramic tile bathrooms, each of the upper floor apartments has two – one with a tub, the other with a ceramic tile shower.  Hardwood floors throughout.  Replacement wood double-hung windows on the front and insulated vinyl windows on the rear.

Tenants pay all of their own utilities, with a separate gas forced air furnace (terrace level apartments have electric mini-split heat pumps) with central air conditioning.  Each apartment has its own electric water heater.  The fire safety system includes a full sprinkler to lower your insurance costs.

Modern touches include some recessed lighting and ceiling fans.  Historic features include:

  • high ceilings,
  • carved wood moldings and trim,
  • hardwood floors, and
  • marble fireplace mantels.

Reasonably priced given the high quality of finishes at $925,000

Summary:
$875,000   Offering Price
$145,833     per unit
$167             per sq.ft.
9.7                GRM
7.8%            Cap Rate
9.7%             Cash-on-cash Return on Investment

SOLD:  Closing January 12, 2018
$835,000   Final Sales Price
$139,167    per unit
$160  per sq.ft.
8.5             Times annual gross rent (GRM)
8.19           Cap Rate
11%            cash-on-cash return on investment

 

  • Address: 1226 Saint Paul Street
  • City: Baltimore
  • State/county: Maryland
  • Neighborhood: Mt Vernon
  • Country: United States

Detail

Updated on April 18, 2019 at 4:55 pm

  • Price: $835,000
  • Units: 6
  • Property Type: Apartment Building
  • Property Status: For Sale - COMP

Contact info

Ben Frederick Realty
Ben Frederick Realty

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