2637 St Paul St: 11 Lead-Free Garden-Style Apartments

2637 St Paul St:  11 Lead-Free Garden-Style Apartments

2637 St Paul St: 11 Lead-Free Garden-Style Apartments

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Description

Built in 1962, this lead-free apartment building has all of the amenities and elements of a great investment property in a very good location.  A great mix of 5 one-bedroom apartments and 6 two-bedroom apartments.

Property is located at the corner of 27th Street and Saint Paul, directly across from the “2640 Space”, the old church at 2640 Saint Paul Street, and across from the Johns Hopkins Free Shuttle Bus Stop at 27th and Saint Paul.

The Ground Floor units have the original parquet real hardwood flooring while the upper floor units have the original oak hardwood flooring.  Spacious living/dining room is accompanied by a galley style kitchen with white laminate kitchen cabinets, white laminate counters, vinyl flooring, and equipped with a 30″ gas stove and a refrigerator.  Each apartment has its own gas-fired forced air heating system (all systems have been replaced in the last few years) with central air conditioning.

The landlord provides hot water via a commercial grade 77-gallon gas fired water heater that produces 192 gallons per hour.  This AO Smith water heating was installed new in 2013.  Each apartment has its own gas meter and electric meter.  The electric panels in each apartment are all manufactured by Federal Pacific.  The roof is a commercial stone-covered modified bitumen material.

There are 3 one-car garages that are rented to tenants at below-market rates.  There are 6 surface off-street parking spaces.  The landlord provides a dumpster for trash removal.  2 coin-operated washers and 2 coin-operated dryers provide on-site laundry for the tenants.  These units are on a monthly lease from CMC Laundry Corp.

INVESTMENT SUMMARY:
$935,000 investment
$85,000 per unit
$108 per sq.ft.
9 times gross annual rent
8.2% cap rate
10% cash-on-cash return on investment