3016 St Paul St: 5-Unit next to Charles Village Shopping District

3016 St Paul St: 5-Unit next to Charles Village Shopping District

3016 St Paul St: 5-Unit next to Charles Village Shopping District

3016 St Paul St, Baltimore, MD 21218, USA

SOLD COMP

$525,000

Property ID :

 StPaul3016

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Units
5
Bathrooms
5
Garage
2
Sq Ft.
3900

Description

Rare Offering of a huge 3,900 sq.ft. end-of-group brick townhouse with a 27′ wide lot with 5 apartments.  Each floor offers about 1,200 sq.ft. of living space, so the rooms are quite generously large in size, with high ceilings.

This handsome building has some original architectural features including built-in shutters, fireplace mantels, decorative wood trim, and original plaster molding on some ceilings.

Best of all is the location, just 2 blocks from Johns Hopkins University Homewood Campus and 1/2 block from the popular Charles Village Shopping District which includes Eddie’s Grocery Store, Chipotle, Starbucks, Bank of America, Laundromat, Barnes & Noble Books, the Charles Village Pub, CVS, and Race-Pace Bicycle Shop.

Johns Hopkins Security Team actively patrols this block so your tenants can feel safe and secure living here and walking the streets.  Speaking of walking, because this area is so convenient, it has earned a 94 walking score:

  • Wyman Park is just a block away, offering a peaceful respite from City living with park benches, walking trail, and a tot lot.
  • Johns Hopkins Free Shuttle Bus picks up just 2 blocks away at Saint Paul and 33rd.
  • Peabody Heights Brewery is 2 blocks away.
  • Every Saturday, year-round, residents enjoy the Saturday morning Waverly Farmers Market, just 4 blocks from this property.

Unit mix:
2-Bedroom one-and-a-half bath apartment in the terrace level has a large open kitchen and an in-unit stack washer-dryer.
Studio apartment in the first floor front with a small galley kitchen, including a 20″ electric range, small metal cabinet with a bar-size kitchen sink and a dormitory-style half-refrigerator.  This apartment has a large living/sleeping room with 10′ ceiling, sculpted plaster ceiling, and a fireplace mantel.
1-Bedroom with Den apartment in the first floor rear with a full-size kitchen with wood cabinets, dishwasher, full size 30″ gas range, and refrigerator.
The second floor features a huge 2-bedroom apartment with a full-size kitchen with in-unit washer/dryer, full-size gas range, dishwasher, and refrigerator.  There is a large bedroom in the front with double closets and hardwood floors.  A study room is attached to the rear bedroom.
The third floor is much like the second, with two huge bedrooms, a study, a large kitchen with dishwasher, full size 30″ electric range, and refrigerator.

The building has a brand new top-of-the-line TPO (Thermoplastic polyolefin) roof, which is rated to last up to 20 years with minimal maintenance.  The building is heated by a central hot water radiator system with an oil-burner.  The boiler and burner are about 10 years old and appear to have a high-efficiency rating.  The central gas-fired water heater is 9 years old.  The building has upgraded electric service with all circuit breaker panel boxes

There are two off-street parking spaces in the rear, for which the owner does not charge extra.  This is an opportunity to increase rent.  Also, the landlord currently pays the heat and water bills; however, it is customary in this market for each tenant to pay a share of the heat and water bill.  The building should command premium rents as the owner provides free internet WiFi for the tenants.

For years, Charles Village has offered great value for real estate investors.  The popularity of the neighborhood has meant strong demand (thus, low vacancy rates and quick lease-ups) with rising rents year-after-year.  Johns Hopkins provides security patrols, which is a huge benefit for making tenants feel safe living in this community.

INVESTMENT SUMMARY:
$560,000  investment offering
7.4 times market rent
$144  per sq.ft.
7.3% cap rate
7% return on investment

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