1027 Union Ave: 3 Unit Apartment Building in Popular Hampden

What Makes this Hampden Multi-Unit Apartment Property Special?

A quiet corner lot, on a mature tree-lined street, this cute detached cottage home has 13 west-facing windows, flooding the living space with natural light. Fronting on Union Avenue with the lot stretching 130′ on Hickory Avenue, both of which are quieter side streets, yet, you are only 2 short blocks from all of the fun, quirky shops and restaurants along Hampden’s famous 36th Street, known as “The Avenue”, Click here to visit the Hampden Merchant’s Association click here to visit the Hampden Community Council. The wrap-around front porch and elevated rear yard are ripe for improvement into a warm and welcoming outdoor spot for entertaining and/or pets. This Hampden Multi-Unit Apartment building may be the ideal living space for an owner-occupant. Our house-hacking webinar explains the benefits of purchasing a home where you live in one unit and rent out the others.

For investors, the 9% cash-on-cash return is compelling. Also, the ability to make improvements and raise rents in Hampden, one of the most popular rental neighborhoods in the City, shows this building as a great entry point with upside potential. The location, the yard and the in-unit washer and dryers keep apartments filled with little to no vacancy.

What You Need to Know About This Multi-Family:

The tenant’s on the first floor are vacating mid-April, which gives you the opportunity to make minor improvements and increase the monthly rent or qualify for owner-occupied financing. First and Second Floor apartments have original hardwood floors, a mix of original plaster walls and painted paneling with large bright living spaces and a bay window in each of the bedrooms. The cozy studio apartment on the ground floor makes affordable living possible in one of Baltimore’s most popular neighborhoods with a carpeted living/sleeping area and a modern bathroom and kitchen. Each kitchen has a gas range and refrigerator. The upper floor bathrooms have cast iron tub with ceramic tile tub surround while the studio apartment has a shower stall with ceramic tile walls.

Who Pays What Utilities?

A new Carrier gas-fired furnace was installed in 2018 and provides central heating to the building. 2011 Rheem electric water heater provides central hot water. Each tenant pays 1/3 of the water and 1/3 of the heat, so all utilities are paid by the tenants. Each tenant has their own electric meter. The main water supply has already been upgraded to copper and 200 amps service the electric to the building with circuit breaker sub-panels.

Why Is Hampden A Great Place to Own a Multi-Family Investment Property?

1027 Union has a walk score of 96, which means all errands can be made without a car. A 10-minute walk is all it takes to get to the Woodberry Light Rail station. The ramp to I-83 is only 1/2 mile away. Click here to see a video about the many fun things to see and do in the Hampden neighborhood.

Investment Summary

• $325,000 Offering Price
• $108,333/unit
• $248/sq ft
• 9.3 times market rent (GRM)
• 7.07% Cap Rate
• 9.3% cash-on-cash return