2519 Liberty Heights Ave

5 Unit Apartment Building $690,000 ($138,000/Unit) 9.50% Cap Rate Baltimore, MD 21215

INVESTMENT HIGHLIGHTS

  • close to public transport
  • Business Center / Common Office
  • bonus storage space that could be utilized as a gym or common area creating additional cash flow opportunities.
  • gated parking lot, ample street parking
  • the building features a 5-meter stack plus common utilities

EXECUTIVE SUMMARY

Incredible opportunity to own this newly rehabbed and converted legally-zoned 5 unit multifamily property with R6 Zoning. Building features & amenities include: full building sprinkler system, gated paved and lined parking lot, abundant street parking, common area conference/business center, coin laundry, self-contained units, rear decks, and large walk-out lower level storage / common area. Approx 5,200 sf of income production potential. Unit descriptions: Unit 1: 2br 1ba main floor. Unit 2: 2br 1ba upper floor. Unit 3: 1br 1ba main floor. Unit 4: 1br 1 ba upper floor. Unit 5: 1 br 1ba Lower-level walk-out 900+ sf large enough to add a second bedroom. All units delivered vacant allowing new owner full control over income and tenant selection. The rehab and conversion of the building is brand new and current owner is working on final sign-off and U&O Certificate. Additional potential income upside over and above the base rent: Parking space rental, business center rental, coin laundry income, large lower-level common area rental, and storage locker rental. Large roofline allows an investor the potential to jump on the solar installation bandwagon and sell to the grid or to the tenants.
Conveniently located, occupants are a quick walk from the Mondawmin transit plaza, providing quick access to the city via metro subway and local buses. The Mondawmin Mall and The Village at Mondawmin Community center, a three-story complex with over 100 specialty stores and a large grocery store serves the immediate neighborhood. Liberty Road is lined with booming retail. Druid Hill Park, a 745-acre oasis and home to the Maryland Zoo and Rawlings Conservatory & Botanical Gardens, is just a 7-minute walk from the property. Straight shot to I-695 via liberty road, and a short commute to I-83 and Downtown Baltimore, giving tenants opportune access to major employment, transport, education, recreation, shopping, and medical.

FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access

ANNUAL ANNUAL PER SF
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

PROPERTY FACTS

Price $690,000
Price Per Unit $138,000
Sale Type Investment
Cap Rate 9.50%
Sale Conditions
1031 Exchange
  • Lease Option
No. Units 5
Property Type Multifamily
Property Subtype
Apartment
  • Multifamily Manufactured Housing Mobile Home Park
  • Multifamily Dormitory
Apartment Style Garden
Lot Size 0.16 AC
Building Size 5,180 SF
Average Occupancy 0%
No. Stories 3
Year Built/Renovated 1930/2024
Parking Ratio 0.97/1,000 SF
Opportunity Zone Yes

UNIT AMENITIES

  • Air Conditioning
  • Dishwasher
  • Stainless Steel Appliances
  • Deck
  • Dining Room
  • Family Room

SITE AMENITIES

  • 24 Hour Access
  • Fenced Lot
  • Laundry Facilities
  • Vintage Building
  • Bicycle Storage
  • Multi Use Room
  • Public Transportation

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
2+1 1 $1,900 -
Walk Score®
Very Walkable (72)
Transit Score®
Excellent Transit (86)

ZONING

Zoning Code R6 (R6 Residential)
  • Listing ID: 33856796

  • Date on Market: 6/14/2024

  • Last Updated:

  • Address: 2519 Liberty Heights Ave, Baltimore, MD 21215