Here is a great opportunity to acquire 7 renovated apartments that are fully leased. The unit mix of 2 one-bedroom, 2 two-bedroom, and 2 three-bedroom, and 1 four-bedroom apartments allows you to appeal to many demographic types. These units will typically rent for more money than smaller sized units.
The apartments were totally renovated in 2003, many with new drywall, several with exposed brick walls and brick fireplace mantels. The electric, plumbing, and heating were all updated at that time providing a building with low maintenance costs. Each tenant pays their own heat and electric. The landlord pays for hot and cold water.
The location is terrific! Just across the street is Historic St. Mary’s Park, a 6 acre public park with mature shade trees, walking paths, and pleasant open space. St. Mary’s Park is home of Saint Mary’s Seminar, the oldest Catholic Seminary in America, and the home of Saint Elizabeth Ann Seton, the first American-born Catholic Saint.
University of Maryland (which has zero on-campus housing) is 5 blocks to the south, “State Center” which houses many Maryland State Agencies, with Subway and Light Rail connections, is located 3 blocks to the north, University of Baltimore is 6 blocks north and east, and Pennsylvania Train Station, with MARC service to Washington DC and AMTRAK service to New York and Boston, is just 1 mile away.
The majority of residents in this area commute by bicycle, public transport, or walking. The Walk Score is 96, the Transit Score is 90, and the Bicycle Score is 73.
Priced at $775,000, or $110,000 per unit, this property is priced at a 7% cap rate.
