UPDATED:
12/06/2024 04:58 PM
Key Details
Property Type Multi-Family, Townhouse
Sub Type Interior Row/Townhouse
Listing Status Active
Purchase Type For Sale
Square Footage 2,520 sqft
Price per Sqft $150
Subdivision Charles Village
MLS Listing ID MDBA2149726
Style Converted Dwelling
Abv Grd Liv Area 2,520
Originating Board BRIGHT
Year Built 1900
Annual Tax Amount $5,859
Tax Year 2024
Lot Size 1,360 Sqft
Acres 0.03
Lot Dimensions 16'9\" x 85'
Property Description
> Value-Add Potential: Opportunity to upgrade apartments and significantly raise rents in this high-demand area.
> Utility Pass-Throughs in Place: Tenants cover 100% of water, gas, and electric costs, enhancing cash flow and boosting overall.
> Walkable Convenience: Positioned between the Charles Village Shopping District and 25th Street’s bustling retail scene, tenants can accomplish most errands on foot.
A spacious, inviting hallway with an impressive wooden staircase creates a welcoming atmosphere for tenants and visitors. Kitchens are designed with laminate countertops and a variety of cabinetry styles, from modern wood to European-inspired options, offering low-maintenance durability and visual appeal. Living spaces feature a mix of wood and laminate flooring, while bathrooms are equipped with functional, modern vanities or wall-mounted sinks and durable vinyl tub surrounds. The basement and third-floor apartments include dens, adding valuable living space.
The office occupies the entire first floor, featuring a private front room that overlooks the tree-lined Maryland Avenue. A larger office area is situated in the rear, accompanied by a half bathroom and a storage room. Both rooms are enhanced by decorative mantles and large windows, creating bright, inspiring workspaces. A central boiler provides heating for all units, with hot water baseboard heat in the basement apartment and hot water radiator distribution for the upper-floor apartments. Two air handlers cool the units: one serves the basement and first floor, while the other serves the second and third floors. A central State Select 40-gallon gas-fired water heater supplies hot water. Observable water supply lines are copper or C-PVC, and observable drain lines are PVC. The property has one electric meter and one gas meter. The landlord bills back for all utilities, keeping monthly utility costs down and more cash in hand. This mixed-use 4-unit in Charles Village is located just four blocks south of Johns Hopkins University Homewood campus, and three blocks south of Wyman Park Dell. Tenants enjoy a quick walk to the Charles Village Shopping District or Safeway grocery store, and I-83 provides a quick commute to downtown Baltimore. 2528 Maryland Avenue garners a “Walker’s Paradise” designation, with a 91 Walk Score and an 89 Bike Score, being located along the Maryland Avenue Cycle Track. RHouse, Remington’s trendy food hall, is home to popular stalls like Creole Soul and Koshary Corner and is within a 5-minute walk.
Investment Summary:
$380,000
$95,000 Per Unit
$151 Per Sq. Ft.
7.3 Times Market Rents (GRM)
9.07% Cap Rate
10.0% Projected Cash-on-Cash Return
Location
State MD
County Baltimore City
Zoning OR-2
Interior
Hot Water Natural Gas
Heating Radiator
Cooling Central A/C
Inclusions 2 electric stoves, 1 gas stove, 3 refrigerators
Fireplace N
Heat Source Natural Gas
Exterior
Garage Spaces 1.0
Water Access N
Accessibility None
Total Parking Spaces 1
Garage N
Building
Foundation Block
Sewer Public Sewer
Water Public
Architectural Style Converted Dwelling
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District Baltimore City Public Schools
Others
Tax ID 0312043635 015
Ownership Ground Rent
SqFt Source Estimated
Special Listing Condition Standard
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