Thank you
Dimitrios Lynch
ExecuHome Realty
443-632-3000
Incredible 12-Unit Multi-Family Property! Amazing Value at less than $80,000 per Unit! Combining 1200 & 1202 N Caroline St, this remarkable property combines to create an impressive nearly 10,000 sq. ft. corner building boasting fantastic apartment layouts, robust cash flow, and substantial equity potential. Built in a bygone era, this sturdy property features a majestic entrance, exquisite custom millwork, and soaring ceilings. This expansive building offers serene living spaces for tenants and presents a desirable mix of apartment layouts, including eight two-bedroom units, two one-bedroom units, and two studios. Each unit is separately metered, with tenants responsible for their own gas and electric expenses. A diverse tenant base, comprising both market-rate tenants and Section 8 occupants, maintains stable rents averaging approximately $1,000 per month, resulting in a gross annual rental income of $125,000. The owner has made substantial investments, totaling over $100,000, to stabilize the property, yielding an impressive 8% Cap Rate for prospective buyers. This presents a tremendous opportunity to further enhance cash flow and equity. By increasing rents to a reasonable $120,000 per unit and $1,200 per month, potential equity of up to $500,000 could be generated, along with a likely 10+% cap rate. Situated on a spacious lot measuring 49ft by 159ft, spanning the entire block from Caroline to Spring St, the property enjoys adjacency to Madison Square Park, Recreation Center, and Playground, offering unobstructed city views. Just half a mile from John’s Hopkins Medical Campus, the property is ideally located amidst the vibrant East Baltimore Development, featuring 1.7 million square feet of life sciences research and office space, educational institutions, green areas, grocery stores, and other essential neighborhood amenities. View the uploaded floor plans to envision the building's layout. While interior photos are limited due to occupied units, this is an exceptional investment opportunity to purchase, enhance, and hold for generations. Don’t let this opportunity pass you by – call today for more information!
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Water Source : Public
Basement Description: Partial,Unfinished
Cooling: None
Heating: Radiator
Cooling Fuel: Electric
Heating Fuel: Natural Gas
Year Built: 1900
Structure: Other
New Construction: No
Total Units: 1
Built: 1900
Construction Material: Brick
Architecture: Federal
Pool/Private: No Pool
Pool: No Pool
Sewer: Public Sewer
Water Heat: 60+ Gallon Tank
Lot Size: 6,355
Lot Size (Acres): 0.15
Architectural Style: Federal
Main Square Feet: 6,355
SQ ft: 10,250
SQ ft (Living Area): 10,000
Total Lot SQ ft: 6,355
Subdivision: OLIVER
Financing: Conventional
Total Acreage: 0.15
New Construction: No
Type: Federal
Possession: Settlement
Days Of Market: 1
Annual Tax: $8,186
Tax Year: 2023
Total Taxes Payment Frequency: Annually
Settlement
Taxes Assessment Amount: $346,867
Parking Type: On Street
Has Garage: N
Acceptable Financing: Conventional
Direction: GPS
School District: BALTIMORE CITY PUBLIC SCHOOLS
Water Source: Public
Sewer: Public Sewer
Cooling Fuel: Electric
Heating Fuel: Natural Gas
Hot Water: 60+ Gallon Tank
Direction: GPS
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
1720 E Lafayette Avenue , Baltimore, MD,21213 | $60,000 | 3 | 1.0 | -- | -- |
1511 Rutland Avenue , Baltimore, MD,21213 | $32,500 | -- | -- | -- | 928 Sqft |
1306 N Potomac Street , Baltimore, MD,21213 | $80,000 | 2 | 1.5 | 980 | 1260 Sqft |
3218 Elmora Avenue , Baltimore, MD,21213 | $112,500 | 3 | 1.0 | 1,152 | 1152 Sqft |
2533 E Oliver Street , Baltimore, MD,21213 | $209,000 | 3 | 3.5 | -- | -- |
3615 Raymonn Avenue , Baltimore, MD,21213 | $200,000 | 3 | 2 | 1,120 | 1306.8 Sqft |
2215 E Biddle Street , Baltimore, MD,21213 | $289,900 | 2 | 2.5 | -- | -- |
2531 E Biddle Street , Baltimore, MD,21213 | $90,000 | 3 | 1.0 | -- | -- |
1412 E Oliver Street , Baltimore, MD,21213 | $149,500 | 2 | 1.5 | -- | 962 Sqft |
1912 E Federal Street E, Baltimore, MD,21213 | $55,000 | 3 | 2.5 | -- | 1088 Sqft |
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ByOwner last updated this listing 05/04/2024 @ 09:37
MLS: MDBA2113570
LISTED BY: Dimitrios Lynch , ExecuHome Realty
SOURCE: BRIGHT MLS
Buyer Agency Compensation: 2.25%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.