Exceptional opportunity to purchase a completely renovated and very well-maintained 8-unit apartment building. Conveniently located in the heart of the "Mt. Vernon" community of Baltimore City. The building is MDE Certified Limited Lead-Free.
The property's Gross Potential Annual Rent is $97,800 (Based on Full Occupancy) including parking income. There is an additional income of approximately $1,200 per year in cash (quarters) generated by the on-site laundry facilities.
LOCATION: Mount Vernon is a designated National Landmark Historic District and a city Cultural District. It boasts stunning 19th century architecture and well kept parks. Being close to downtown, Mount Vernon is well-served by public transit and is blocks from Light Rail. The neighborhood is home to a mix of institutions, including the Peabody Conservatory, Walters Art Museum, University of Baltimore, Maryland Historical Society, Maryland Institute College of Art, Joseph Meyerhoff Symphony Hall, Baltimore School for the Arts, Lyric Opera House, Center Stage & much more!
SITE: 0.05 +/- acre parcel is zoned OR-2 (Office Residential). According to Baltimore City tax records the site dimensions are 19' X 114' +/-.
IMPROVEMENTS: The property is improved by a 3-story plus basement masonry building which contains 4,455 +/- sq. ft. of above-grade building area and 2 parking spaces in the rear.
The building contains 8 studio apartment units and was completely renovated in 2015. The renovations included:
• new roof
• new windows
• sprinkler system installed
• new electric service
• new water main
• new plumbing
• new heating/cooling systems
• new water heaters
• new appliances
• new kitchens and bathrooms
• new fire escape
• new concrete parking pad
• extensive common area improvements
Typical finishes for the units include stainless steel appliances, dishwashers, gas ranges and granite counters in the kitchens. The units also have wood, laminate and ceramic tile floors along with drywall and exposed brick walls.
Heating and cooling is provided by individual split-mini systems. Each unit has 60 amp electric service and is separately metered for gas and electric. Landlord is reimbursed by the tenants for water and sewer expenses.
Diligence Package: Rent roll, floor plans, leases, lead certificate, lead reports, MFD license and a copy of the purchase and sale agreement with assorted addenda are available.
The information contained herein was obtained from sources deemed reliable but is offered for informational purposes only. The auctioneer, the sellers and their respective agents and representatives do not make any representations or warranties with respect to the accuracy of the information contained herein. Prospective purchasers are urged to make their own inspection.
