1728 Bolton St 3 Unit Apartment Building $639,000 ($213,000/Unit) 7.78% Cap Rate Baltimore, MD 21217

1728 Bolton Street presents an opportunity to acquire a turnkey triplex in Bolton Hill, one of Baltimore’s most established and architecturally significant rental neighborhoods. The property includes 2 two-bedroom, two-bath apartments and 1 one-bedroom, one-bath apartment. With off-street parking, laundry for each apartment, and a first-floor tenant in place since August 1, 2009, the property offers a stable rental asset in a highly desirable city location.
1728 Bolton Street offers large apartments with tall ceilings, good natural light, and several decorative fireplace mantels, all features which attract quality tenants.
The kitchens include wood cabinetry, dishwashers, and gas ranges. Units 1 and 2 have 30” gas ranges; Unit 3 has a 20” gas range. Two kitchens have laminate countertops, and one has granite countertops. Two kitchens include modern shaker-style cabinets, and one apartment has a garbage disposal.
Units 1 and 2 each have a full-size washer and dryer in the basement. Unit 3 has a stacked washer and dryer in the apartment. Tenants currently pay their in-unit gas and electric, and the washers and dryers are connected to each tenant’s individual electric panel rather than the public service electric. A new owner may be able to improve cash flow by billing tenants back for their share of the water bill and public service electric, subject to lease terms and applicable local requirements.
1728 Bolton Street is in Bolton Hill, one of Baltimore’s prettiest and most established rental neighborhoods. The block has the kind of architecture and tree-lined setting that makes people want to stay. And at this property, the first-floor tenant has done exactly that. They have been in place since August 1, 2009, which says a lot about both the building and the neighborhood.
The property is close to MICA, where on-campus housing is limited, creating steady demand from students. MICA also brings faculty, visiting artists, administrators, and other professionals into the neighborhood, which helps keep the rental pool strong.
Bolton Hill is also just easy. Tenants have quick access to I-83, Martin Luther King Jr. Boulevard, Light Rail, Penn Station, Midtown, and downtown Baltimore. Reservoir Square is nearby as well, adding more neighborhood investment and future amenities just north of the property.