3 large 1-bedroom apartments are all vacant and in need of various stages of renovation. Located in Oakenshawe (nestled between Guilford & Charles Village) this apartment building sits on a quiet, tree-lined street. 3411 is one of just two multi-family properties on Guilford Terrace; all others are single-family, mostly owner-occupied. This neighborhood is patrolled by Johns Hopkins Campus security, Union Memorial Hospital security, Guilford security, and Charles Village security as well as the BCPD, and is just steps away from the shops in Charles Village.
Recent improvements include new shingle & composite roof, 2 new skylights, new chimney cap, and all new plumbing by Saffer Plumbing under permit no. COM2019-59380. All replacement windows except one on first floor and those in basement. Equipped with separate gas & electric meters for each apartment. Basement has on-site laundry and space for storage. Steel fire escape and large metal 2nd floor deck are in excellent condition. 2-car parking pad in rear.
Building needs renovation including updating bathrooms, kitchens, floors, and HVAC. Similar renovated 1-bedroom apartments on this block rent for $1,350. Bring your contractor and add value to this investment opportunity!
OFFERING SUMMARY:
$260,000
$90,000 repair budget
$116,667 price per unit (including repairs)
8.0 Times Projected Annual Rent (GRM)
8.98% Cap Rate
14.5% Projected cash-on-cash return on investment
