Description
Price Improvement! 2516 - 2520 North Charles Street offers a combination of residential apartments and commercial office suites in a central Baltimore neighborhood. Diversify your portfolio and mitigate risk in this mixed-use investment building. These renovated apartments are easy to lease and maintain, and small commercial suites are popular along the busy 25th Street commercial corridor.
Unit Mix:
6 One-Bedroom Apartments
1 Two-Bedroom Apartment
5 Office Suites
1 Hair Salon
The apartments feature modern kitchens with a mix of granite and laminate countertops, and wood and laminate cabinets. All kitchens have electric ranges, and ceramic tile floors. Bathrooms contain a mix of vinyl shower stalls and steel tubs; all bathrooms have ceramic tile floors. Living areas and bedrooms have comfortable carpeting. Individual HVAC systems for each apartment (heating and air conditioning!), vinyl replacement windows, and modern lighting and drywall appeal to today's tenants.
The commercial suites have been built out by the tenants to suit their needs. The first floor suites contain a mix of carpet, laminate, and vinyl tile flooring. The basements have ceramic tile floors. Each suite has a half bathroom.
The apartments are separately metered for electric. Each unit has its own electric heat pump, air conditioning, and water heater. Water and sewer is split amongst the tenants.
The commercial suites share a commercial electric meter, and one gas meter per building. These costs, plus water, are split between the landlord and the tenants.
A large, 3,418 sq. ft. asphalt lot provides parking in the rear of the building. A savvy landlord would lease out these spaces to increase rental income.
The landlord provides a dumpster for trash removal, and pays a service to clean common hallways.
25th Street is a bustling commercial thoroughfare in North Central Baltimore, home to many small businesses and national retailers alike. Apartment tenants enjoy the close proximity to many retail shops and grocery stores. Johns Hopkins University, University of Baltimore, and Maryland Institute College of Art are all close by.
Charles Village's location in central Baltimore makes for an easy commute downtown or to the county via I-83. 2516-2520 North Charles Street garners a WalkScore of 94, and transitScore of 68, and a BikeScore of 89.
$1,250,000
$96,154 Per Unit
$154 Per Sq. Ft.
9.4 Times Actual Rent (GRM)
7.9 Times Market Rent (GRM)
8.89% Cap Rate
9.4% Projected Cash-on-Cash Return
Location
Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 31st May, 2023 6:53 PM (UTC)
