Diversify your rental portfolio under one roof with this mixed use Charles Village building. Housing four apartments and one retail suite, 2414 Saint Paul Street is 100% leased and provides instant cash flow, in one of Baltimore’s premier real estate investment markets.
3 Efficiency Apartments
1 One-Bedroom Apartment
1 Retail Clothing Store
2414 Saint Paul Street has first-floor retail on the street level, two apartments on the second floor, and two apartments on the third floor.
Apartment kitchens feature sturdy, easy-to-clean construction with a mix of wood and laminate cabinets, laminate countertops, and ceramic tile floors. Bathrooms have modern vanities and full-sized tubs. Living areas contain a mix of laminate, ceramic tile, and hardwood flooring. With compact apartments and easy-to-maintain finishes, tenant turnovers will be a breeze. The Charles Village neighborhood provides a steady supply of quality tenants.
The commercial space is leased to a clothing store, with a 3 year term and 3 year renewal option. This building’s C-1 zoning allows a myriad of business uses including retail, office, or medical. With no walk-up stairs and high street visibility, 2414 Saint Paul Street’s commercial element provides a desirable location for businesses.
2414 Saint Paul Street has 5 gas meters and 6 electric meters. Currently the commercial tenant and one apartment tenant pay their own utilities; the rest have their utilities included in the rent. A savvy landlord might pass these costs along to the tenants to increase cash flow.
This mixed-use building’s apartments have electric baseboard heat; the commercial suite has a gas-fired forced air furnace with corresponding air conditioning. Each unit has its own water heater. The building has vinyl replacement windows, and a rubber roof with elastomeric coating.
Just around the corner from 2414 Saint Paul Street is 25th Street, a bustling commercial corridor. This neighborhood is home to many mom-and-pop shops as well as office suites, restaurants, and retail storefronts. 2414 Saint Paul Street has a WalkScore of 94, earning the designation “Walker’s Paradise”; a TransitScore of 70, and a BikeScore of 89. This location in central Baltimore is just short drive from downtown, and I-83 provides quick access to the City’s highway systems. The neighborhood is served by the Charles Village Benefits District–this nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.
$105,000 Per Unit
$206 Per Sq. Ft.
10.5 Times Actual Rents (GRM)
9.2 Times Market Rents (GRM)
7.70% Cap Rate
6.8% Projected Cash-on-Cash Return
Courtesy of: Ben Frederick Realty, Inc. 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: 26th September, 2022 5:22 AM (UTC)
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