Description

> Mixed-use property in high-demand Charles Village, offering a balanced blend of commercial and residential spaces.
> Turn-key apartments with individual HVAC systems, modern kitchens, and comfortable finishes attract long-term tenants and reduce vacancy.
> Attract quality commercial tenants at the crossroads of Baltimore’s ‘Main Street,’ Charles Street, and the bustling 25th Street, recently recognized as ‘Baltimore’s Black Wall Street.’
> Leasing additional spaces in the sizable rear parking lot offers a valuable opportunity to boost cash flow and maximize income potential. 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, 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.

Who Pays Which Utilities:
2516-2520 North Charles recently underwent a complete electric overhaul, with all units now individually metered and paid directly by tenants. Apartments are self-contained, each featuring its own heat pump, central air, and water heater. Four commercial suites are heated via electric baseboards, while two suites have inactive heating systems with existing distribution (ducts/baseboards) ready for new heat pumps. Gas-fired water heaters serve four of the suites, and each building has one gas meter for commercial gas consumption. Water costs are billed back to all tenants, boosting monthly cash flow

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.

What’s Great About Charles Village:
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 96, a TransitScore of 80, and a BikeScore of 85.

Investment Summary:
$1,260,000
$96,923 Per Unit
$155 Per Sq. Ft.
7.9 Times Market Rents (GRM)
8.47% Cap Rate
9.1% Projected Cash-on-Cash Return