SOLD
13% + Cap Rate in Great Neighborhood
1708 Linden Ave. Bolton Hill 21217
Only $194,770
* * * Correction $189,900 * * *
* * * That makes the numbers below even better! * * *
Great Amenities = Higher rent
- Projected 13.1% Cap Rate
- 3 Unit
- Two-1 bedroom units
- One-2 bedroom (just add door)
- Quiet Bolton Hill street
- Brick courtyard in rear
- Brick street and courtyard in front
- Garage in rear
Great Neighborhood = Great Tenants
Walk to:
- Maryland Institute College of Art
- Coffee shops
- Restaurants
- Grocery and Pharmacy
- Adjacent to park
Close to Transportation:
- Baltimore Metro
- Light Rail
- Amtrak – Penn Station
Back of the Envelope Income Projections
tm
Wow!
* * Let’s Look at this Deal in Detail * *
Neighborhood Info and Proposed Exit Strategy:
Bolton Hill is a historic Baltimore neighborhood of quiet, tree-lined streets. The neighborhood is filled with classic late 1800’s architecture and is listed on the National Register of Historic Places. The original character and detail of the neighborhood has been well preserved. It is located about 1.5 miles north of Baltimore’s Inner Harbor. Bolton Hill is within easy walking distance to the State Center station on the Baltimore Metro Subway and the University of Baltimore/Mt Royal and Cultural Center on the Baltimore Light Rail. It is also walking distance to both the University of Baltimore and MICA. Approximately 85% of housing units are single-family owner-occupied, 15% multi-family rentals, and 5% condominiums, mostly owner-occupied.
Our Recommendations: Replace boiler. Paint and clean/replace carpet as needed. Add door to 2nd floor apartment to convert to 2BR. Estimated cost- $5 – 15k. Additional cosmetic upgrades could lead to higher rents. Appeal property taxes immediately after settlement to improve cash flow (the assessed value should be reduced to the purchase price of the property).
Bottom Line : It is rare to see this high a cap rate in top neighborhoods like Mount Vernon, Charles Village or Bolton Hill. Let other landlords worry about the problem tenants and problem neighborhoods. If you want a quality Property in a quality neighborhood act now before someone else beats you to the punch.
* * * Call Now * * *
Ned Carey
Crab Properties LLC
443-844-9141
The Best Investment in Bolton Hill
Address |
Units |
Price |
Date |
$ per unit |
$ per Sq. Ft. |
| 1708 Linden | 3 | $194,770 | $65,000 | $67.99 | |
| Sold | |||||
| 215 W Lanvale | 3 | $285,000 | 3/15/2011 | $95,000 | $78.73 |
| 1412 Mount Royal Ave | 3 | $338,400 | 12/22/2010 | $112,800 | $93.66 |
| 1422 Mount Royal | 5 | $384,750 | 7/29/2010 | $76,950 | $97.50 |
| Listed | |||||
| 1732 Bolton | 3 | $435,000 | $145,000 | $115.45 | |
| 1833 Bolton | 3 | $399,000 | $133,000 | $134.43 | |
| 1210 Eutaw | 3 | $399,000 | $133,000 | $85.80 | |
| 1825 Bolton | 3 | $249,900 | $83,300 | $84.2 |
1708 linden is:
-
Lowest Price for a 3 unit Building
-
Lowest price per unit
-
Lowest Price per Sq. Ft.
Market Rents
|
||
| Rentometer | Median | Common |
| 1 bedroom | $850 | $1000-1200 |
| 2 bedroom | $1,150 | |
| Pedestal Gardens (2 blks Away) | ||
| 1 bedroom | $1008-1053 | |
| 2 bedroom | $1166-1219 | |
Income Forecast
|
||
| Rent | monthly | yearly |
| 1 bed small | $850 | |
| 1 bed large | $1,000 | |
| 2 bed | $1,150 | |
| Potential Rental Income | $3,000 | $36,000 |
| Vacancy @ 8% | 8% | ($2,880) |
| Garage @ 125/mo | $1,500 | |
| Laundry | $720 | |
| Gross Operating Income | $35,340 | |
| Operating Expenses | yearly | |
| Taxes | 4650 | |
| Insurance | 1275 | |
| MDE registration | 45 | |
| Baltimore city registration | 105 | |
| Common Space Elec. | 612 | |
| Sewer/water bill | 1065 | |
| Misc. | 500 | |
| Total Operating Expenses | $8,252 | |
| Net Operating Income | $27,088 | |
| Sale Price | 194,770 | |
| Repairs / Cosmetics~ | 12,000 | |
| Total Price~ | $206,770 | |
| Cap Rate | 13.1% |
Disclaimer: Any suggested repairs, Repair estimates, suggested rents, cash flows, Market Value or after repair value are our opinions only. They are provided for you to be able to pre-screen this offer.
Property Details
- Built 1890
- Currently Vacant
- Attached row house
- 3 floors plus basement
- Zoning R-8
- Ward 14 Section 2 Block 343 Lot 5
- 2868 Sq Ft.
- Assessed $372,750
* * * Call Now * * *
Ned Carey
Crab Properties LLC
443-844-9141
Check Out These Pictures
Classic detailing
First Floor
Second floor
Third Floor Coin Operated Washer and Dryer
Separate Gas and Electric Meters
* * * Call Now * * *
Ned Carey
Crab Properties LLC
443-844-9141
Terms of Sale: “As Is”, no contingencies, Use our contract, $3000 deposit. Ground rent if any to be determined by buyer. The property is under contract, you are buying from/or taking the place of, the contract purchaser. A real estate agent or agents may have a financial interest in this property.
Disclaimer: Any suggested repairs, Repair estimates, suggested rents, cash flows, Market Value or after repair value are our opinions only. They are provided for you to be able to pre-screen this offer. Information above is believed accurate but is not guaranteed. Please do your own due diligence. Seller is a real estate licensee in the State of Maryland.
Trademarks and Copyrights: This site is copyright Crab Properties, LLC 2011. “Back of the envelope repair estimate” and the image of an envelope with text representing estimated repairs are both trademarks of Crab Properties, LLC.