$410,000
$399,000
2.8%For more information regarding the value of a property, please contact us for a free consultation.
307 E 25TH ST Baltimore, MD 21218
3,600 SqFt
Key Details
Sold Price $410,000
Property Type Multi-Family
Sub Type Interior Row/Townhouse
Listing Status Sold
Purchase Type For Sale
Square Footage 3,600 sqft
Price per Sqft $113
Subdivision Charles Village
MLS Listing ID MDBA2052948
Sold Date 08/26/22
Style Traditional
Abv Grd Liv Area 2,600
Originating Board BRIGHT
Year Built 1920
Annual Tax Amount $3,776
Tax Year 2021
Lot Size 1,350 Sqft
Acres 0.03
Lot Dimensions 15' x 90'
Property Description
307 East 25th Street is the ideal multi-family rental: fully occupied, well-maintained, and separately metered. Located on the outskirts of Charles Village, this property has great potential for appreciation as Johns Hopkins University expands its footprint and the 25th Street commercial corridor gentrifies. Currently owner-occupied and self-managed, these apartments house many upgraded features above and beyond a typical rental-grade build. Kitchens feature sturdy, easy-to-clean laminate countertops, a mix of wood and laminate cabinets, stainless steel sinks with disposals, and ceramic tile flooring. Apartments 1 and 2 bathrooms have modern vanities, stand-up showers with ceramic tile enclosures, and ceramic tile floors. Above-grade living spaces for these apartments have laminate plank flooring, while the first floor apartment’s below-grade component has ceramic tile flooring. Exposed beams in the first floor add an artistic element to the living room.
The third floor, owner-occupied apartment features an upgraded bathroom with a custom-built stainless steel wall-mounted sink, and porcelain plank flooring and shower enclosure. The kitchen’s refrigerator and gas range are stainless steel; the dishwasher completes this home cook’s kitchen. Exposed beam ceilings and porcelain plank floors lend to an industrial, chic look for this unit. 307 East 25th Street is separately metered for gas and electric. Tenants also reimburse the landlord for their shares of water/sewer and public service electric, optimizing the cash flow for this rental property.
Each floor has its own heating system–gas furnaces for each above-grade floor, and an electric heat pump for the basement. Tenants enjoy central air conditioning, cooling off the apartments in the hot Baltimore summers. From the basement to the second floor, each floor has its own 40 gallon electric water heater. The third floor has a tankless water heater.
Vinyl replacement windows help to insulate the building, decrease utility costs for the tenants. Observable water supply lines are c-pvc; drain lines are pvc. Apartment 1 and 2 tenants share a stacked clothes washer/dryer in the basement. Apartment 3 has in-suite laundry.
307 East 25th Street has 3 gas meters, and 4 electric meters with 400 amp total service. Located in the outskirts of Charles Village in the Barclay neighborhood, here a landlord can purchase a stable property for both its income and potential appreciation. The 25th Street commercial corridor is home to many small businesses, and several national retailers. Tenants can walk to the Safeway grocery store, or CVS pharmacy. This commercial district is a half mile from Johns Hopkins University Homewood campus, and provides easy access to I-83 and both north and south Baltimore. As Hopkins expands its influence from the north, and the Mount Vernon neighborhood grows from the south, there is plenty of upside opportunity for Barclay!
Investment Summary: $399,000
$133,000 Per Unit
$153 Per Sq. Ft.
9.0 Times Market Rents (GRM)
7.76% Cap Rate
8.8% Projected Cash-on-Cash Return
Location
State MD
County Baltimore City
Zoning OR-1*
Rooms
Basement Fully Finished, Full, Daylight, Partial
Interior
Hot Water Multi-tank
Heating Forced Air, Heat Pump(s)
Cooling Central A/C
Heat Source Natural Gas, Electric
Exterior
Water Access N
Roof Type Rubber
Accessibility None
Garage N
Building
Foundation Brick/Mortar
Sewer Public Sewer
Water Public
Architectural Style Traditional
Additional Building Above Grade, Below Grade
Structure Type Beamed Ceilings,Dry Wall,Plaster Walls
New Construction N
Schools
School District Baltimore City Public Schools
Others
Tax ID 0312143827 026
Ownership Ground Rent
SqFt Source Estimated
Acceptable Financing FHA, VA, Conventional, Cash
Listing Terms FHA, VA, Conventional, Cash
Financing FHA,VA,Conventional,Cash
Special Listing Condition Standard
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Bought with Heidi S. Hawkins • Coldwell Banker Realty
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