Charles Village 4-unit for sale! The newly renovated first floor apartment is perfect for an owner-occupant buyer, and is rent-ready for an investor. Run this property as-is, or make upgrades to kitchens and bathrooms to increase rents and property value. 3119 Guilford Ave is just three blocks from Johns Hopkins University Homewood campus.
Each of the apartments encompasses a full floor (including the basement) of the 3-story building. The generously sized rooms get ample natural light from the 20 windows this end-of-group boasts.
Kitchens have laminate counters, stainless steel sinks, a mix of wood and metal cabinets, gas ranges and vinyl tile floors. Bathrooms have a mix of modern vanities and wall-mounted sinks; 3 full tubs and 1 stand-up shower stall; and vinyl tile floors. Above-grade living areas have hardwood flooring; the basement apartment has carpet.
These units are separately metered for gas and electric, and the tenants pay for water. With no utilities to pay, the landlords operating costs stay low.
The electric and heating systems are already upgraded, with 400 amp service and 4 electric meters, and separate gas-fired forced air furnaces for each apartment. 3119 Guilford has 4 gas meters. Water supply pipes are a mix of copper, c-pvc and steel; drain lines are a mix of pvc and steel. Each apartment has its own water heater.
The tenants use coin-operated laundry in the basement, providing extra income for the owner.
Tenants can walk to the Charles Village Shopping District, Johns Hopkins University Homewood Campus and Union Memorial Hospital. 3119 Guilford Ave earns the designation Walkers Paradise with a WalkScore of 93, a TransitScore of 57, and a BikeScore of 86. This block is patrolled by Hopkins campus security, and is served by the Charles Village Benefits District. This nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.
Investment Summary:
$455,000
$113,750 Per Unit
$159 Per Sq. Ft.
14.2 Times Actual Rents (GRM)
9.6 Times Market Rents (GRM)
7.12% Cap Rate
10.3% Projected Cash-on-Cash Return