2414 Saint Paul Street

Description

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+GGs compact apartments are in high demand among today+GGs city-living tenants. Invest in Charles Village, one of Baltimore+GGs premier real estate investment markets.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 finishes 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, an investor can expect low vacancies and easy tenant turnover. 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+GGs 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+GGs 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+GGs apartments have electric baseboard heat; the commercial suite has a gas-fired forced air furnace with 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 +G+Walker+GGs Paradise+G-; 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+GGs highway systems. The neighborhood is served by the Charles Village Benefits District+GGthis nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.Investment Summary:$525,000$105,000 Per Unit$206 Per Sq. Ft.9.0 Times Market Rents (GRM)7.87% Cap Rate6.9% Projected Cash-on-Cash Return