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3518 Bank Street

BALTIMORE, MD 21224
  • $297,000
  • STATUS: Active
  • ON SITE: 19 Days
  • ID#: MDBA2018310
UPDATED: 58 min ago
$297,000
  • 0
    BEDS
  • 0.03
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 1,410
    SQFT
  • $211
    $/SQFT
Type:
Multi-Family
Built:
1920
County:

School Information

Elementary School:
Middle School:
High School:

Description

This is your chance to get a multi-family home in the center of the action in popular Highland town. Located on a block of Bank Street with architecturally significant homes, including this building. Beautiful late 19th and early 20th century styles outshine other blocks with typical Baltimore style town homes.The layout of the 3 apartments is perfect for the owner occupant who wants to live in a home with the other two units providing income to pay for you mortgage and expenses. Otherwise purchase the property as an investment and hedge against inflation and enjoy immediate cash flow.The property is priced at an 8% cap rate with the current cash flow. The current price is below market value. Cap rates for multifamily properties in Baltimore are currently averaging 6.1 %. The apartments are all leased at WELL BELOW current market rents. Increase rents to market rates and watch your value skyrocket. Possibility of a cash-out refinance after increasing lease rates could garner you enough capital to purchase another property as you expand your real estate portfolio.The apartments consist of a two level, 1 Bedroom unit, an additional 1-BR unit on the 2nd floor and a large efficiency on the 3rd floor. The property has been completely updated throughout and is largely maintenance free. Expenses are low.

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©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Crews Real Estate | EXP Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-12-02T19:50:47.133.
www.crewsrealestate.com/homes/123254091
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3518 Bank Street BALTIMORE, MD 21224

  • Price: $297,000
  • Status: Active
  • On Site: 19 Days
  • Updated: 58 min ago
  • ID#: MDBA2018310
0
Beds
0
Baths
0
½ Baths
0.03
Acres
1,410
SQFT
$211
$/SQFT
1920
Built
County:
Baltimore City
Elementary School:
Hampstead Hill Academy
Middle School:
Hampstead Hill Academy
High School:
Baltimore City College
School District:
Baltimore City Public Schools
Property Description
This is your chance to get a multi-family home in the center of the action in popular Highland town. Located on a block of Bank Street with architecturally significant homes, including this building. Beautiful late 19th and early 20th century styles outshine other blocks with typical Baltimore style town homes.The layout of the 3 apartments is perfect for the owner occupant who wants to live in a home with the other two units providing income to pay for you mortgage and expenses. Otherwise purchase the property as an investment and hedge against inflation and enjoy immediate cash flow.The property is priced at an 8% cap rate with the current cash flow. The current price is below market value. Cap rates for multifamily properties in Baltimore are currently averaging 6.1 %. The apartments are all leased at WELL BELOW current market rents. Increase rents to market rates and watch your value skyrocket. Possibility of a cash-out refinance after increasing lease rates could garner you enough capital to purchase another property as you expand your real estate portfolio.The apartments consist of a two level, 1 Bedroom unit, an additional 1-BR unit on the 2nd floor and a large efficiency on the 3rd floor. The property has been completely updated throughout and is largely maintenance free. Expenses are low.
Exterior Features

Architectural Style Federal Construction Materials Brick Door Features Insulated Garage YN No Location Type Urban Other Structures Above GradeBelow Grade Parking Types On Street Pool No Pool Property Condition Very Good Riparian Rights YN No Roof Other View Street Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 1410 Appliances Oven/Range - ElectricRefrigeratorStove Basement Connecting StairwayFully Finished Basement YN Yes Below Grade Finished Area 0 Below Grade Unfinished Area 705 Cooling Other Fireplace YN No Fireplaces Total 0 Flooring CarpetCeramic TileHardwoodLaminate Plank Heating Other Heating YN Yes Interior Features Combination Kitchen/Living Security Features Main Entrance Lock Single Room Units 1 Three Bedroom Units 0 Two Bedroom Units 0 Walls Ceilings 9'+ CeilingsDry Wall

Property Features

Acceptable Financing CashConventionalFhaNegotiablePrivateVa Accessibility Features None Assessment Year 2021 Central Air YN No Cooling Fuel Electric Cross Street S. Conkling Electric 120/240V Existing Lease Type Month To Month Foundation Details Slab Gross Income 28200.00 Heating Fuel Electric Historic YN No Hot Water Electric Municipality Baltimore City Navigable Water YN N Net Operating Income 23220.00 New Construction YN No Number Of Units Leased 3 Number Of Units Total 3 Operating Expense 4980.00 Operating Expense Includes AdvertisingInsuranceSnow RemovalTrash Original MLSNumber 801181031278 Owner Pays Accounting/LegalAdvertising/Licenses And PermitsCommon Area MaintenanceInsuranceLawn/Shrub CareMiscellaneousPest ControlRepairsReserves For ReplacementSewerSewer MaintenanceSnow RemovalSuppliesTaxes - Real EstateTrash Collection Ownership Interest Fee Simple Possession Settlement Property Sub Type Triplex Rent Control YN No Sale Type Standard Section 16 Sewer Public Sewer Structure Design Type End Of Row/Townhouse Tax Annual Amount 3855.00 Tax Assessment Amount 163367.00 Tax Lot 033 Total Actual Rent 28200.00 Transportation Metro/Subway Station 1 To 3 MilesCommuter Lots Less Than 5 MilesCommuter Rail Station 1 To 5 MilesBus Stop Less Than 1 Mile Utilities Under Ground Vacation Rental YN No Water Source Public Window Features Double PaneInsulated Zoning R-8

Listing courtesy of Long & Foster Real Estate, Inc..


©2021 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Crews Real Estate | EXP Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2021-12-02T19:50:47.133.
 
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