Description
Opportunity is calling for a new owner to upgrade spaces and increase rents at 1 West 27th Street. Diversify within a single investment with office spaces plus residential apartments in one building. Located just three blocks from Johns Hopkins University Homewood Campus, enjoy the stable growth and property value appreciation guaranteed by this world-renowned institution.
Two first-floor office suites provide an attractive space and location for professional or medical use. The front office consists of a single, smaller room plus private bathroom. The rear office has two rooms, one of which is built out as a kitchen, and its own private bathroom.
Each of the upper floors houses an apartment. Kitchens feature sturdy, easy-to-clean laminate counters, a mix of laminate and wood cabinets, and 20" gas ranges. Sunny, well-lit living spaces could benefit from upgrades such as kitchen and bathroom upgrades, drywall ceilings, and new flooring and paint. Rents could be substantially increased, to match an uptick in apartment grade.
Heat is provided through a gas-fired Weil-McLain steam boiler, with radiator distribution. A gas-fired 50 gallon GE water heater provides hot water to the units.
1 West 27th Street has one electric meter with 200 amp service, and one gas meter. Currently the landlord pays for electric, gas, and water/sewer. A savvy landlord could increase cash flow by passing these costs along to the tenants.
Observable interior water supply pipes are copper, with a steel main. Drain lines are pvc. Vinyl replacement windows help to insulate the building and reduce utility costs. The roof is built-up. Tenants share a clothes washer/dryer in the basement.
Tenants can walk to the Charles Village Shopping District, Johns Hopkins University Homewood Campus and Wyman Park, a 16-acre public park by the Baltimore Museum of art. Just one blocks east is the Hopkins Shuttle Stop, providing an easy commute to Hopkins’ other Baltimore campuses. 1 West 27th Street earns the designation “Walker’s Paradise” with a WalkScore of 92, a TransitScore of 64, and a BikeScore of 88. This block is served by the Charles Village Benefits District. This nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.
$265,000
$66,250 Per Unit
$122 Per Sq. Ft.
9.4 Times Market Rent (GRM)
10.51% Cap Rate
18.0% Projected Cash-on-Cash Return
Location
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Courtesy of: Ben Frederick Realty, Inc. Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 18th August, 2022 1:12 PM (UTC)
