2200 N Charles Street

Description

This investment offering stands out with its expansive size, with an extra-large lot and three physical addresses. The property includes four apartments, a thriving liquor store, and an accountant+GGs office. With a diverse range of revenue streams and easy-to-lease spaces, this investment presents a unique opportunity for steady cash flow and future growth.Unit Mix:1 Two-Bedroom Apartment3 One-Bedroom Apartments1 Liquor Store1 Accounting OfficeThe apartments are bathed in natural light and feature bay windows and lofty ceilings, creating a spacious and inviting atmosphere. Kitchens are designed for durability and convenience. Laminate countertops and cabinets offer both functionality and easy maintenance, while stainless steel sinks and gas ranges elevate the overall quality. The bathrooms have modern vanities and sturdy steel tubs, with one apartment boasting a clawfoot tub. With separate gas furnaces and central air conditioning, these units will command top-market rents to top tier tenants.Geri+GGs Liquors has a front customer area, a walk-in refrigerator, three storage rooms, and a half bathroom. Their lease runs through April 2024, with two five-year renewal options, with regular rent increases.The accounting office at 10 West 22nd Street comprises a customer reception area, three small office spaces, and a half bathroom. The office lease runs through September 2024, with a five-year renewal option.Each unit has its own gas furnace and central air conditioning, and each tenant pays their own gas and electric bill. The apartments and the liquor store share two tandem 50-gallon hot water heaters. A savvy landlord further increase profitability by implementing a utility bill back for hot and cold water.These buildings have six electric meters and six gas meters. Vinyl replacement windows throughout help insulate and keep heating and cooling costs low for the tenants. Most roof surfaces are rubber with an aluminum fibre coating. Visible plumbing supply lines are copper and c-pvc; drain lines are pvc.Located in the Old Goucher neighborhood, this investment property benefits from its strategic location between the ever-growing neighborhoods of Charles Village and Mount Vernon. With a high percentage of renters in the area, a steady tenant pool is readily available, ensuring minimal vacancy periods and a robust rental market.The neighborhood has attracted numerous entrepreneurs, resulting in a thriving culinary scene. Local favorites such as Dutch Courage, WC Harlans+GG, and the Church Bar are just a stone+GGs throw away, offering residents and tenants a diverse range of dining and entertainment options. Moreover, the property+GGs central location in Baltimore provides easy access to downtown and points north via I-83, making commuting a breeze.2200 North Charles earns the designation +G+Walker+GGs Paradise+G- with a Walk Score of 94, a Transit Score of 83, and a Bike Score of 85.Investment Summary:$695,000$115,833 Per Unit$107 Per Sq. Ft.9.2 Times Actual Rents (GRM)8.3 Times Market Rents (GRM)9.08% Cap Rate10.0% Projected Cash-on-Cash Return