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1200 N Caroline Street

BALTIMORE, MD 21213
  • $950,000
  • STATUS: Active
  • ON SITE: 17 Days
  • ID#: MDBA2113572
UPDATED: 32 min ago
$950,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1900
County:

School Ratings & Info

Description

Incredible 12-Unit Multi-Family Property! Amazing Value at less than $80,000 per Unit! Combining 1200 & 1202 N Caroline St, this remarkable property combines to create an impressive nearly 10,000 sq. ft. corner building boasting fantastic apartment layouts, robust cash flow, and substantial equity potential. Built in a bygone era, this sturdy property features a majestic entrance, exquisite custom millwork, and soaring ceilings. This expansive building offers serene living spaces for tenants and presents a desirable mix of apartment layouts, including eight two-bedroom units, two one-bedroom units, and two studios. Each unit is separately metered, with tenants responsible for their own gas and electric expenses. A diverse tenant base, comprising both market-rate tenants and Section 8 occupants, maintains stable rents averaging approximately $1,000 per month, resulting in a gross annual rental income of $125,000. The owner has made substantial investments, totaling over $100,000, to stabilize the property, yielding an impressive 8% Cap Rate for prospective buyers. This presents a tremendous opportunity to further enhance cash flow and equity. By increasing rents to a reasonable $120,000 per unit and $1,200 per month, potential equity of up to $500,000 could be generated, along with a likely 10+% cap rate. Situated on a spacious lot measuring 49ft by 159ft, spanning the entire block from Caroline to Spring St, the property enjoys adjacency to Madison Square Park, Recreation Center, and Playground, offering unobstructed city views. Just half a mile from John+GGs Hopkins Medical Campus, the property is ideally located amidst the vibrant East Baltimore Development, featuring 1.7 million square feet of life sciences research and office space, educational institutions, green areas, grocery stores, and other essential neighborhood amenities. View the uploaded floor plans to envision the building's layout. While interior photos are limited due to occupied units, this is an exceptional investment opportunity to purchase, enhance, and hold for generations. Don+GGt let this opportunity pass you by +GG call today for more information!

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©2024 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 New Home Team of Maryland | RE/MAX Distinctive. 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: 2024-02-27T10:54:10.963.
www.newhometeammd.com/homes/147463077
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1200 N Caroline Street BALTIMORE, MD 21213

  • Price: $950,000
  • Status: Active
  • On Site: 17 Days
  • Updated: 32 min ago
  • ID#: MDBA2113572
0
Beds
0
Baths
0
½ Baths
0.15
Acres
1900
Built
Neighborhood:
Oliver
County:
Baltimore City
School District:
Baltimore City Public Schools
Property Description
Incredible 12-Unit Multi-Family Property! Amazing Value at less than $80,000 per Unit! Combining 1200 & 1202 N Caroline St, this remarkable property combines to create an impressive nearly 10,000 sq. ft. corner building boasting fantastic apartment layouts, robust cash flow, and substantial equity potential. Built in a bygone era, this sturdy property features a majestic entrance, exquisite custom millwork, and soaring ceilings. This expansive building offers serene living spaces for tenants and presents a desirable mix of apartment layouts, including eight two-bedroom units, two one-bedroom units, and two studios. Each unit is separately metered, with tenants responsible for their own gas and electric expenses. A diverse tenant base, comprising both market-rate tenants and Section 8 occupants, maintains stable rents averaging approximately $1,000 per month, resulting in a gross annual rental income of $125,000. The owner has made substantial investments, totaling over $100,000, to stabilize the property, yielding an impressive 8% Cap Rate for prospective buyers. This presents a tremendous opportunity to further enhance cash flow and equity. By increasing rents to a reasonable $120,000 per unit and $1,200 per month, potential equity of up to $500,000 could be generated, along with a likely 10+% cap rate. Situated on a spacious lot measuring 49ft by 159ft, spanning the entire block from Caroline to Spring St, the property enjoys adjacency to Madison Square Park, Recreation Center, and Playground, offering unobstructed city views. Just half a mile from John+GGs Hopkins Medical Campus, the property is ideally located amidst the vibrant East Baltimore Development, featuring 1.7 million square feet of life sciences research and office space, educational institutions, green areas, grocery stores, and other essential neighborhood amenities. View the uploaded floor plans to envision the building's layout. While interior photos are limited due to occupied units, this is an exceptional investment opportunity to purchase, enhance, and hold for generations. Don+GGt let this opportunity pass you by +GG call today for more information!
Exterior Features

Construction Materials Brick Garage YN No Parking Types On Street Property Condition Good Riparian Rights YN No Roof FlatRubber Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 6355.00 Cooling None Flooring HardwoodVinyl Heating Radiator Heating YN Yes Net Square Feet 6533.00

Property Features

Acceptable Financing Conventional Accessibility Features None Annual Gross Expense 49135.00 Assessment Year 2023 Business Type Apartment Building Central Air YN No Cooling Fuel Electric Cross Street Biddle Electric Expense 15949.00 Gross Income 125474.00 Heating Fuel Natural Gas Hot Water 60+ Gallon Tank Insurance Expense 5840.00 Maintenance Expense 15831.00 Municipality Baltimore City Navigable Water YN N Net Operating Income 76338.00 New Construction YN No Number Of Units Total 1 Operating Expense 49135.50 Operating Expense Includes WaterElectricManagement FeesRepair/MaintenanceSewerInsurance Original MLSNumber 802854245166 Owner Pays Taxes - Real EstateCommon Area MaintenanceInsuranceWaterAdvertising/Licenses and PermitsAccounting/LegalMiscellaneousRepairs Ownership Interest Fee Simple Possession Settlement Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 8186.00 Tax Assessment Amount 346867.00 Tax Lot 044 Vacation Rental YN No Water Source Public Zoning R-8 Zoning Description Multi-Family

Listing courtesy of ExecuHome Realty: .


©2024 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 New Home Team of Maryland | RE/MAX Distinctive. 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: 2024-02-27T10:54:10.963.
 
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