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1200 N Caroline Street

BALTIMORE, MD 21213
  • $925,000
  • STATUS: Active
  • ON SITE: 133 Days
  • ID#: MDBA2113570
UPDATED: 167 min ago
$925,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 10,000
    SQFT
  • $93
    $/SQFT
Neighborhood:
Type:
Multi-Family
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 Johns 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. Dont let this opportunity pass you by " 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 The Lisa Mathena Group. 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: 2024-07-12T20:53:21.3.
www.lisasellsdelaware.com/homes/148159526
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1200 N Caroline Street BALTIMORE, MD 21213

  • Price: $925,000
  • Status: Active
  • On Site: 133 Days
  • Updated: 167 min ago
  • ID#: MDBA2113570
0
Beds
0
Baths
0
½ Baths
0.15
Acres
10,000
SQFT
$93
$/SQFT
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 Johns 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. Dont let this opportunity pass you by " call today for more information!
Exterior Features

Architectural Style Federal Construction Materials Brick Garage YN No Parking Types On Street Pool No Pool Property Condition Good Water Access YN No Water View YN No Waterfront YN No

Interior Features

Above Grade Fin SQFT 10000 Basement PartialUnfinished Basement YN Yes Below Grade Finished Area 0 Below Grade Unfinished Area 250 Cooling None Fireplace YN No Heating Radiator Heating YN Yes Single Room Units 2 Three Bedroom Units 0 Two Bedroom Units 8

Property Features

Acceptable Financing Conventional Accessibility Features None Central Air YN No Cooling Fuel Electric Cross Street Biddle Existing Lease Type Yearly Gross Income 125474.00 Heating Fuel Natural Gas Hot Water 60+ Gallon Tank Municipality Baltimore City Navigable Water YN N Net Operating Income 76338.00 New Construction YN No Number Of Units Leased 12 Number Of Units Total 1 Number Of Units Vacant 1 Operating Expense 64481.00 Original MLSNumber 802854232548 Owner Pays Accounting/LegalAdvertising/Licenses and PermitsCommon Area MaintenanceMiscellaneousTaxes - Real EstateWaterInsurance Ownership Interest Fee Simple Property Sub Type Other Sale Type Standard Sewer Public Sewer Structure Design Type Other Tax Annual Amount 8186.00 Tax Lot 044 Total Actual Rent 125000.00 Transportation Metro/Subway Station less than 1 mileBus Stop less than 1 mile Vacation Rental YN No Water Source Public Zoning R-8

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 The Lisa Mathena Group. 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: 2024-07-12T20:53:21.3.
 
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