$950,000 Price Analysis   ♡   Baltimore, MD 21213 Unknown bed None bath 10,000 SqFt ($95/SqFt) 6,355SqFt lot. Built 1900 Listed 2024-02-29, Taxes $6,372 | Ⓧ USDA Ineligible due to price & location near Baltimore |
Incredible 12-Unit Multi-Family Property!
Amazing Value at less than $80, 000 per Unit. Combining 1200 and 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 sizeable lot measuring 49ft by 159ft, spanning the entire bl ock from Caroline to Spring St, the property enjoys adjacency to Madison Square Park, Recreation Center and Playground, offring 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!
Presented by Dimitrios Lynch at
ExecuHome Realty.
Property MLS #MDBA2113570 from BrightMLS
Heating: Yes
Lot Size Square Feet: 6354
Unit Features: Unit 10 UnitTypeBedsTotal: 2, Unit 10 UnitTypeBathsFull: 1, Unit 10 UnitTypeTotalRooms: 5, Unit 10 UnitTypeBedsTotal: 1, Unit 10 UnitTypeBathsFull: 1, Unit 10 UnitTypeTotalRooms: 3, Unit 10 UnitTypeBedsTotal: 1, Unit 10 UnitTypeBathsFull: 1, Unit 10 UnitTypeTotalRooms: 3, Unit 10 UnitTypeBedsTotal: 2, Unit 10 UnitTypeBathsFull: 1, Unit 10 UnitTypeTotalRooms: 6, Unit 10 UnitTypeBedsTotal: 2, Unit 10 UnitTypeBathsFull: 1, Unit 10 UnitTypeTotalRooms: 6
Number of 1 Bedroom Units: 2
Number of 2 Bedroom Units: 8
Bedrooms in Unit-1: 2
Bedrooms in Unit-2: 2
Bedrooms in Unit-3: 2
Bedrooms in Unit-4: 1
Bedrooms in Unit-5: 1
Bedrooms in Unit-6: 2
Bedrooms in Unit-7: 2
Bedrooms in Unit-8: 2
Bedrooms in Unit-9: 1
Bedrooms in Unit-10: 2
Full Bathrooms in Unit-1: 1
Full Bathrooms in Unit-2: 1
Full Bathrooms in Unit-3: 1
Full Bathrooms in Unit-4: 1
Full Bathrooms in Unit-5: 1
Full Bathrooms in Unit-6: 1
Full Bathrooms in Unit-7: 1
Full Bathrooms in Unit-8: 1
Full Bathrooms in Unit-9: 1
Full Bathrooms in Unit-10: 1
Total Rooms in Unit-1: 5
Total Rooms in Unit-2: 6
Total Rooms in Unit-3: 5
Total Rooms in Unit-4: 3
Total Rooms in Unit-5: 3
Total Rooms in Unit-6: 5
Total Rooms in Unit-7: 5
Total Rooms in Unit-8: 5
Total Rooms in Unit-9: 3
Total Rooms in Unit-10: 5
Map directions Map directions Map directions Map directionsSource Listing Status: Active
County: BALTIMORE CITY
Source Property Type: Multi-Family
Area: BALTIMORE CITY
Source Neighborhood: OLIVER
Postal Code Plus 4: 2897
Subdivision: OLIVER
Township: Baltimore City
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $245,000 + $25,000 $270,000 | $6,372 |
| 2021 | $unknown + $unknown $238,367 | $5,625 |
| 2020 | $unknown + $unknown $206,733 | $4,878 |
| 2019 | $150,100 + $25,000 $175,100 | $4,112 |
| 2018 | $unknown + $unknown $151,200 | $3,568 |
| 2017 | $unknown + $unknown $127,300 | $3,004 |
| 2016 | $78,400 + $25,000 $103,400 | $2,440 |
| 2015 | $78,400 + $25,000 $103,400 | $2,357 |
| 2013 | $69,300 + $25,000 $94,300 | $2,225 |
| 2012 | $unknown + $unknown $87,333 | $2,078 |
| 2011 | $unknown + $unknown $80,367 | $1,912 |
| 2010 | $unknown + $unknown $73,400 | $1,746 |
| 2009 | $unknown + $unknown $71,732 | $1,707 |
| 2008 | $unknown + $unknown $70,066 | $1,667 |
$950,000
BrightMLS
Sold 2020-12-09
$705,000
Public Record
Sold 2019-06-27
$240,000
Public Record
Sold 1983-02-24
$30,000
Public Record
Year Built: 1900
Construction Materials: Brick
Property Age: 124
House Style: Federal
Total Below Grade Area: 250
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.