2101 MARYLAND AVE Baltimore, MD 21218

2101 Maryland Avenue provides an opportunity to purchase a renovated investment property in a rising Baltimore neighborhood. Located in central Mid-Town Baltimore, the modernized apartments are fully leased and easy to rent. The restaurant tenant is on its second year of a 5-year lease, with a 5-year renewal option. Purchase this stable investment property for high returns and worry-free maintenance.

The five apartments feature updated kitchens with wood cabinets, laminate countertops, and stainless steel sinks; modernized bathrooms; and high ceilings and exposed brick walls. These apartments are attractive to todays tenants, and the units rent quickly.

The owner has maintained the units well. Many apartment kitchen fixtures and appliances have been improved, and bathrooms have been updated and tubs reglazed. Each unit has had various improvements to doors, windows, sliding glass doors, and floors and ceilingskeeping the units clean, fresh, and appealing to top-notch tenants.

The two restaurant spaces are contiguous and are rented to a single long-term tenant through March 2025. Each restaurant space includes a full bar, seating areas, and two bathrooms. The commercial kitchen fixtures is the property of the landlord and is included in the sale. The landlord also controls the 7-day beer, wine and liquor license.

These buildings were totally rehabbed in 1992including plumbing, electric upgrades, windows, and mechanical systems. Each apartment has its own heat pump, central air conditioning, and water heater; and two of the units feature in-suite laundry. The roof was replaced in 2014modified rubber on the main building, and TPO over the rear club. The restaurants plumbing was replaced in 2015. 6 of the 7 HVAC systems were replaced between 2017-2020. 2101 Maryland Avenue has seven electric meters and one gas meter.

Tenants are responsible for all electric and gas bills. The landlord pays for the first $100 per month for water; the restaurant tenant pays for the rest.

Many investors and entrepreneurs have helped in rejuvenating this neighborhood. Recent restaurant openings include Dutch Courage, a gin-centric cocktail bar, and Larder, a farm-to-table caf just two blocks north. Residents in this area enjoy the mix of eclectic eateries, bars, and art and entertainment venues. 2101 Maryland Avenue is conveniently located near Maryland Institute College of Art (MICA) and University of Baltimore, and is just four blocks from Penn Station! The Maryland Avenue Cycle Track runs directly in front of this building, adding appeal to bike commuters as well.

According to Live Baltimore, renters make up 95% of Old Goucher and 93% of nearby Station North.

Investment Summary:
$795,000
$113,571 Per Unit
$133 Per Sq. Ft.
7.4 Times Actual Rent (GRM)
7.3 Times Market Rent (GRM)
10.09% Cap Rate
17.8% Projected Cash-on-Cash Return