1200 N Caroline St, Baltimore, MD 21213

$925,000
10,000
SqFt
List Price
$925,000
Price Change
▼ $25,000 1715983248
Days on Market
115
Status
ACTIVE
MLS#
MDBA2113570
Living Area
10,000
Lot Size (Acres)
0.15
Style
Federal
Year Built
1900
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’s 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’t let this opportunity pass you by – call today for more information!

Additional Information

Subdivision
Oliver
Taxes
$8186
School District
Baltimore City Public Schools
Heating
Radiator
Heating Fuel
Natural Gas
Cooling
None
Water
Public
Sewer
Public Sewer
Basement
Yes

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of ExecuHome Realty. Contact: (443) 632-3000