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1407 McCulloh St
Baltimore, MD 21217
Multifamily Property For Sale
·
5 Units
INVESTMENT HIGHLIGHTS
- Located in Madison Park’s Strong Rental Market – 76% of residents in this neighborhood rent, providing a strong tenant pool and low vacancy rates.
- Increase Cash Flow – with organic rent increases, utility billbacks, or parking rent.
- In-unit Laundry – attracts modern tenants and helps obtain higher rents.
EXECUTIVE SUMMARY
1407 McCulloh Street apartments offer simple, easy-to clean finishes with conveniences that appeal to modern-day tenants. Kitchens have a mix of butcher block and laminate countertops, wood cabinets, and stainless steel sinks. Bathrooms have a mix of modern vanities and pedestal sinks, with a mix of ceramic and vinyl tile floors. Most living areas have hardwood floors, with some laminate plank flooring. Front-facing windows are wood single pane; there are vinyl replacement windows in the rear.
Every unit has in-suite laundry, helping to boost monthly rent potential as well as rentability to the modern city resident.
Utilities:
There are five electric meters with 200 amp total service. There are four gas meters with one extra hook-up. Three apartments have gas-fired forced-air furnaces; one apartment has a mini-split system; and one apartment has electric baseboard heat. The first floor apartment shares a hot water heater; the upper floor apartments each have their own separate water heaters. Observable water supply lines are a mix of copper, c-pvc, and steel; observable drain lines are pvc.
The landlord currently pays for public service electric and the water/sewer bill. Two tenants are billed back for water at $35/month each; billbacks for the remaining three units would increase cash flow.
What’s Special About Madison Park:
Neighboring the prestigious Bolton Hill, Madison Park is a renter-heavy neighborhood where tenants enjoy close proximity to Penn Station and Downtown Baltimore. Nearby is the Reservoir Square development, which will provide grocery and retail outlets; and Druid Hill Park, home of the Baltimore Zoo.
1407 McCulloh Street has a WalkScore of 87, a BikeScore of 72, and a TransitScore of 92.
Investment Summary:
$475,000
$95,000 Per Unit
$144 Per Sq. Ft.
8.3 Times Gross Rents (Actual)
6.5 Times Gross Rents (Market)
9.74% Cap Rate
12.2% Projected Cash-on-Cash Return
Every unit has in-suite laundry, helping to boost monthly rent potential as well as rentability to the modern city resident.
Utilities:
There are five electric meters with 200 amp total service. There are four gas meters with one extra hook-up. Three apartments have gas-fired forced-air furnaces; one apartment has a mini-split system; and one apartment has electric baseboard heat. The first floor apartment shares a hot water heater; the upper floor apartments each have their own separate water heaters. Observable water supply lines are a mix of copper, c-pvc, and steel; observable drain lines are pvc.
The landlord currently pays for public service electric and the water/sewer bill. Two tenants are billed back for water at $35/month each; billbacks for the remaining three units would increase cash flow.
What’s Special About Madison Park:
Neighboring the prestigious Bolton Hill, Madison Park is a renter-heavy neighborhood where tenants enjoy close proximity to Penn Station and Downtown Baltimore. Nearby is the Reservoir Square development, which will provide grocery and retail outlets; and Druid Hill Park, home of the Baltimore Zoo.
1407 McCulloh Street has a WalkScore of 87, a BikeScore of 72, and a TransitScore of 92.
Investment Summary:
$475,000
$95,000 Per Unit
$144 Per Sq. Ft.
8.3 Times Gross Rents (Actual)
6.5 Times Gross Rents (Market)
9.74% Cap Rate
12.2% Projected Cash-on-Cash Return
PROPERTY FACTS
| Price Per Unit | $130,805 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 9.74% | Building Size | 11,592 SF |
| Gross Rent Multiplier | 6.4 | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1920 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R-8 - Permitted for 4 Dwelling Units; Licensed for 5 Dwelling Units | ||
| Price Per Unit | $130,805 CAD |
| Sale Type | Investment |
| Cap Rate | 9.74% |
| Gross Rent Multiplier | 6.4 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 11,592 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1920 |
| Opportunity Zone |
Yes |
| Zoning | R-8 - Permitted for 4 Dwelling Units; Licensed for 5 Dwelling Units |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 1 | - | 772 |
| 2+1 | 1 | - | 1,041 |
| 1+1 | 3 | - | - |
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