MLS Number MDBA549828
- Commercial
- Year Built 1920
- Acreage 0.34
- Property SubType Five Or More Units
List price to be opening bid. Online registration & bidding begins begins Friday, June 4th and ends Wednesday, June 9th at 12:00PM. MULTI-FAMILY PROPERTY! Beautifully Renovated and Fully Leased 27 Unit Apartment Building in "Reservoir Hill" ** $410,460 Gross Scheduled Annual Rental Income **
LOCATION: Reservoir Hill in Baltimore City is an historic neighborhood below Druid Hill Park and Druid Lake. The urban neighborhood has some of the best examples of Victorian, Italianate and Second Empire style homes in Baltimore. The housing stock features a wide variety of nineteenth century architecture, including ornate Victorian mansions overlooking the Druid Hill Park, brownstones, and the smaller brick rowhouses that characterize much of Baltimore. Part of Reservoir Hill is an historic district listed on the National Register of Historic Places. SITE: The parcel is zoned R-9 (Residential). According to the Baltimore City tax records the site comprises approx. 14,950 sq. ft. or 0.34 acre. Neighborhood parks are located across the street. The site has frontages on Whitelock St. and Brookfield Ave. Before the lots were consolidated, 2401 Brookfield also included 918 Whitelock St. IMPROVEMENTS: 2401 Brookfield is improved by two 4-level masonry buildings which contain approx. 25,200 +/- sq. ft. of above-grade building area according to the MD Dept of Assessment and Taxation. 2405 Brookfield is a 3-level masonry building containing approx. 2,160 sq. ft. of building area. There is a shared courtyard behind the three buildings. The buildings have a limited lead free certificate. The interiors of the buildings are lead free. There is believed to be lead on the roof cornices and maybe a portion of an exterior wall which was encapsulated when repainted. Some of the pictures on the web site were taken before several units were occupied. In 2008-2011, the three buildings were renovated with all new finishes, fixtures, appliances, windows, kitchens, baths, plumbing, electrical, HVAC, etc. The unit mix for the 27 units is as follows: one 3-BR, 2 1/2 Bath unit, four 3-BR, 2 Bath units, ten 2-Bedroom, 2 Bath units, ten 2-Bedroom, 1 Bath units and two 2-Bedroom, 1 1/2 Bath Units. Of the 27 units, the building currently is fully occupied and has remained continually occupied. The units all have market tenants with minimal rents in arrears. Heat, hot water and appliances are electric. Each unit is separately metered with individual heat pumps, air conditioning, and standard size electric hot water heaters. Income and Expense Information
As of May 1, 2021, the monthly rentals total $33,875. There is additional monthly rent of $330 for four off-street parking spaces and for pet fees. The current total monthly rent is $34,205. The total annual rents are projected at $410,460 assuming full occupancy. The Balance Due reflected on the rent roll is because the document is dated Saturday, May 1 before the monthly rents have been collected. Copies of the Income and Expense Statements (Cash Basis) for 2019, 2020 and year to date 2021 have been included in the documents section of the web site. Excluding management fees, legal and professional expenses, and capital expenditures, the Net Operating Income for 2020 is $259,754. The Net Operating Income for 2019 is $271,705. Amenities include the following: Replacement windows throughout the building. High ceilings in most units. Standard kitchens have quality cabinetry, full package of appliances including a refrigerator/freezer, stove with cooktop, microwave and dishwasher. Each unit has a front loading stacked washer and dryer. Tile in the kitchen and baths. Bamboo wood flooring throughout. Security buzzer system at building's main entrance.
Listed by Paul R Cooper of Alex Cooper Auctioneers, Inc.
