Views
Address
1200 N Caroline Street, Baltimore, MD
Price
$ 950,000
Property Attributes
- MLS#MDBA2113570
- TypeMulti-Family
- CountyBALTIMORE CITY
- CityBaltimore
- NeighborhoodOliver
- Zip21213
- StyleFederal
- Year Built1900
- Taxes$ 8186
- Price$ 950,000
- Bedrooms18
- Full Bathrooms0
- Half Bathrooms0
- Lot Size6,534 SqFt
Data Source:
Bright MLS
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 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!
| Price History | |
|---|---|
| 3/1/2024 | Listed $950,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Radiator |
| Cooling | None |
| Possession | Settlement |
| Zoning | R-8 |
| Architectural Style | Federal |
| Construction Materials | Brick |
| Year Built | 1900 |
| Property SubType | Other |
| Tax Year | 2024 |
| Percent Ownership | Fee Simple |
| Cool Fuel | Electric |
| Section | 01 |
| Gross Income | 125474.00 |
| OwnerPays | Accounting/Legal,Advertising/Licenses and Permits,Common Area Maintenance,Miscellaneous,Taxes - Real Estate,Water,Insurance |
| Accessibility | None |
| County | BALTIMORE CITY |
| Net Operating Income | 76338.00 |
| Operating Expense | 64481.00 |
| New Construction | No |
| Property Type | Multi-Family |
| Subdivision Name | OLIVER |
| Garage Y/N | No |
| Water Access Y/N | No |
| Other Structures | Above Grade,Below Grade |
| Transportation | Metro/Subway Station less than 1 mile,Bus Stop less than 1 mile |
| Status | ACTIVE |
| Directions | GPS |
| ModificationTimestamp | 2024-05-11T04:46:39 |
| City | BALTIMORE |
| Buyer Agent Compensation | 2.25 |
| Disclosures | Prop Disclaimer,Prop Disclosure |
| Total Units | 1 |
| Lot Size Square Feet | 6355.00 |
| Tax Assessed Value | 423733.0 |
| Waterfront Y/N | No |
| Number of Units Leased | 12 |
| Street Name | CAROLINE |
| Tax Annual Amount | 8186.0 |
| Property Condition | Good |
| Two Bedroom | 8 |
| Structure Type | Other |
| Single Room Units Count | 2 |
| One Bedroom Units Count | 2 |
| NumberOfUnitsVacant | 1 |
| Other Units | Unit 1,Unit 2,Unit 4,Unit 5,Unit 8,Unit 3,Unit 6,Unit 7,Unit 9,Unit 10,Unit 10,Unit 10 |
| Price Per Sq Ft | 95.0 |
| Acceptable Financing | Conventional |
| Vacation Rental Y/N | No |
| Total SQFT | 10250 |
| Days on Market | 73 |
| Lease Type | Yearly |
| Standard Status | Active |
| Year Built Source | Assessor |
| Legal Subdivision | Ward 10 |
| Tax Lot | 044 |
| Total Actual Rent | 125000.00 |
| Cap Rate | 8.03 |
| Buyer Agent Compensation Type | % Of Gross |
Interior Features
| Heating Fuel | Natural Gas |
|---|---|
| Basement | Partial,Unfinished |
| Hot Water | 60+ Gallon Tank |
| Basement (Y/N) | Yes |
| Heating Y/N | Yes |
| Fireplace Y/N | No |
| Street Suffix | STREET |
| Central Air Y/N | No |
| LivingAreaSource | Estimated |
Exterior Features
| Pool | No Pool |
|---|---|
| Water Source | Public |
| Type of Parking | On Street |
| Land Use Code | M |
| Water View Y/N | No |
| Lot Size Acres | 0.15 |
| Lot Size Units | Square Feet |
| Lot Size Source | Estimated |
| Land Assessed Value | 25000.00 |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 21213
Price
Taxes
Visits
Year Built
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