MD > Baltimore > Oliver
Baltimore, MD 21213,1200 N CAROLINE ST
Baltimore, MD 21213,1200 N CAROLINE ST
Baltimore, MD 21213,1200 N CAROLINE ST
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Kelly Stipa

Kelly Stipa

+1(267) 249-9000
$925,000
Est. payment /mo
6,355 SqFt
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UPDATED:

09/26/2024 01:23 PM

Key Details

Property Type Commercial

Sub Type Five Or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 6,355 sqft

Price per Sqft $145

Subdivision Oliver

MLS Listing ID MDBA2113572

Originating Board BRIGHT

Year Built 1900

Annual Tax Amount $10,000

Tax Year 2024

Lot Size 6,355 Sqft

Acres 0.15

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!

Location

State MD

County Baltimore City

Zoning R-8

Interior

Hot Water 60+ Gallon Tank

Heating Radiator

Cooling None

Flooring Hardwood, Vinyl

Heat Source Natural Gas

Exterior

Waterfront N

Water Access N

Roof Type Flat,Rubber

Accessibility None

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Baltimore City Public Schools

Others

Tax ID 0310011162 044

Ownership Fee Simple

SqFt Source Estimated

Acceptable Financing Conventional

Listing Terms Conventional

Financing Conventional

Special Listing Condition Standard

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Bright MLS (BMLS)
Listed by Dimitrios Lynch • ExecuHome Realty

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Kelly Stipa

+1(267) 249-9000

REALTOR® | License ID: RS226297L

REALTOR® License ID: RS226297L

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