2018 Mcculloh St, Baltimore, MD 21217

Property Description

2018 McCulloh Street is a three-unit apartment building offering two one-bedroom apartments and one one-bedroom apartment with a den. The property is priced at $101,667 per unit, with current rents already near projected market levels. A new owner can improve income without relying on substantial rent increases or major renovations. Projected operations support a 9.32% cap rate and 12.1% cash-on-cash return. Kitchens include wood cabinetry, laminate countertops, 30-inch gas ranges, built-in microwaves, stainless-steel sinks, and garbage disposals. Bathrooms feature modern vanities, ceramic tile flooring and tub enclosures, including jetted bathtubs in two apartments. Each unit also includes central air conditioning, an individual electric water heater, and a stack washer and dryer. The property has four electric meters, three gas meters, and 400-amp electrical service. Tenants pay their separately metered electric usage, while the landlord currently pays for heat and water/sewer. The building is certified Limited Lead Free, reducing annual fees and the paperwork and inspection costs typically associated with tenant turnover. Located in Druid Heights, 2018 McCulloh Street is convenient to North Avenue, Pennsylvania Avenue, the Penn-North Metro station, and several major bus routes. The surrounding area has also been the focus of ongoing community development and housing investment, including projects targeting the McCulloh Street and Druid Hill Avenue corridors