1200 N CAROLINE ST Active Save Request In-Person Tour Request Virtual Tour
Baltimore,MD 21213
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
Parking Type On Street
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