This turn-key 2-unit property was renovated in 2017, including upgrades to heating and cooling systems, electric, bathrooms, and kitchens. Purchase this property to live in one unit and rent the other, or invest for a 12% projected cash-on-cash return.
Apartment One comprises the lower level and the first floor. The kitchen features stainless steel appliances including a 5-burner gas range, dishwasher, and built-in microwave. Wood cabinets, laminate countertops, and ceramic tile floors are easy to maintain and make cleaning a breeze. The lower level has a bonus sunroom, which opens up to the large backyard and a concrete patio. The upper level houses three spacious bedrooms with hardwood floors, and an upgraded full bathroom with a ceramic tile floor and a modern vanity.
Apartment Two is located on the top floor. This apartments kitchen features wood cabinets, laminate counters with a ceramic tile backsplash, and a 20 electric range. The bathroom has been upgraded, with ceramic tile flooring and tub enclosure, and a modern vanity. The sun-filled living room and bedroom each have hardwood floors.
Each apartment has its own laundry facilities. Tenants enjoy access to a large, 4-car parking pad.
These apartments are separately metered for gas and electricthese are paid by the tenants. Currently the landlord pays for cold water/sewer. A savvy landlord could increase cash flow by passing this expense through to the tenants.
4506 Furley Ave. has 400-amp electric service, and two electric meters. Observable water supply lines are copper and c-pvc; drain lines are pvc and steel. This building has vinyl replacement windows, and an asphalt shingle roof. Each unit has its own gas-fired furnace and air conditioning, installed in 2017. Each unit also has its own hot water heater, dated 2016.
4506 Furley Ave. is located just 1.5 miles from I-95, offering an easy commute to downtown Baltimore and a quick drive out to the county. Nearby Bel Air Road is home to many restaurants and shops. Residents of Frankford also enjoy access to Lake Montebello and Herring Run Park.
Morgan State University is northeast Baltimores preeminent university and Marylands largest HBCU, and is located just 2 miles from 4506 Furley Ave.
$265,000
$132,500 Per Unit
$174 Per Sq. Ft.
10.5 Times Actual Rent (GRM)
9.6 Times Market Rent (GRM)
7.63% Cap Rate
12% Projected Cash-on-Cash Return