Price Improved! Fully occupied and ready for a new owner. Welcome to 2203 North Charles Street, nestled in the growing neighborhood of Old Goucher. With a staggering 95% renter population, this area presents an excellent opportunity for investors. Positioned on Charles Street, the bustling main thoroughfare of north central Baltimore City, this property enjoys a constant stream of daytime foot traffic. Whether you’re seeking commercial or residential spaces, renting out these units is a breeze, making it an exceptional investment choice.
Each space has its own separate electric heat pump and central air conditioning system, ensuring year-round comfort for tenants.
The third floor apartment features a galley kitchen with wood cabinets, laminate countertops, and a 30″ electric range. The bathroom has a modern vanity and a fiberglass tub. With sturdy finishes and easy-to-clean vinyl floors, this apartment is easy to lease and quick to turn over.
The second floor apartment features an upgraded full kitchen complete with wood cabinets, ample formica countertop space, a 30″ electric range, built-in microwave, and a dishwasher. The spacious living room has three large windows, bathing the room in natural light, and recessed lighting adds a touch of elegance. Fully equipped with in-suite laundry, this apartment has it all for today’s modern tenant.
The first floor beauty boutique has charming exposed brick walls and lofty ceilings. Its allure is further enhanced by a floor-to-ceiling storefront window, inviting passersby to explore within. The boutique encompasses a spacious customer area, two small offices for business operations, and a convenient half bathroom.
The ground floor pharmacy space is occupied by a long-term tenant. Welcoming customers with a front lobby area, the space also has a storage area and a half bathroom, ensuring functionality for daily operations.
Each unit has its own heating and air conditioning systems. The building is served by one gas meter, which fires the 40-gallon water heater; and five electric meters, with 150 amps to each unit.
2203 North Charles Street has vinyl replacement windows throughout. Observable water supply pipes are copper and c-pvc, with a steel main; observable drain lines are pvc.
Tenants pay for their own electric usage. The landlord pays for water, sewer, and public service gas and electric. Currently the first floor commercial tenant reimburses for a portion of the public service utilities; a savvy landlord could increase cash flow by implementing a total utility reimbursement.
Located in the Old Goucher neighborhood, this investment property benefits from its strategic location between the ever-growing neighborhoods of Charles Village and Mount Vernon. With a high percentage of renters in the area, a steady tenant pool is readily available, ensuring minimal vacancy periods and a robust rental market.
The neighborhood has attracted numerous entrepreneurs, resulting in a thriving culinary scene. Local favorites such as Dutch Courage, WC Harlans’, and the Church Bar are just a stone’s throw away, offering residents and tenants a diverse range of dining and entertainment options. Moreover, the property’s central location in Baltimore provides easy access to downtown and points north via I-83, making commuting a breeze.
2203 North Charles earns the designation “Walker’s Paradise” with a Walk Score of 94, a Transit Score of 83, and a Bike Score of 85.
$93,750 Per Unit
$165 Per Sq. Ft.
7.8 Times Actual Rents (GRM)
6.8 Times Market Rents (GRM)
9.38% Cap Rate
11.0% Projected Cash-on-Cash Return
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Listing information last updated on September 22nd, 2023 at 6:30pm EDT.