601 Whitelock Street

Description

$100,000 per unit " affordable entry point in up-and-coming neighborhood. Less than 0.6 miles to Reservoir Square development " new Streets Market grocery store and shopping center will support neighborhood growth and attract tenants. Recently renovated apartments " durable finishes and modern layouts mean no immediate construction or rehab costs, letting investors lease up quickly. Individually metered gas and electric plus water submetering " tenants pay BGE directly, and owners can recapture water costs through the existing water sub-metering, reducing expenses and improving NOI.Reservoir Hill Apartment Interiors:This fully detached building features five one-bedroom apartments, each reflecting a recent renovation thats well-suited to the up-and-coming neighborhood. Kitchens include granite counters, wood cabinets, ceramic tile backsplashes, 30 gas ranges, and dishwashers. Bathrooms feature modern vanities, fiberglass tub/shower enclosures, and ceramic tile flooring. Each unit has drywall walls and ceilings with recessed lighting, plus a stacked washer and dryer. Apartment E is a two-story unit located at the rear of the property.Utilities:These five self-contained apartments are individually metered for gas and electric, with tenants paying BGE directly. The building has a 400-amp service. Each unit is equipped with a 90+ gas-fired forced air furnace and central air conditioning, plus a 50-gallon water heater. The property is also set up for sub-metering of water via Hersey water meters, which can improve cash flow when a bill-back system is implemented. Additionally, a previous Limited Lead-Free certification is on file for one apartment, indicating that an owner could potentially recertify the entire building as Limited Lead-Free, reducing paperwork at turnover and general risk.Whats Great About Reservoir Hill:601 Whitelock is located in the heart of Reservoir Hill, just steps from the newly reopened walking loop at Druid Lake. This milestone marks the near completion of Baltimores historic underground tank project, transforming the iconic reservoir into a fully recreational lake"often called the citys version of Central Park. Druid Hill Park now offers walking trails, expanded green space, and an inviting lakefront.Residents enjoy easy access to neighborhood parks, tennis courts, and the Baltimore Zoo, as well as local shops and services along Pennsylvania Avenue and North Avenue. Less than half a mile away, MCB Real Estate is developing the $170 million Reservoir Square, which will feature a new Streets Market grocery store and shopping center, adding modern convenience to the neighborhood.With the upcoming Reservoir Square project, Reservoir Hill is seeing a noticeable uptick in investment. 601 Whitelock has already been renovated with durable finishes that align with the neighborhoods growth. Investors can buy today, lease up, and start generating cash flow"no renovations required. This property offers an affordable entry point in a neighborhood poised for continued growth and revitalization.Investment Summary:$500,000$100,000 Per Unit$89 Per Sq. Ft.6.6 Times Market Rents (GRM)9.44% Cap Rate10.7% Projected Cash-on-Cash Return