1407 Mcculloh Street

Description

Located in Madison Park—where approximately 76% of residents are renters—this property benefits from a deep tenant pool and historically low vacancy. In-unit laundry throughout enhances rentability and supports higher market rents, while multiple built-in paths to increased cash flow. Apartment Mix: 1 Three-Bedroom; 1 Two-Bedroom; 3 One-Bedroom.The apartments feature straightforward, low-maintenance finishes that appeal to today’s city renter. Kitchens include a mix of butcher-block and laminate countertops, wood cabinetry, and stainless-steel sinks. Bathrooms offer modern vanities and pedestal sinks with ceramic or vinyl tile flooring. Living areas are primarily hardwood, with some laminate plank flooring. Front windows are original wood single-pane, with vinyl replacement windows at the rear.Each unit has in-suite laundry, enhancing rentability and long-term income potential.Utilities & SystemsFive electric meters (200-amp total service)Four gas meters plus one additional hook-upHeat systems include gas-fired forced air (3 units), mini-split (1 unit), and electric baseboard (1 unit)First-floor unit shares a water heater; upper units each have dedicated heatersWater supply lines observed as copper, CPVC, and steel; PVC drain linesThe owner currently pays for common electric and water/sewer. Two units are billed back for water at $35/month; extending billbacks to the remaining units provides a clear opportunity to increase net income.Neighborhood & LocationMadison Park sits just south of neighboring Bolton Hill and offers convenient access to Penn Station, Downtown Baltimore, and major commuter routes. The nearby Reservoir Square redevelopment is set to introduce new grocery and retail options, while Druid Hill Park—home to the Baltimore Zoo—is close by.Investment HighlightsPrice: $475,000$95,000 per unit$144 per square foot8.3× GRM (Actual) | 6.5× GRM (Market)9.74% Cap Rate12.2% Projected Cash-on-Cash Return