503 Radnor Ave Baltimore, MD 21212
- Commercial real estate
- 5,040 SF
Current Use by Public Records
- Commercial real estate
Property Details for 503 Radnor Ave
- Year built
- 1900
- Property size
- 5,040 SF
- Property type
- Commercial real estate
Description
This fee-simple Baltimore apartment building presents a compelling investment opportunity. The property, located at 503 Radnor Ave, Baltimore, MD 21212, is a three-story, 5,040 square foot building constructed in 1900 and renovated in 2008. Currently boasting 100% occupancy across its five units, each unit commands $89,000, resulting in an asking price of $445,000. The building features a mix of gas and electric heating systems, central air conditioning, and a combination of individual and shared water heaters. Electrical service is 400 amps, with 100 amps allocated to each unit. Roofing consists of slate, rubber, and asphalt shingles. The property includes four off-street parking spaces generating additional rental income. Interior features include laminate countertops, wood cabinets, and stainless-steel sinks in the kitchens, and a mix of ceramic tile and laminate flooring throughout. Some units offer both living and dining rooms, and one unit features a private sun porch. Another unit boasts floor-to-ceiling windows in the dining room. The expansive unfinished basement offers significant potential for development, and importantly, the property is already licensed for six dwelling units, presenting a clear path to increase rental income by converting the basement into a sixth apartment. The property sits on a 9,664 square foot lot and is zoned R6. Its prime location offers a Walk Score of 86, convenient access to the CityLink RED bus, and proximity to the Waverly Farmers Market and the Baltimore City/County line, fostering strong tenant retention (average tenancy of 2 years and 3 months). The current pro-forma NOI is $40,153, representing a pro-forma cap rate of 9.80% and a current cap rate of 9.40%. This property is ideal for investors seeking a stable, cash-flowing asset with significant upside potential.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Baltimore
- County
- Baltimore
- State
- Maryland
- Longitude
- -76.609195107631
- Latitude
- 39.347901480298
