305 W MADISON ST Baltimore, MD 21201
UPDATED:
Key Details
Sold Price $333,900
Property Type Multi-Family
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Subdivision Mount Vernon
MLS Listing ID MDBA2141324
Style Unit/Flat
Year Built 1952
Annual Tax Amount $5,906
Tax Year 2024
Property Sub-Type Other
Property Description
The property at 305 W Madison St, Baltimore, MD 21201 is a five-unit multifamily building with a mix of studio and one-bedroom units. Some of the units have already been renovated, and the property includes onsite laundry facilities, offering added convenience for tenants and an additional income stream for investors.
Value-Add Potential
The property offers substantial value-add potential for investors, with the opportunity to increase rents by 59%, or approximately $200 per unit. This creates a clear path to significantly enhance cash flow and maximize returns. With a handful of units already renovated investors can implement additional improvements to the remaining units to further boost rental income and overall property value. Additionally, the onsite laundry offers further income-generating potential.
Location and Area Benefits
Located in the heart of Baltimore, the property is close to major institutions such as Johns Hopkins University and the University of Maryland Medical Center, offering proximity to key employment centers. Nearby universities like the University of Baltimore and Maryland Institute College of Art (MICA) also enhance the area's appeal. The property benefits from easy access to major highways such as I-83 and I-95, and is close to the State Center subway station, ensuring excellent transportation options. Additionally, being near an Opportunity Zone provides potential tax incentives for investors.
Location
State MD
County Baltimore City
Zoning C-1
Interior
Hot Water Other
Heating Radiator
Cooling Window Unit(s)
Exterior
Water Access N
Roof Type Flat
Building
Sewer Other
Water Other
New Construction N
Schools
School District Baltimore City Public Schools
Others
Acceptable Financing Cash, Conventional, Exchange, Farm Credit Service, FHA, FHVA, FNMA, State GI Loan, USDA, VA, Variable, VHDA
Listing Terms Cash, Conventional, Exchange, Farm Credit Service, FHA, FHVA, FNMA, State GI Loan, USDA, VA, Variable, VHDA
Special Listing Condition Standard
Bought with NON MEMBER • Non Subscribing Office