1303 N Charles Street

Property Description

Prime Location:Situated in the heart of Baltimore, 1303 N Charles St enjoys a prime location, offering easy access to various amenities and services. Located in close proximity to renowned universities such as University of Baltimore, MICA and Johns Hopkins University.Convenient access to major highway like I-83, facilitates seamless transportation and connectivity, enhancing the property's accessibility and appeal. Residents will also enjoy the convenience of nearby coffee shops such as Starbucks and close proximity of Grocery shopping stores such as Whole Foods Market and Save a Lot, fostering a vibrant safe place community atmosphere while ensuring residents have easy access.Assumable Debt at Attractive Rate:The property comes with an assumable debt option at a competitive interest rate of around 5.5%, offering potential cost savings and favorable financing terms for the investor.Assuming a loan with around 5.5% interest rate can result in substantial cost savings over the life of the loan compared to obtaining a new loan at potentially higher prevailing interest rates. This translates to lower monthly mortgage payments and reduced overall financing expenses.Opportunity for Rental Income Growth:Currently, the property experiences a reduction in rent occupancy rate, primarily attributed to the recent renovations within the units. While the current occupancy rate has been impacted because of the recent renovation, still the renovations contribute to the potential for a higher rental income in the future. Since the renovation has been completed, there is an opportunity to market the improved units to prospective tenants strategically. Implementing a robust marketing strategy can unlock the potential for increased rental income. With careful positioning and targeted advertising, the property can attract a higher volume of quality tenants, maximizing returns for investors.