1200 N Caroline St, BALTIMORE, MD

$950,000

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6,533

Square feet

0.15

Acres

About 1200 N Caroline St

Incredible 12-Unit Multi-Family Property! Amazing Value at less than $80,000 per Unit! Combining 1200 & 1202 N Caroline St, this remarkable property combines to create an impressive nearly 10,000 sq. ft. corner building boasting fantastic apartment layouts, robust cash flow, and substantial equity potential. Built in a bygone era, this sturdy property features a majestic entrance, exquisite custom millwork, and soaring ceilings. This expansive building offers serene living spaces for tenants and presents a desirable mix of apartment layouts, including eight two-bedroom units, two one-bedroom units, and two studios. Each unit is separately metered, with tenants responsible for their own gas and electric expenses. A diverse tenant base, comprising both market-rate tenants and Section 8 occupants, maintains stable rents averaging approximately $1,000 per month, resulting in a gross annual rental income of $125,000. The owner has made substantial investments, totaling over $100,000, to stabilize the property, yielding an impressive 8% Cap Rate for prospective buyers. This presents a tremendous opportunity to further enhance cash flow and equity. By increasing rents to a reasonable $120,000 per unit and $1,200 per month, potential equity of up to $500,000 could be generated, along with a likely 10+% cap rate. Situated on a spacious lot measuring 49ft by 159ft, spanning the entire block from Caroline to Spring St, the property enjoys adjacency to Madison Square Park, Recreation Center, and Playground, offering unobstructed city views. Just half a mile from John’s Hopkins Medical Campus, the property is ideally located amidst the vibrant East Baltimore Development, featuring 1.7 million square feet of life sciences research and office space, educational institutions, green areas, grocery stores, and other essential neighborhood amenities. View the uploaded floor plans to envision the building's layout. While interior photos are limited due to occupied units, this is an exceptional investment opportunity to purchase, enhance, and hold for generations. Don’t let this opportunity pass you by – call today for more information!

Features of 1200 N Caroline St

MLS® # MDBA2113572
Price $950,000
Bathrooms 0.00
Square Footage 6,533
Acres 0.15
Year Built 1900
Type Commercial Sale
Sub-Type Five Or More Units
Status Active

Community Information

Address 1200 N Caroline St
Subdivision OLIVER
City BALTIMORE
County BALTIMORE CITY-MD
State MD
Zip Code 21213
Senior Community N

Amenities

Parking Type On Street
Is Waterfront No

Interior

Heating Radiator
Cooling None
Fireplace No
Has Basement No
Central Air N

Exterior

Exterior Brick and Siding
Roof Flat, Rubber
New Construction N

School Information

District BALTIMORE CITY PUBLIC SCHOOLS

Additional Information

Date Listed February 9th, 2024
Days on Market 71
Zoning R-8
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeExecuHome Realty
Contact Info(443) 632-3000

Listing Map

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