823 Park Ave is one of the most unique and spectacular properties in the Historic Mt Vernon neighborhood of Baltimore City. Not only does this property include a Home Office on the First Level along with 5 apartment units, it has the most amazing owners unit comprising approx. 3,400 sq. ft. on three upper levels and a 6th floor deck with unobstructed 270 degree views of the Baltimore skyline. The building contains approx. 8,400 sq. ft. of above grade area, and approx. 1,500 sq. ft. of finished lower level storage/utility space and a studio apartment. The spectacular owner's unit has the following features * Approx. 3,400 sq. ft. of living space * Two bedrooms and 2 1/2 Bathrooms * 2-story Atrium Entertainment area with floor to ceiling windows * 30' Kitchen and Breakfast Area * Approx. 600 sq. ft. Family Room with Accordion Glass Doors opening to a Spacious Deck with 270 degree panoramic views of the Baltimore skyline. Value-Added - There are 5 Rental Units with Two 2-BR and Three Studio Apartments. Not including a vacant 2BR unit, the remaining 4 units have a total monthly rental of $4,495. The fair economic rent of the 2BR units is $1500-$1700/month. There is a lot of upward potential for the monthly rent income, which should be approx. $6,500/month. The owner's unit should rent for $4,000-$5,000/month.
There is also potential to rent the first floor owner's office for $1,500-$2,000/month. Overall, the building has potential monthly rental of $12,000-$13,000/month. Renovations and Updates: The building was completely updated and renovated with the following features * 600 amp electric service * 56 new windows * New plumbing and feeder lines * New Bathrooms * New kitchens * Separate gas and electric meters * Sprinkler system throughout the building * Carport parking for 2 vehicles * Large rear brick patio.