7213 N Point Rd, Sparrows Point, MD 21219

Description

Investors, here is your opportunity to add a well-maintained three-unit (triplex) rental property to your real estate portfolio! When fully occupied, this income-producing property generates $3,875 per month in gross rental income! The property has been very well maintained, featuring newer appliances, countertops, fixtures, flooring, updated bathrooms, trim and other improvements. Additional highlights include a covered front porch, a side sunroom and a massive, level, fenced backyard with plenty of space to relax, play or entertain. The entire property is zoned BL (Business Local) but is currently utilized as a residential triplex, with three rental licenses available. Apartment 1: Currently rented for $1,400 per month to a long-term tenant who has occupied the property since April 2022. The tenant is presently on a month-to-month lease and is scheduled to vacate on October 31, 2026. This apartment also enjoys additional finished living space in the basement. Apartment 2: Currently rented for $1,200 per month. The existing tenant would like to remain in place and has an active lease extending from July 1, 2025, through June 30, 2027. Apartment 3: Located on the upper level, this apartment is currently vacant and ready for a new tenant! Previously generating $1,275 per month in rental income, it offers an opportunity for the next owner to secure a new tenant and restore the property's full rental income potential. The basement provides additional finished living space for Apartment 1, individual tenant storage lockers and a shared laundry area. All three apartments are separately metered, with tenants responsible for all utilities. The unfinished potion of the lower level offers extra storage space or even future expansion of extra living space for a bit more rental income. Electric services are separately metered per unit. The natural gas is on one service meter that supplies the Three Zoned heating system. The public water is on one service line and supplied to each of the three units. Both the gas and water bills are a shared monthly cost that each tenant pays 1/3rd monthly. Two units are tenant occupied at this time.