921 Prospect St
$1,400,000
921 Prospect St, Takoma Park, MD 20912
5.55
Cap Rate
77,702
NOI
Details:
Highlights:
- Days on Market: 16
- Parking Features: Private
- Heating: Forced Air, Zoned
Description:
Adjoins - Open Space, Adjoins - Public Land, Backs to Trees, Backs - Parkland, Cul-de-sac, No Thru Street, Rear Yard, Road Frontage, SideYard(s), Trees/Wooded
921 Prospect St, Takoma Park, MD, is an all-brick 5-Unit apartment building, nestled
alongside Long Branch Stream Valley Park, with balconies/porches overlooking the park
in every unit (THE GOVERNMENT FLOOD PLAIN MAP DOES NOT DESIGNATE THIS AS A FLOOD PLAIN). Each unit is bright and inviting. Enjoy morning coffee/dinner on your
balcony, listening to the birds with creek views.
Such a rare, captivating, attractive layout, and in excellent condition.
All units are 2BR 1Ba. The "owner unit" has a private storage/hobby/laundry room as
well as custom wood cabinetry with pull-out drawers for easy storage in both bedrooms.
Units 2 through 5 are currently licensed and occupied.
Updated lead-free certificates are available for the 4 licensed units.
This is a great opportunity for a resident/owner in a move-in-ready building. Enjoy
$6815 of current income from the upper units to supplement expenses, or rent unit 1 for
$2200/month and boost income to $9015 per month, which will rise over the years. With
all units rented, there is a potential current income of around $108,000/year.
Contact the listing agent for income/expense, lease, and unit details.
This building is located outside of the Takoma Park City limits – it is not subject to the
City Rent Stabilization law, but it is subject to the Montgomery County law, with fewer
restrictions.
The units offer updated kitchens, and most have granite countertops and recent
cabinets. The paint and carpets are clean and new. Each unit has a large storage locker in
the basement utility room, along with a shared community washer/dryer.
Each unit is individually metered and has its own HVAC System (gas furnace/central air
conditioning unit). The owner pays for water/sewer/water heater.
Private, off-street, paved parking lot for 5 vehicles.
The building’s condition allows for a turnkey takeover.
This updated 1961 building, and its location, is a tenant’s dream.
Recent replacements/improvements include a new 100 Gallon gas water heater in
2023, a recent large LG washer/dryer in the utility room, new HVAC system (unit 2 in
2023), new AC (units 2 and 5 in 2024), and units 1, 2, 3, and 5 kitchens remodeled.
The building has 6 electric and 6 gas meters and is cable-ready with fiber-optic internet.
Secured entry foyer to the 4 upper units.
There is a useful storage shed in the rear garden and a private patio behind a fence
(Unit 1).
Mature garden shrubs and trees enhance the attractive location beside the park with
trails.
Two future Purple Line metro stations are within .5 miles of the Takoma DC Metro
station on the Red Line is 1.5 miles.
Historic downtown Takoma Park with restaurants, Food Coop, Library, and shops are
nearby, as is the Whole Foods in downtown Silver Spring and additional shopping.
Interstate 495 access is a 5 to 15-minute drive away, depending on traffic and the
entrance chosen. Bethesda, MD, and the University of Maryland are a short commute.
Washington Adventist University is a short walk away.
Having sold many multi-family units in the Takoma Park area, I can vouch that this
building is in one of the best conditions you will find, and not your average multi-family
property/location. It's a good long-term investment and/or an ideal home for an owner/resident who wants a private unit with a shared community around them.
Location
Gallery
