921 PROSPECT STREET

TAKOMA PARK, MD20912

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 w/creek in every unit (THE GOVERNMENT FLOOD PLAIN MAP DOES NOT DESIGNATE THIS AS A FLOOD PLAIN). Owner will consider seller financing w/30% down @ 5% interest only for 5 years.  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. ALL Units are currently licensed and certified lead-free. This is a great opportunity for a resident/owner in a move-in-ready building. Current rental income (subject to soon-to-be-rented Unit 5) is $9175 per month, increasing to $9485 per month 10-1-26 for a total of $113,820 per year. The cap rate of 5.6% increases to 5.89% in October. This is after a 5% gross rent fee for vacancy, 5% for repairs, and 7% for property management (it has been owner-managed for 51 years with no outside property management). Can be a great retirement location for an owner-occupant, too. Contact the listing agent for more income/expense, lease, and unit details. The seller will consider holding a first deed of trust (mortgage) with a 30% down payment for 5 years at a fixed rate of 5% with a balloon payment. 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 (Wood in Unit 1) are clean and new. Each unit has a large storage locker in the basement utility room, along with a shared community washer/dryer. Unit 1 has a 3rd room for its one laundry and hobbies (could be a 3rd bedroom). 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 - one per unit. The building’s condition allows for a turnkey takeover. Recent replacements/improvements include a new 100 Gallon gas water heater in 2023, a recent large LG washer/dryer in the utility room, a new HVAC system (unit 2 in 2023), new AC units (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 with cameras for tenants to answer from home or office. 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 property and 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. 2nd opportunity as buyers were unable to perform. 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 in a shared community.

Listing courtesy of Samson Properties



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