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308 PATTERSON CT
Takoma Park, Maryland, United States

Amenities

Attic Storage.

Appliances

Refrigerator.

Exterior finish

Brick.

Flooring

Carpet, Tile, Wood.

Parking

On Street.

Roofing

Asphalt.

Description

This is 7 units (not 4) - 5 x 1BR and 2 efficiencies. This Brick and Stucco Tudor Style detached multifamily is in a great location on a quiet cul-de-sac next to Long Branch Park trail and yet just a block from Carroll Avenue leading to downtown Takoma Park Historic Area Restaurants and Stores one way, and Takoma/Langley future Purple Line station and shopping Mall in the other. Buses in all directions and close by Columbia Union University. This is a hot location that renters desire. Easy to rent with 5 one-bedroom units and 2 large studios; all completely self-contained with own bathrooms and kitchen. Better still it is outside of the City limits so not subject to the Rent Stabilization Law and is in fact in unincorporated Montgomery County. It features common gas hot water radiator heating; the best type that tenants love. There are two gas fired hot water heaters, and the electric box has been upgraded to circuite breaker. There's a separate laundry room in the basement with leased machines and rental income averages $300 per quarter. There's parking for 7 cars in the rear of the property and more out front. It's a pretty lot with a grassy area and hedge in the rear with room for tenants to stroll and just 50 yards away is the Long Branch Park trail that runs in both directions for jogging/walking. All units currently rented and room for future improvements with unfinished attic space and balcony not currently in use. They were all inspected in April 2019 by Montgomery County and passed. 3 units are recently completely remodeled and the seller has spent 100K in recent improvements/repairs. 6.47% cap rate. Gutters and downspouts are new. Here is a great opportunity to get into the multi-family housing market in a pleasant location where you are able to set market rents in the future.

Schools

MONTGOMERY COUNTY PUBLIC SCHOOLS School District
ROLLING TERRACE Elementary , MONTGOMERY BLAIR High , Junior High , SILVER SPRING INTERNATIONAL Middle School

Presented by

Long & Foster Real Estate, Inc.

Long & Foster Real Estate, Inc.
Click To Show Phone
Main: +1 866 677 6937

Location

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