- For Sale Contact for pricing
- Property Type Other
- Units 31
- Date Updated Aug 18, 2025
Financial Upside:
This 30-unit property offers assumable debt at a favorable 3.75% interest rate, significantly below today’s market rates. The loan balance is $1.875M with an annual debt service of just $115,680, which positions the property to deliver a 7% cap rate on day one. Through targeted value-add strategies, including unit renovations, rent increases, and the addition of shared laundry facilities, there is clear potential to boost the cap rate to 10%. Additionally, the shared laundry installation could generate an extra $3,224 annually, further improving the property’s long-term financial performance.
Location:
Situated in the vibrant Mt. Vernon neighborhood, these properties benefit from a prime location with excellent access to both cultural and educational landmarks. Notable nearby attractions include Lexington Market, Walters Art Museum, the UMMC Midtown Campus, and Johns Hopkins University. The properties are also within walking distance of Baltimore’s largest development project, the Inner Harbor. Public transportation options are plentiful, with the Mount Vernon Light RailLink station just a few minutes away, providing easy access to key areas throughout the city. The Lexington Market Metro SubwayLink station is also close by, ensuring easy connectivity to Johns Hopkins, the Inner Harbor, and surrounding neighborhoods.
Property Upside:
- 1303 N Calvert St: 9 units (8 studios, 1 one-bedroom) featuring a mix of vintage and updated finishes. Strong potential for unit modernization, including kitchen and bathroom upgrades, as well as design unification to improve appeal and rental value.
- 1323 N Calvert St: 8 units, including five 1-bedrooms and one 2-bedroom, with preserved architectural details like antique mantels and moldings. Opportunities for high-end aesthetic upgrades, adding value through interior enhancements and improved security systems.
- 2200 Maryland Ave: 13 units (with potential for a 14th), offering a solid foundation with preserved parquet floors and high-quality finishes. Room for increasing unit count through basement conversions or layout reconfigurations, along with the potential for significant rent growth by maximizing space efficiency.
Reach out to the broker for more info on lease terms and amenities
Highlights
- Additional Unit Upside: Renovate the gutted unit at 2200 Maryland Ave to add new income stream.
- Attractive In-Place Financing: Assumable loan at 3.75% interestwell below current market rates with approx. 7 years remaining on a $1.875M balance, amortized over 25 years.
- Extra Income from Laundry: Shared laundry installation projected to add ~$3,224 in annual revenue.
- New coin-operated washers/dryers in all buildings
- Rent Growth Potential: Opportunity to increase below-market rents to ~$1,133 for studios and ~$1,360 for one-bedrooms.
- Stabilized Cash Flow & Long-Term Value: A rare opportunity to acquire a well-located, income-producing asset with significant financial upside.
- Strong Day-One Performance: Property delivers a 7% cap rate at acquisition.
- Value-Add Upside to 10% Cap: Clear path to 10% cap rate through unit renovations and rent optimization.
False
Contacts
Location
Getting Around
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Walk Score ®
95/100
Walker's Paradise
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Transit Score ®
94/100
Rider's Paradise
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Bike Score ®
79/100
Very Bikeable
- City Baltimore, MD
- Neighborhood Mid - Town Belvedere
- Zip Code 21202
- Market Baltimore
Points of Interest
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Baltimore Penn Station
0.24 miles
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Cultural Center
0.40 miles
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Mount Royal / MICA
0.41 miles
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State Center
0.58 miles
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Mount Vernon
0.66 miles
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North Avenue
0.71 miles
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Lexington Market
0.92 miles
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Charles Center
1.03 miles
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Johns Hopkins Hospital
1.07 miles
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Shot Tower
1.10 miles
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Carroll Motor Fuels
0.10 miles
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Marathon
0.40 miles
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Oceanic
0.66 miles
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Sunoco
0.77 miles
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Front Street Fuel Station (Government only)
0.82 miles
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eVgo
0.89 miles
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Gulf
0.91 miles
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Exxon
0.97 miles
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ChargePoint
1.14 miles
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Tesla Destination Charger
1.56 miles
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Penn Station Parking Garage
0.19 miles
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Area D
0.20 miles
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1205 Maryland Avenue Public Parking Lot
0.22 miles
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PNC Bank
0.23 miles
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Park PMI
0.24 miles
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Maryland Avenue Garage
0.28 miles
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Mount Royal Avenue Lot
0.29 miles
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Cathedral Street Lot
0.32 miles
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Lot A
0.37 miles
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Theatre Parking
0.38 miles
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The Ivy Hotel
0.10 miles
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Downtown Hotel
0.19 miles
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Belvedere
0.22 miles
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Ulysses
0.37 miles
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Hotel Brexton
0.39 miles
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Midtown Inn
0.44 miles
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Biltmore Suites Hotel - Park Avenue Building
0.54 miles
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Motel 6
0.54 miles
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Biltmore Suites Hotel - Main Building
0.55 miles
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Revival Baltimore
0.56 miles
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Mera
0.01 miles
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Joanne's Grill
0.14 miles
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IndoViet Restaurant
0.15 miles
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The Prime Rib
0.15 miles
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Chipotle
0.16 miles
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The Chicken or the Egg
0.16 miles
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Subway
0.16 miles
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Smoothie King
0.16 miles
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Viccino's Italiian Gourmet
0.16 miles
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Potbelly
0.16 miles
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Baltimore Design School
0.20 miles
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University of Baltimore
0.20 miles
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Gordon Plaza
0.23 miles
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Baltimore Montessori Public Charter School
0.27 miles
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Saint Frances Academy
0.31 miles
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Johnston Square Elementary School
0.49 miles
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Downtown Baltimore Child Care / Park Avenue
0.51 miles
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Baltimore School For The Arts
0.54 miles
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Grace and Saint Peters School
0.56 miles
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Maryland Institute College of Art
0.56 miles
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All My Children Child Care Center
0.37 miles
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Bolton Hill Nursery
0.57 miles
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Saint Vincent de Paul Head Start
0.83 miles
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Charles Plaza Child Care & Development
0.84 miles
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Downtown Baltimore Child Care, Inc.
1.09 miles
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Dayspring Head Start Harford Heights
1.22 miles
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The Waverly Early Head Start Center of Goodwill
1.46 miles
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Play Workz Learning Center
1.53 miles
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Homewood Early Learning Center
1.61 miles
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Sherman Early Childhood Center
1.84 miles
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