- For Sale $975,000
- Property Type Other
- Units 8
- Date Updated Apr 3, 2025
Rental rates for newly renovated one-bedroom and studio units in the area range from $800 to $2,200, reflecting strong demand. Recent comparable sales indicate multifamily properties in the area selling for approximately $130,000 per unit, further solidifying the strength of this investment opportunity. At the end of Year 1, there is an opportunity to raise rents by approximately 41.08%, achieving an 8.37% cap rate, making this property a highly attractive value-add investment.
This 8-unit brick property in Baltimore’s 21202 zip code features 7 one-bedrooms and 1 studio, all with tall ceilings, hardwood floors, and large windows. Recent upgrades include a fully repaved driveway and a brand new, high-quality Fujitsu mini-split system with all-new plumbing. With three private parking spaces and on-site laundry, this well-maintained building is a solid choice for renters seeking comfort and convenience in a prime urban location.
Strategically positioned in a high-foot-traffic area of downtown Mt. Vernon, this property benefits from close proximity to major employers, universities, and cultural landmarks. Nearby institutions include University of Baltimore, MICA, Johns Hopkins Peabody Institute, University of Baltimore School of Law, UMMC Midtown Campus, and Mercy Medical Center. The location is also surrounded by retail and dining options, such as Starbucks, Chipotle, Potbelly, Smoothie King, The Spot Pizza and Deli, and 1000 N Charles St Parking. Penn Station is easily accessible, offering direct connectivity to Washington, D.C., and other key markets.
Reach out to the broker for more info on lease terms and amenities
Highlights
- Strong Rental Demand One-bedroom and studio units rent for $1,500 in the area.
- Value-Add Opportunity Potential to increase rents by 41.08% in Year 1.
- Attractive Cap Rate Projected 8.28% cap rate after rent adjustments.
- Well-Maintained Units 7 one-bedrooms and 1 studio in a classic brick building.
- On-Site Amenities Includes three private parking spaces that was recently repaved and on-site laundry.
- Prime Location Situated in Mt. Vernon, a high-foot-traffic area.
- Close to Major Employers Near UMMC Midtown, Mercy Medical, and universities.
- Strong Market Comparables Similar properties selling at around $130K per unit.
- Retail & Dining Nearby Steps from Starbucks, Chipotle, Potbelly, and more.
- Excellent Transit Access Close to Penn Station for easy D.C. connectivity.
- HVAC- Brand new Fujitsu mini-split systems
False
Contacts
Location
Getting Around
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Walk Score ®
92/100
Walker's Paradise
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Transit Score ®
100/100
Rider's Paradise
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Bike Score ®
81/100
Very Bikeable
- City Baltimore, MD
- Neighborhood Jonestown
- Zip Code 21202
- Market Baltimore
Points of Interest
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Shot Tower
0.25 miles
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Charles Center
0.42 miles
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Johns Hopkins Hospital
0.74 miles
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Mount Vernon
0.75 miles
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Baltimore Arena
0.75 miles
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Lexington Market
0.76 miles
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Camden Station
0.96 miles
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Camden Street
0.97 miles
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Cultural Center
1.03 miles
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State Center
1.05 miles
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Front Street Fuel Station (Government only)
0.12 miles
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Marathon
0.13 miles
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BP
0.40 miles
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US Fuel
0.47 miles
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Mystik
0.66 miles
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Gulf
0.83 miles
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ChargePoint
0.84 miles
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Maryland Science Center
0.88 miles
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Exxon
0.90 miles
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Sunoco
0.92 miles
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Lexington Street Garage
0.15 miles
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Fallsway Impound Lot
0.21 miles
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SP+
0.22 miles
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Lot C
0.23 miles
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MAPS Employee Parking
0.24 miles
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Mayor's Parking
0.24 miles
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Fayette Street Garage
0.26 miles
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The Bunting Garage
0.28 miles
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McAuley Garage
0.30 miles
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Water Street Garage
0.34 miles
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Sleep Inn & Suites
0.06 miles
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Holiday Inn Express
0.08 miles
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1840s Carrollton Inn
0.35 miles
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Staybridge Suites
0.36 miles
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Fairfield Inn & Suites Baltimore Downtown/Inner Harbor
0.38 miles
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Embassy Suites
0.41 miles
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Home2 Suites
0.43 miles
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Springhill Suites Marriott
0.44 miles
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Hampton
0.44 miles
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Quality Inn
0.44 miles
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Golden Star Carry Out
0.09 miles
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Silver Moon II
0.25 miles
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Top Round Carry Out
0.26 miles
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Mandi Kitchen
0.28 miles
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The Sidebar
0.28 miles
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Crazy Johns
0.29 miles
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Subway
0.29 miles
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Natural Choice
0.30 miles
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Royal Restaurant Carry Out
0.31 miles
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Dunkin'
0.33 miles
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McKim's Free School
0.33 miles
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Charles Carroll of Carrollton Elementary School
0.35 miles
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New Foundations Mansef School
0.44 miles
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Paul Laurence Dunbar High School
0.45 miles
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Thomas G Hayes Elementary School
0.47 miles
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The Peabody Institute of Johns Hopkins
0.49 miles
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Saint Leo's School
0.50 miles
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Stratford University
0.51 miles
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Academy of Languages
0.52 miles
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Paul Laurence Dunbar Middle School
0.52 miles
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Charles Plaza Child Care & Development
0.45 miles
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All My Children Child Care Center
0.51 miles
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Downtown Baltimore Child Care, Inc.
0.98 miles
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Saint Vincent de Paul Head Start
1.04 miles
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Bolton Hill Nursery
1.26 miles
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Dayspring Head Start Harford Heights
1.54 miles
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Dynamic Deliverance Childcare Center
1.64 miles
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Kiddie Academy
1.73 miles
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Play Workz Learning Center
2.19 miles
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The Waverly Early Head Start Center of Goodwill
2.20 miles
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