REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by Will Cannon • Ben Frederick Realty, Inc.
$ 1,565,000
Est. payment | /mo
1,968 Sqft Lot
$ 1,565,000
Est. payment | /mo
1,968 Sqft Lot
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Subdivision Charles Village
MLS Listing ID MDBA2227390
Year Built 1900
Annual Tax Amount $5,124
Tax Year 2025
Lot Size 1,968 Sqft
Acres 0.05
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
● Four Buildings Within 245 Feet: 15 apartments across 2702, 2704, 2714, and 2732 North Calvert Street create scale within a compact management radius.
● Value-Add with Multiple Income Paths: Below-market rents, deferred maintenance, utility bill-back potential, and renovations create several ways to improve cash flow.
● Projected 9.60% Cap Rate: Bringing rents to market levels projects $233,304 in annual gross income and a 13% cash-on-cash return.
● $104,333 Per Unit in Charles Village: Allows acquisition below prevailing renovated apartment pricing in the corridor.
This Charles Village portfolio has been under long-term ownership with limited capital improvements, resulting in deferred maintenance and below-market rents. Interior finishes vary from unit to unit, with some apartments receiving updates over time while others present opportunities for modernization. Many apartments would benefit from cosmetic improvements or more comprehensive renovations, providing a new owner flexibility to execute a renovation strategy as units become available. Whether pursuing light updates or full apartment rehabs, the portfolio presents numerous opportunities to enhance both rental income and long-term asset value.
2702 North Calvert Street: 4 Apartments
2704 North Calvert Street: 4 Apartments
2714 North Calvert Street: 3 Apartments
2732 North Calvert Street: 4 Apartments
Interiors:
Kitchens feature wood cabinetry and predominantly laminate countertops; two units include granite countertops. Units include 20” or 30” gas ranges and stainless-steel sinks. Bathrooms include a mix of modern vanities and wall-mounted sinks, with claw foot, cast iron, steel, and fiberglass tubs or shower stalls. Hardwood flooring is present in many living areas, with vinyl or carpet in others.
Utilities:
Each building in this Charles Village portfolio is heated by central gas-fired boiler systems with steam circulation and radiator distribution throughout. Each building is served by owner-paid central gas-fired hot water heaters.
Tenants pay for their in-unit cooking gas and electric. The landlord currently pays for building heat, water/sewer, and hot water across the portfolio. A savvy landlord could begin billing back utilities to improve cash flow.
What's Special About This Charles Village Portfolio:
Four apartment buildings located along a single block of North Calvert Street create a rare opportunity to control meaningful multifamily density within one of Charles Village's most established rental corridors. The portfolio includes 15 apartments across 2702, 2704, 2714, and 2732 North Calvert Street, all situated within 245 feet of one another, allowing for efficient management and economies of scale that are difficult to replicate through individual acquisitions.
Offered at $1,565,000, the portfolio is priced at $104,333 per apartment and $160 per square foot. Current gross annual income is $132,060, while projected market rents indicate potential gross annual income of $233,304. Bringing the apartments to market rent projects a 9.60% cap rate and a 13% cash-on-cash return, providing a clear roadmap for value creation.
Held under long-term ownership with limited capital improvements, the portfolio currently reflects below-market rents and landlord-paid electric, gas heating, hot water, and sewer. This ownership profile presents multiple value-creation strategies. A future owner may pursue market rents while implementing utility bill-backs for heating, water, and public service electric to improve operating efficiency. As units are renovated over time, a phased approach toward self-contained apartments with individual HVAC systems and water heaters could further enhance long-term operating performance and better align the portfolio with demand generated by Johns Hopkins students, employees, and other nearby institutional employers.
Investment Summary:
$1,565,000
$104,333 Per Unit
9.60% Cap Rate
13.0% Projected Cash-on-Cash Return
● Value-Add with Multiple Income Paths: Below-market rents, deferred maintenance, utility bill-back potential, and renovations create several ways to improve cash flow.
● Projected 9.60% Cap Rate: Bringing rents to market levels projects $233,304 in annual gross income and a 13% cash-on-cash return.
● $104,333 Per Unit in Charles Village: Allows acquisition below prevailing renovated apartment pricing in the corridor.
This Charles Village portfolio has been under long-term ownership with limited capital improvements, resulting in deferred maintenance and below-market rents. Interior finishes vary from unit to unit, with some apartments receiving updates over time while others present opportunities for modernization. Many apartments would benefit from cosmetic improvements or more comprehensive renovations, providing a new owner flexibility to execute a renovation strategy as units become available. Whether pursuing light updates or full apartment rehabs, the portfolio presents numerous opportunities to enhance both rental income and long-term asset value.
2702 North Calvert Street: 4 Apartments
2704 North Calvert Street: 4 Apartments
2714 North Calvert Street: 3 Apartments
2732 North Calvert Street: 4 Apartments
Interiors:
Kitchens feature wood cabinetry and predominantly laminate countertops; two units include granite countertops. Units include 20” or 30” gas ranges and stainless-steel sinks. Bathrooms include a mix of modern vanities and wall-mounted sinks, with claw foot, cast iron, steel, and fiberglass tubs or shower stalls. Hardwood flooring is present in many living areas, with vinyl or carpet in others.
Utilities:
Each building in this Charles Village portfolio is heated by central gas-fired boiler systems with steam circulation and radiator distribution throughout. Each building is served by owner-paid central gas-fired hot water heaters.
Tenants pay for their in-unit cooking gas and electric. The landlord currently pays for building heat, water/sewer, and hot water across the portfolio. A savvy landlord could begin billing back utilities to improve cash flow.
What's Special About This Charles Village Portfolio:
Four apartment buildings located along a single block of North Calvert Street create a rare opportunity to control meaningful multifamily density within one of Charles Village's most established rental corridors. The portfolio includes 15 apartments across 2702, 2704, 2714, and 2732 North Calvert Street, all situated within 245 feet of one another, allowing for efficient management and economies of scale that are difficult to replicate through individual acquisitions.
Offered at $1,565,000, the portfolio is priced at $104,333 per apartment and $160 per square foot. Current gross annual income is $132,060, while projected market rents indicate potential gross annual income of $233,304. Bringing the apartments to market rent projects a 9.60% cap rate and a 13% cash-on-cash return, providing a clear roadmap for value creation.
Held under long-term ownership with limited capital improvements, the portfolio currently reflects below-market rents and landlord-paid electric, gas heating, hot water, and sewer. This ownership profile presents multiple value-creation strategies. A future owner may pursue market rents while implementing utility bill-backs for heating, water, and public service electric to improve operating efficiency. As units are renovated over time, a phased approach toward self-contained apartments with individual HVAC systems and water heaters could further enhance long-term operating performance and better align the portfolio with demand generated by Johns Hopkins students, employees, and other nearby institutional employers.
Investment Summary:
$1,565,000
$104,333 Per Unit
9.60% Cap Rate
13.0% Projected Cash-on-Cash Return
Location
State MD
County Baltimore City
Zoning R-8
Interior
Hot Water Natural Gas
Heating Radiator
Cooling Window Unit(s)
Inclusions One fridge and one range per apartment are included.
Heat Source Natural Gas
Exterior
Garage Spaces 3.0
Water Access N
Accessibility None
Total Parking Spaces 3
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Baltimore City Public Schools
Others
Tax ID 0312163842 002
Ownership Fee Simple
Special Listing Condition Standard
Nearby Locations
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "