2224 Eutaw Pl Baltimore, MD 21217

This three-unit multifamily property in Baltimore, Maryland, offers a repositioning opportunity in a rapidly appreciating neighborhood. The property is located adjacent to the $170 million Reservoir Square development and the $44 million Mayor's Office of Employment Development headquarters, scheduled for completion in 2026. The building contains three units, each featuring period architectural details. Unit 1 has 2 bedrooms and 2 bathrooms, Unit 2 has 2 bedrooms and 2 bathrooms, and Unit 3 has 2 bedrooms and 1 bathroom. Unit 2 is currently leased at $1,020 per month through March 31, 2026. Units 1 and 3 are currently in transition, presenting an opportunity for renovation and lease at market rates of $1,650-$1,800 and $1,400-$1,550 respectively. The property's current annual income of $12,240 has the potential to increase to a stabilized income of $48,840-$52,440 upon full lease-up. Baltimore's multifamily market has experienced 95% year-over-year transaction growth, with 2.4% rent growth in 2024 and a projected 5% growth for 2025. Area vacancy rates of 5-6% are below the metro average of 7.2%. Properties along Eutaw Place average $391,075, compared to the zip code median of $175,900. The neighborhood benefits from its proximity to three major universities (MICA, University of Baltimore, and Coppin State) and transit connectivity, with a Walk Score of 75 and a Transit Score of 81, including a nine-minute walk to the Penn-North Metro. The property size is 4688 square feet and the lot size is 0.06 acres.