509 S Washington St Baltimore, MD 21231

This is a fully entitled, permit-ready multifamily development site located at the nexus of Fells Point and Canton, two of Baltimore's most desirable and vibrant waterfront neighborhoods. The property includes 509 S Washington St. and adjacent Lots 55, 55G, and 55H on Duker St., totaling 6,447 square feet of land. It is zoned C-1, allowing for 33 apartment units by right. The permit in hand development encompasses approximately 26,500 square feet of gross floor area across 33 units. The property has received CHAP Part 1 approval, confirming compliance for height, setbacks, massing, and scale. Additionally, the Baltimore City Site Plan Review has been completed and approved, allowing for expedited development. This project qualifies for the Baltimore Development Corporation's High-Performance Market-Rate Rental Housing Tax Credit, a 10-year incentive offering an 80% abatement on the increased assessed value from improvements during the first five years, tapering by 10% annually through Year 10. The property meets eligibility criteria including a minimum of 20 units and a LEED Silver certification or higher. This is a chance to deliver a mid-sized, boutique multifamily product in one of Baltimore's most in-demand neighborhoods. The project's scale allows developers to position rental rates below those of larger institutional assets nearby, catering to a high-demand segment of the rental market while benefiting from long-term tax incentives and immediate development feasibility.