Fully Renovated 6-Unit Residential
For Sale
Contact for pricing
2603 Maryland Ave, Baltimore, MD 21218
Six fully renovated apartments with in-unit laundry and a six-car off-street parking lot included.
Property Size4,737 SF
Price / SF$199.49
Days on Market55
Property Features for 2603 Maryland Ave
General Information
Standard status
Active
Size
4,737 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R-8
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
6
Building Details
Year Built
1900
Year Renovated
2018
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
Harbor Stone Advisors
Listed By:
Kevin Landolphi · License #5019982
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 10 at 12:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harbor Stone Advisors
Investment Insights
Based on property information with market context.
The Residences at Maryland Ave. is a fully renovated, smaller multifamily asset originally gut-renovated in 2018, with two buildings converted into six residential units and the top floor squared off. The unit mix includes five 2-bedroom, 1-bath apartments and one 2-bedroom, 2-bath apartment. Typical interior finishes and amenities include stainless steel appliances, granite countertops, wood cabinets, vinyl wood flooring, updated bathrooms, and in-unit washer/dryers.
The property is located in Charles Village and is just blocks from Johns Hopkins University and MedStar Union Memorial Hospital. A JHU shuttle stop is about a four-minute walk away, with shuttle service to the main university campus as well as Penn Station, Johns Hopkins Hospital, and the Peabody Institute of The Johns Hopkins University.
For buyers seeking a manageable, amenity-forward rental setup, the combination of renovated interiors, in-unit laundry, and dedicated off-street parking supports a broad range of tenant needs. A surface parking lot located behind 2617 Maryland Ave. is included and can accommodate six cars; parking is currently included in the rent. The balanced unit mix offers flexibility for leasing across 2-bedroom configurations.
The property is located in Charles Village and is just blocks from Johns Hopkins University and MedStar Union Memorial Hospital. A JHU shuttle stop is about a four-minute walk away, with shuttle service to the main university campus as well as Penn Station, Johns Hopkins Hospital, and the Peabody Institute of The Johns Hopkins University.
For buyers seeking a manageable, amenity-forward rental setup, the combination of renovated interiors, in-unit laundry, and dedicated off-street parking supports a broad range of tenant needs. A surface parking lot located behind 2617 Maryland Ave. is included and can accommodate six cars; parking is currently included in the rent. The balanced unit mix offers flexibility for leasing across 2-bedroom configurations.
Key Highlights
- Fully renovated 6‑unit multifamily converted from two buildings, with a Year Built of 1900
- Unit mix includes (5) 2 bed / 1 bath and (1) 2 bed / 2 bath
- Renovations completed in 2018 with updated interiors, including in‑unit washer/dryers
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,956
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,099,120
$1.1M
Cap Rate 7%
$785,086
$785.1K
Cap Rate 9%
$610,622
$610.6K
Market Conditions
NOI Build-Up for 4,737 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$106.9K $22.56/SF
− Vacancy
−$6.9K −$1.47/SF
EGI
$99.9K $21.09/SF
− OpEx
−$45.0K −$9.49/SF
NOI
$55.0K $11.60/SF
Area
ZIP 21218
Vacancy
6.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,099,120
Cap Rate 7%
$785,086
Cap Rate 9%
$610,622
Alternative Uses
Best Use
Apartment 5plus
$785.1K
$687.0K – $915.9K
NOI $54,956 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,155 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,933
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six fully renovated apartments with in-unit laundry and a six-car off-street parking lot included.
Where is this apartment building located?
The property is located at 2603 Maryland Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Fully renovated 6‑unit multifamily converted from two buildings, with a Year Built of 1900; Unit mix includes (5) 2 bed / 1 bath and (1) 2 bed / 2 bath; Renovations completed in 2018 with updated interiors, including in‑unit washer/dryers
