Fully Renovated 6-Unit Residential
2603 & 2617 Maryland Ave, Baltimore, MD 21218
For Sale
$945,000
Six fully renovated apartments with in-unit laundry and a six-car off-street parking lot included.
Property Size4,737 SF
Days on Market143
Property Features for 2603 & 2617 Maryland Ave
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Additional Details
Business Included
Multifamily Units
Building Details
Building Size
Year Built
Year Renovated
Units
Listing Agency:
Harbor Stone Advisors
Listed By:
Justin Verner · License MD #630799
Source:
Commercialcafe
Added: Jun 22
Changed: Nov 1
Last Checked: Nov 10 at 5:11AM
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
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Investment Insights
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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 / Yr
$54,956
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
6
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,933
Businesses Nearby
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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
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Market
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Vacancy Rate% for Multifamily in South region
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 & 2617 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
