Charles Village Triplex Investment
339 E 31ST Street, Baltimore, MD 21218
- Added:
- Apr 8, 2026
- Days on Market:
- 40
- Last Refresh:
- May 17 at 8:06 am
Property Features for 339 E 31ST Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Parking
- 2
- Parking features
- Off Street, Garage - Detached
- Interior features
- Bathroom - Tub Shower, Bathroom - Walk-In Shower, Ceiling Fan(s), Wood Floors
- Appliances
- Refrigerator, Stove, Washer, Dryer, Oven/Range - Gas, Stainless Steel Appliances, Washer/Dryer Stacked, WaterHeater
- Standard status
- Active
- Size
- 3,024 SF
Taxes and HOA fees
- Tax Annual Amount
- 6622
Utilities
- Heating system
- Forced Air
- Cooling system
- Window Unit(s), Ductless
Building Details
- Year built
- 1900
- Number of units
- 3
- Building materials
- Brick, Concrete
- Architectural style
- Federal
Listing agent Jamie L Koehler License #640791 (443) 604-5875
Listing office Cummings & Co. Realtors 201 KEY Highway, Baltimore, MD (410) 823-0033
Listing date Apr 8, 2026
MLS# MDBA2206462
Listing URL
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Excellent investment opportunity: 3‑unit property with 2 ready‑to‑rent garages in Charles Village.
- Potential for substantial rental income, currently at $34,500, with potential to reach $57,300 annually.
- Each unit features abundant natural light, wood flooring, updated kitchens, in‑unit laundry, and air conditioning, and are separately metered.
- Turnkey property with written leases, rent paid up, lead certificates, and a valid 3‑unit rental license.
- Prime location near Johns Hopkins University, Medstar Union Memorial Hospital, Baltimore Museum of Art, and downtown Baltimore.
- Recent renovations include new heating systems, refrigerators, flooring, and paint.
Overview
Located in Baltimore's Charles Village neighborhood, this end-of-group residence features three separately metered units. Unit 1, located on the main level, includes 1 bedroom and 1 full bathroom. It is currently rented for $1,325 per month with a lease extending to 8/31/2026. Unit 2, occupying the second level, features 3 bedrooms and 1 full bathroom and is rented for $1,550 per month through 4/30/2027. The penthouse apartment, Unit 3, encompasses the entire third level and offers 3 bedrooms, 1 full bathroom, and a covered rear deck. This unit is currently vacant. Each unit includes wood flooring, updated kitchens with modern cabinetry, in-unit laundry, and air conditioning. The property also includes two unrented rear garages. Recent improvements include a new heating system for units 1 and 3, new refrigerators for all units, and fresh wood stain, new light fixtures, and new paint for unit 3 (2023). New window units for units 1 and 3, new mini splits for heating and cooling for unit 2, and new LVP flooring, bathroom vanity, and paint throughout unit 2 (2021). The property has a 3-unit rental license valid through 5/8/2028. Residents are responsible for their own BGE accounts, while the landlord covers the water bill. The property is located approximately 0.5 miles from Johns Hopkins University and the Baltimore Museum of Art, and 0.4 miles from Medstar Union Memorial Hospital. Downtown Baltimore is 3 miles away. The property is subject to a Special Benefits Tax, with the current annual cost being $392.87.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$437.0K
NOI $39,327 @ 9.00% cap · cautious / downside scenario
Moderate
$561.8K
NOI $39,327 @ 7.00% cap · market / base-case scenario
Aggressive
$786.5K
NOI $39,327 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $59.9k | $19.80 |
| − Vacancy | −$3.7k | −$1.22 |
| EGI | $56.2k | $18.58 |
| − OpEx | −$16.9k | −$5.57 |
| NOI | $39.3k | $13.00 |
3,024 SF · lease $19.80/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$561.8K
$491.6K – $655.5K
NOI $39,327 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$501.2K
$438.5K – $584.7K
NOI $35,083 @ 7.0% cap · market cap 6.38%
Theoretical Best
Office A
$822.2K
$719.4K – $959.2K
NOI $57,553 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Baltimore
- County
- Baltimore
- State
- Maryland
- Longitude
- -76.61119
- Latitude
- 39.32579
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Three-unit property with two garages in Baltimore's Charles Village.
Where is this triplex located?
The property is located at 339 E 31ST Street Baltimore, MD.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Excellent investment opportunity: 3‑unit property with 2 ready‑to‑rent garages in Charles Village.; Potential for substantial rental income, currently at $34,500, with potential to reach $57,300 annually.; Each unit features abundant natural light, wood flooring, updated kitchens, in‑unit laundry, and air conditioning, and are separately metered.
