Mount Vernon Apartments with Commercial
38-50 West Biddle Street, Baltimore, MD 21201
Multifamily asset with 36 units and commercial space.
Type:Retail, Multifamily
Property size:
27,710 SFPrice / SF:
$167/SF- Added:
- May 13, 2026
- Days on Market:
- 16
- Last Refresh:
- May 16 at 8:43 pm
Property Features for 38-50 West Biddle Street
General Information
- Standard status
- Active
- Size
- 27,710 SF
- Property subtype
- Retail, Multifamily
Building Details
- Year Built
- 1900
Listing agent Kevin Landolphi License #5019982
Listing office Harbor Stone Advisors
Listing date May 13, 2026
Source Crexi
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
HighLights
- Opportunity to increase rents by approximately 20% by renovating the remaining 17 classic units.
- Attractive assumable debt with a balance of $3,196,595, a 4.07% interest rate, and a maturity date of October 2027.
- Prime location within walking distance to The University of Baltimore, the Social Security Administration, UMMC Midtown Campus, and MICA.
- Includes a leased commercial space providing immediate income through March 2027.
- Features a mix of unit types: Studios, 1‑bedroom, 2‑bedroom, and 3‑bedroom apartments, catering to a diverse tenant base.
- Offers 12 surface parking spaces, a valuable amenity in an urban environment.
Overview
Apartments on Biddle is a multifamily asset located in Historic Mount Vernon. The property features 36 units with a mix of nine studios, sixteen 1-bedroom 1-bathroom units, nine 2-bedroom units, and one 3-bedroom 2-bathroom unit, as well as 1 commercial space leased to a long term commercial tenant through March 2027. Typical unit features consist of white and stainless steel appliances, wood cabinets, formica countertops, and hardwood, plank, and carpet flooring. The property also has a surface parking lot behind the building with 12 spaces. Some capital improvements have been completed, such as some roof and hot water heater replacements, updated electric, central HVAC installed in 5 units, and washer/dryers installed in the majority of units. Eighteen units have been renovated between 2017 and 2025. There is an opportunity to renovate the remaining 17 classic units with stainless steel appliances, resurfaced countertops, new cabinets, and updated bathrooms. The property is a 3-minute walk away from The University of Baltimore Campus and the Social Security Administration and a 6-minute walk away from UMMC Midtown Campus and MICA (Maryland Institute College of Art). It is also less than half a mile away from Penn Station, which is undergoing $150 million worth of renovations over the next several years. The property has pre-existing debt that can be assumed. The current balance is $3,196,595 with a 4.07% interest rate and a maturity date of October 2027.
Financial Insights
Value Estimation Calculated for Retail
Conservative
$4.36M
NOI $392,203 @ 9.00% cap · cautious / downside scenario
Moderate
$5.60M
NOI $392,203 @ 7.00% cap · market / base-case scenario
Aggressive
$7.84M
NOI $392,203 @ 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 Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $598.5k | $21.60 |
| − Vacancy | −$38.2k | −$1.38 |
| EGI | $560.3k | $20.22 |
| − OpEx | −$168.1k | −$6.07 |
| NOI | $392.2k | $14.15 |
27,710 SF · lease $21.60/SF/yr · vacancy 6.39% · expense 30.00%
Alternative Use Scenarios
Best Use
Retail
$5.60M
$4.90M – $6.54M
NOI $392,203 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$5.16M
$4.51M – $6.02M
NOI $361,017 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$6.64M
$5.81M – $7.74M
NOI $464,698 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Baltimore
- County
- Baltimore
- State
- Maryland
- Longitude
- -76.6175783
- Latitude
- 39.3035874
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Multifamily asset with 36 units and commercial space.
Where is this apartment building located?
The property is located at 38-50 West Biddle Street Baltimore, MD.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: Opportunity to increase rents by approximately 20% by renovating the remaining 17 classic units.; Attractive assumable debt with a balance of $3,196,595, a 4.07% interest rate, and a maturity date of October 2027.; Prime location within walking distance to The University of Baltimore, the Social Security Administration, UMMC Midtown Campus, and MICA.
