Mount Vernon Apartments with Commercial
For Sale
Contact for pricing
38-50 West Biddle Street, Baltimore, MD 21201
Multifamily asset with 36 units and commercial space.
Property Size27,710 SF
Price / SF$158.79
Days on Market147
Property Features for 38-50 West Biddle Street
General Information
Standard status
Active
Size
27,710 SF
Total Parking Spaces
12
Property subtype
Retail, Multifamily
Zoning
OR-2
Occupancy
100%
Building Details
Year Built
1900
Year Renovated
2012
Buildings
7
Units
12
Listed By:
Kevin Landolphi · License #5019982
Source:
Crexi
Added: May 13
Changed: Oct 2
Last Checked: Oct 5 at 5:54PM
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 Kevin Landolphi
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$361,017
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,220,340
$7.2M
Cap Rate 7%
$5,157,386
$5.2M
Cap Rate 9%
$4,011,300
$4.0M
Market Conditions
NOI Build-Up for 27,710 SF
Gross rent
$698.3K $25.20/SF
− Vacancy
−$41.9K −$1.51/SF
EGI
$656.4K $23.69/SF
− OpEx
−$295.4K −$10.66/SF
NOI
$361.0K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,220,340
Cap Rate 7%
$5,157,386
Cap Rate 9%
$4,011,300
Alternative Uses
Best Use
Apartment 5plus
$5.16M
$4.51M – $6.02M
NOI $361,017 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.64M
$5.81M – $7.74M
NOI $464,698 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,109
Businesses Nearby
Explore this area
Business Placement
Demographics for 21201, MD
18,382
Population
11,468
Households
1.6
Avg Household Size
34
Median Age
47%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
14,140
Density / Sq Mi
$44,722
Median Household Income
$44,239
Median Earnings
$1,282
Median Rent
$221,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
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 $4,400,000.
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.
