Renovated Multifamily Housing
New
For Sale
$2,000,000
5 E Franklin St, Baltimore, MD 21202
Two Baltimore properties combine renovated residential accommodations with diversified leasing structures and a long-term retail tenancy.
Property Size6,138 SF
Days on Market3
Property Features for 5 E Franklin St
General Information
Standard status
Active
Size
6,138 SF
Property subtype
Student Housing
Occupancy
100%
Additional Details
Asking Price
$2,000,000
Amenities
Recently Renovated Portfolio featuring significant capital improvements across both assets, including new roofs, renovated kitchens and bathrooms, upgraded electrical and HVAC/mechanical systems, etc.
Stable Student Housing Demand Drivers supported by proximity to the Peabody Institute of Johns Hopkins University, the Bloomberg School of Public Health, and other Baltimore-area graduate programs.
Contractual Rent Growth Already In Place through the Brunch Supply lease extension, which includes 4% annual rent increases through December 2032 and additional real estate tax reimbursement.
Projected 10-Year Income Growth supported by contractual rent escalations, annual student rental increases, utility reimbursement growth, and continued demand for private student housing accommodations throughout Baltimore's educational and medical corridors.
Acquire Individually or as a Portfolio allowing investors to purchase either asset independently or capitalize on the operational efficiencies, management synergies, and increased scale offered by the combined portfolio.
Graduate and professional students at the Bloomberg School of Public Health and Peabody Institute often receive stipends, fellowships, assistantships, research funding, student loans, or employer reimbursements that support their living expenses.
The properties offer housing within reach of major Johns Hopkins campuses and are positioned to serve graduate, professional, and music students seeking off campus housing.
Building Details
Building Size
6,138 SF
Units
15
Listing Agency:
Marcus & Millichap - Baltimore
Listed By:
Kyle Malin · License #License(s): MD: 5009118, PA: RSR005297, DE: RS-0038306, WV: WVS240303606
(443) 703-5035
Source:
Marcusmillichap
Added: Sep 13
Last Checked: Sep 15 at 4:23AM
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 Marcus & Millichap - Baltimore
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises 300 S. Ann Street and 5 E. Franklin Street in Baltimore. Both properties have undergone substantial renovation work. Improvements at 300 S. Ann Street include a new roof, kitchen, electric and gas services, restored floors, lighting, bathrooms, and fixtures. The property also includes a retail component leased through December 2032, with scheduled annual rent increases and real estate tax reimbursement. At 5 E. Franklin Street, upgrades include a new roof, HVAC system, kitchens, bathrooms, flooring, lighting, fixtures, facade repairs, patch-and-paint work, and select window replacements.
The residential accommodations have historically served graduate students, music students, and young professionals, including students connected with Johns Hopkins University programs. The properties have maintained 100% occupancy over the past several years. Room-by-room leasing at 5 E. Franklin Street provides a distinct operating structure, while the retail tenancy at 300 S. Ann Street adds another income component. Combined projected Year 1 NOI is approximately $140,096, representing a 7.00% capitalization rate.
The residential accommodations have historically served graduate students, music students, and young professionals, including students connected with Johns Hopkins University programs. The properties have maintained 100% occupancy over the past several years. Room-by-room leasing at 5 E. Franklin Street provides a distinct operating structure, while the retail tenancy at 300 S. Ann Street adds another income component. Combined projected Year 1 NOI is approximately $140,096, representing a 7.00% capitalization rate.
Key Highlights
- Two‑property multifamily portfolio at 300 S. Ann Street and 5 E. Franklin Street in Baltimore
- 100% occupancy maintained over the past several years
- 300 S. Ann Street retail tenancy extends through December 2032 with scheduled annual rent increases
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
$84,704
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
4.24%
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%
$1,694,080
$1.7M
Cap Rate 7%
$1,210,057
$1.2M
Cap Rate 9%
$941,156
$941.2K
Market Conditions
NOI Build-Up for 6,138 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
$147.3K $24.00/SF
− Vacancy
−$11.8K −$1.92/SF
EGI
$135.5K $22.08/SF
− OpEx
−$50.8K −$8.28/SF
NOI
$84.7K $13.80/SF
Area
Baltimore, MD
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,694,080
Cap Rate 7%
$1,210,057
Cap Rate 9%
$941,156
Alternative Uses
Best Use
Mixed Use
$1.21M
$1.06M – $1.41M
NOI $84,704 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$1.14M
$999.6K – $1.33M
NOI $79,968 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $102,935 @ 7.0% cap · market cap 5.15%
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
12,119
Businesses Nearby
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Business Placement
Demographics for 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
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?
Multifamily property - Two Baltimore properties combine renovated residential accommodations with diversified leasing structures and a long-term retail tenancy.
Where is this multifamily property located?
The property is located at 5 E Franklin St Baltimore, MD.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Two‑property multifamily portfolio at 300 S. Ann Street and 5 E. Franklin Street in Baltimore; 100% occupancy maintained over the past several years; 300 S. Ann Street retail tenancy extends through December 2032 with scheduled annual rent increases
