Renovated Multifamily Housing
For Sale
$1,063,450
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 Size3,438 SF
Days on Market48
Property Features for 5 E Franklin St
General Information
Standard status
Active
Size
3,438 SF
Property subtype
Student Housing
Occupancy
100%
Site & Location
Neighborhood
Mount Vernon
Additional Details
Asking Price
$2,000,000
Amenities
Durable in-place income. Ten residential suites provide multiple income streams within a single urban asset.
100% occupied across 10 suites as of February 1, 2027.
Meaningful recent reinvestment. The owner-provided cost schedule documents completed capital improvements across the roof, kitchen, bathrooms, interior renovation, and mechanical systems.
Year 1 base rent of $94,560 and utility reimbursement income of $6,960.
Year 2 base rent of $108,960 and utility reimbursement income of $7,560.
Projected Year 1 NOI of $66,675 after vacancy and management allowances. Projected Year 2 NOI of $78,138.
Mount Vernon location near Peabody Institute, Johns Hopkins, transit, dining, and cultural amenities.
Embedded cash-flow upside. The underwriting assumes residential rent growth and utility reimbursement growth.
Building Details
Building Size
3,438 SF
Units
10
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
Changed: Oct 28
Last Checked: Oct 30 at 10:31AM
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
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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 / Yr
$47,444
Cap Rate
4.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$948,880
$948.9K
Cap Rate 7%
$677,771
$677.8K
Cap Rate 9%
$527,156
$527.2K
Market Conditions
NOI Build-Up for 3,438 SF
Gross rent
$82.5K $24.00/SF
− Vacancy
−$6.6K −$1.92/SF
EGI
$75.9K $22.08/SF
− OpEx
−$28.5K −$8.28/SF
NOI
$47.4K $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 Rate 5%
$948,880
Cap Rate 7%
$677,771
Cap Rate 9%
$527,156
Alternative Uses
Best Use
Mixed Use
$677.8K
$593.1K – $790.7K
NOI $47,444 @ 7.0% cap · market cap 4.46%
Second Best
Apartment 5plus
$639.9K
$559.9K – $746.5K
NOI $44,792 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$823.6K
$720.7K – $960.9K
NOI $57,655 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
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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
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 $1,063,450.
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
