2654 Maryland Ave Baltimore, MD 21218-4654

Property Details for 2654 Maryland Ave

Year built

1920

Lot size

0.03 lot acres

Property size

3,600 SF

Zone code

R-8

Property type

Retail space

APN

12-03-3638 -025

APU

12033638025

Description

This exceptional 3-unit mixed-use property in Baltimore's desirable Charles Village neighborhood presents a compelling investment opportunity. The 3,600 square foot, three-story end-of-group rowhome boasts a prime location just three blocks from Johns Hopkins University's Homewood campus, ensuring consistently high demand for the two 3-bedroom apartments. The building, constructed in 1920, features a ground floor commercial space currently leased to a salon with excellent street exposure on Maryland Avenue and 27th Street. This salon tenant is under a triple net (NNN) lease extending through Spring 2027, contributing 20% towards property taxes and hazard insurance, significantly enhancing cash flow. Each apartment occupies an entire floor, offering ample natural light from 12 windows apiece. The apartments feature updated kitchens with modern appliances and full bathrooms. A partially finished basement, currently rented for additional income, provides storage and a full bathroom. The property benefits from a 100% occupancy rate, generating a strong Net Operating Income (NOI) of $54,779, resulting in a 9.98% capitalization rate. The building's zoning (R-8) allows for flexibility. The property's location offers a walk score of 94, a transit score of 76, and a bike score of 88, reflecting its convenient access to amenities, public transportation, and cycling infrastructure. This property offers a blend of stable income and significant value-add potential through future apartment renovations and lease adjustments, including the potential to bill back water expenses to tenants. The asking price is $549,000, with a price per square foot of $152.50 and a land value of $165 per square foot.