2528 Maryland Ave Baltimore, MD 21218

Property Details for 2528 Maryland Ave

Year built

1900

Property size

2,520 SF

Property type

Commercial real estate

Description

This three-story, 2,520 square foot apartment building in Baltimore, MD, presents a compelling investment opportunity. Built in 1900 and renovated in 2008, the property boasts four units, including three apartments and one office space, all currently at 100% occupancy. Each apartment features unique layouts; basement and third-floor units include dens. Kitchens offer laminate countertops and varied cabinetry, while bathrooms feature modern vanities or wall-mounted sinks and vinyl tub surrounds. Flooring is a mix of wood and laminate. The office space occupies the entire first floor, offering a private front room and a larger rear area, both with decorative mantles and large windows. Heating is provided by a central boiler with baseboard or radiator distribution, and cooling is handled by two air handlers. Hot water is supplied by a 40-gallon gas-fired water heater. Plumbing consists of copper or C-PVC water lines and PVC drain lines. The property has one electric meter and one gas meter; tenants pay all utilities, maximizing cash flow. Situated on a 1,369 square foot lot, the building is zoned OR-2 and licensed for three dwelling units. Its prime location, just four blocks from Johns Hopkins University's Homewood campus, ensures high demand and strong rental income. The property's walkability (91 Walk Score, 89 Bike Score) and proximity to shopping, dining (including RHouse), and I-83 further enhance its appeal. The asking price is $380,000, representing $95,000 per unit and a 9.07% cap rate with a pro-forma NOI of $34,470. This presents a value-add opportunity with potential for rent increases.