407 Charles St Baltimore, MD 21201

This exceptional 7-unit apartment building, located at 407 N Charles St in Baltimore, MD 21201, presents a compelling investment opportunity. The 10,400 square foot property, built in 1900 and fully renovated in 2014, boasts a prime location in the heart of downtown Baltimore, just steps from the historic Mt. Vernon neighborhood and Mercy Medical Center. The building comprises one four-story structure situated on a 0.08-acre lot and features a mix of unit sizes: three 2-bedroom/1-bathroom units, one 2-bedroom/2-bathroom unit, one 2-bedroom/2.5-bathroom unit, and one 4-bedroom/3-bathroom unit. Additionally, a commercial space is currently leased to a popular local cafe. Two off-street parking spaces are available at the rear of the building, and Unit 6 offers a rooftop walkout. The property is zoned C-5-HT and offers significant value-add potential through light renovations to existing units, including updated cabinetry, granite countertops, new appliances, and bathroom upgrades. Major capital improvements, including plumbing, electrical, and mechanical system updates, new windows, and roof replacement, were completed in 2014. The current owner provides internet access to tenants (a cost exceeding $3,500 annually, easily eliminated), and a water reimbursement program. Comparable upgraded properties command rents approximately $382 higher per unit, indicating substantial upside potential with minimal capital expenditure. This fully occupied asset represents a rare opportunity to acquire a stabilized property with immediate cash flow and significant potential for rental income growth. The property's APN is 04-01-0566-004.