521 Wolfe St, Baltimore, MD 21231

This three-unit apartment building in Baltimore's desirable Fell's Point neighborhood presents a compelling investment opportunity. Built in 1900, the property boasts 2,250 square feet on a 1,600 square foot lot and features a mix of unit sizes: one two-bedroom, one-bathroom unit with a loft, and two one-bedroom units. Each unit includes in-unit laundry and is equipped with its own electric heat pump, air conditioning, and water heater, contributing to energy efficiency and tenant comfort. The building is all-electric with four separate meters, and a utility bill-back program is in place for public services. The two-bedroom unit features granite countertops and stainless steel appliances, while the one-bedroom units offer laminate countertops and wood cabinets. Exterior amenities include a rear wood deck and a concrete patio. Located just three blocks from the scenic Thames Street waterfront, the property benefits from its proximity to shops, cafes, and pubs. The property is zoned R8 and sits on a ground lease expiring July 14, 2133, with an annual ground rent of $25. The asking price is $599,000, representing a price per square foot of $266.22 and a price per unit of $199,666.67. The property boasts a stabilized investment type with a 7.57% cap rate and a pro-forma NOI of $45,374. This turn-key investment offers a blend of historic charm and modern amenities in a highly sought-after location.