1900 Maryland Avenue

Description

Portfolio sale – all assets to be sold together.1900 Maryland Ave (21218) and 100–102 W North Ave (21201)!This multifamily investment offers 16 total units—15 residential and 1 commercial—presenting a rare opportunity in a strong, centrally located Baltimore corridor. The residential mix includes one 1-bedroom/1-bath unit and fourteen 2-bedroom units, with eight featuring 1 bath and six offering 1.5 baths. Unit 101 includes two additional rooms without windows and highlights the building’s durable brick construction.Currently 70% occupied, the property generates $12,599 in monthly gross rent, providing immediate cash flow while offering substantial upside. A new owner can complete the lease-up, increasing gross monthly revenue to $28,600 with average stabilized rents of $1,823 per unit. Upon full stabilization and execution of the business plan, the asset is projected to achieve a 10.74% cap rate, making this a compelling lease-up value play with minimal operational risk.Each unit is equipped with central A/C, forced air heating, hardwood flooring, granite countertops, in-unit laundry (select units), and individual electric meters for modern comfort and operational efficiency. The property is also lead-free, ensuring a safe and healthy living environment. Interior upgrades include luxury vinyl plank flooring, stainless steel appliances, and newly updated kitchens and baths.Its prime location places residents within easy reach of major employment centers, including MedStar Union Memorial Hospital (3 miles), UMMC Midtown Campus (1 mile), and Johns Hopkins University (2 miles), making it highly attractive to working professionals and students alike. For recreation, the property is conveniently near several of Baltimore’s top outdoor destinations—Middle Branch Park (3 miles), Rash Field Park (2 miles), Canton Waterfront Park (4 miles), and Carroll Park (2 miles)—providing abundant options for leisure and wellness.Additionally, 100 W North Ave (21201) is a commercial unit currently leased to a smoke shop, providing steady income, while 102 W North Ave offers three 2-bedroom, 1-bath residential apartments, enhancing the property’s income diversity and long-term potential.Investment HighlightsAttractive Yield: Purchase at $1.999M with Year 1 NOI $190K (9.54% cap rate); projected NOI $214K by Year 5 (10.74% cap).Upside Through Lease-Up & Growth: EGI grows from $317.9K to $357.8K+ with 3% annual rent growth, stabilized with 7.5% vacancy, and market rents trending to $1,823/unit.Property Overview: 16-unit multifamily investment, including 15 residential units (1 one-bedroom, 14 two-bedroom) and 1 commercial space. Eight 2-bedroom units have 1 bath; six have 1.5 baths. Unit 101 features two additional rooms and durable brick construction.Modern Amenities: Each unit offers central A/C, forced air heating, hardwood floors, granite countertops,individual electric meters, and in-laundry machines for efficiency.Prime Location: Property is across MICA Lazarus Bldg. Situated near major employment centers including MedStar Union Memorial Hospital, UMMC Midtown Campus, and Johns Hopkins University.Transit & Accessibility: Excellent public transit access via CityLink GOLD/Purple and LocalLink 51/94/95 and a few blocks from Amtrak Penn station.Lifestyle & Recreation: Proximity to Middle Branch Park, Rash Field Park, Canton Waterfront Park, and Carroll Park for outdoor activities.