1173 Battery Ave - Stellar Federal Hill 2-Unit 2 Unit Apartment Building Offered at $450,000 at a 7.67% Cap Rate Baltimore, MD 21230

1137 Battery Avenue is a two-apartment investment opportunity in the Federal Hill / South Baltimore rental market. The property includes one first-floor one-bedroom with den and one bath, plus one three-bedroom, two-bath apartment above. Offered at $450,000, the property is priced at $225,000 per unit and $181 per sq. ft., with an actual 7.66% cap rate and 8.9 market GRM.
The apartments offer above-average natural light and layouts that support tenant appeal. Both benefit from the building’s end-of-group exposure, creating brighter living spaces than a typical interior rowhome apartment. Both kitchens include laminate countertops, wood cabinetry, 30” gas ranges, and dishwashers.
Apartment 1 spans the entire first floor and includes one bedroom with den, one full bathroom, hardwood and carpet flooring, a steel tub with fiberglass surround, and basement laundry access.
Apartment 2 is the money maker. With 15 windows, a multi-level layout, exposed brick, textured ceilings, and a loft-style bedroom with an en-suite bath, the unit has stronger tenant appeal than a standard three-bedroom apartment. Apartment 2 also includes an in-unit stacked washer and dryer. As rents turn over or are adjusted to market, the upper apartment’s size, layout, and character support additional growth.
Tenants pay their own gas and electric directly, with two gas meters and two electric meters serving the property. Each apartment has its own entrance, so there is no public service gas or electric account for the owner to manage or pay. Each apartment has a gas-fired furnace with central air conditioning. Hot water is supplied by one 50-gallon gas-fired water heater and one 40-gallon electric water heater. Water/sewer is currently owner-paid, creating an opportunity for lease-based water bill-back to reduce expenses and further improve cash flow.
The Federal Hill / South Baltimore location supports strong rental demand from tenants seeking walkability, neighborhood amenities, and access to downtown Baltimore. The property is near Riverside Park, neighborhood restaurants and bars, retail, public transportation, Locust Point, the stadium district, the Inner Harbor, and major commuter routes including I-95.
The property is also lead-free, eliminating lead inspection costs at turnover, annual certificate renewal fees, and mandated bi-annual lead inspections. For the next owner, 1137 Battery Avenue combines lead-free status, tenant-paid gas and electric, low common-area utility responsibility, and upside in the larger upper apartment.