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2107-2111 Park Ave
Baltimore, MD 21217
Apartments at 2107-2111 Park Ave · Multifamily Property For Sale
·
16 Units
Investment Highlights
- Value-Add Opportunity: Attractive price per unit compared to the local comps in the area.
- Value-Add Opportunity: Attractive price per unit compared to the local comps in the area.
- Income Growth: Gross rental income projected to increase from ~$176,000 at current rents to ~$352,000 in Year 1,
- Strong Demand Drivers: Close to Johns Hopkins University, MICA, the University of Baltimore, and the Reservoir Square revitalization
- Significant Upside: Current rents ~$1,050 vs. market ~$1,800, providing substantial revenue growth potential through lease-up and rent repositioning.
- with NOI growing from ~$74,100 to ~$219,380 as units stabilize at market rates.
Executive Summary
2107–2111 Park Avenue is a 16-unit multifamily investment opportunity located in Baltimore’s Mount Royal/Reservoir Hill submarket, offering excellent access to major transportation corridors, Mount Royal/University of Baltimore Station, and Baltimore Penn Station. The property benefits from proximity to Johns Hopkins University, MICA, the University of Baltimore, and the ongoing Reservoir Square revitalization, supporting durable rental demand.
The asset is currently underperforming, with average in-place rents of approximately $1,060 per unit, roughly 50% below the market average of $1,800, creating significant upside potential. Gross rental income is projected to grow from approximately $181,000 at current rents to $352,000 in Year 1, driving NOI growth from $78,426 currently to $219,380 in Year 1 as vacant and under-market units are leased at market rates
The property features spacious units with hardwood floors and private balconies, ample parking, shared laundry facilities, and separately metered gas and electric, reducing owner expense exposure. The investment strategy centers on leasing stabilization and pushing rents to market levels, positioning the asset to deliver attractive cash flow growth and a compelling risk-adjusted return profile.
The asset is currently underperforming, with average in-place rents of approximately $1,060 per unit, roughly 50% below the market average of $1,800, creating significant upside potential. Gross rental income is projected to grow from approximately $181,000 at current rents to $352,000 in Year 1, driving NOI growth from $78,426 currently to $219,380 in Year 1 as vacant and under-market units are leased at market rates
The property features spacious units with hardwood floors and private balconies, ample parking, shared laundry facilities, and separately metered gas and electric, reducing owner expense exposure. The investment strategy centers on leasing stabilization and pushing rents to market levels, positioning the asset to deliver attractive cash flow growth and a compelling risk-adjusted return profile.
Property Facts Under Contract
| Price Per Unit | $99,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.02 AC |
| No. Units | 16 | Building Size | 16,155 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1900 |
| Apartment Style | Low-Rise | ||
| Zoning | R080 - a high-density residential district. It primarily supports single-family, two-family, and multi-family residences. | ||
| Price Per Unit | $99,375 |
| Sale Type | Investment |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.02 AC |
| Building Size | 16,155 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Zoning | R080 - a high-density residential district. It primarily supports single-family, two-family, and multi-family residences. |
Amenities
Unit Amenities
- Balcony
- Eat-in Kitchen
- Hardwood Floors
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | $1,130 | 1 |
| 1+1 | 3 | $744.00 | 1 |
| Studios | 1 | $898.00 | 1 |
Property Taxes
| Parcel Number | 3455-027 | Improvements Assessment | $426,200 |
| Land Assessment | $174,800 | Total Assessment | $601,000 |
Property Taxes
Parcel Number
3455-027
Land Assessment
$174,800
Improvements Assessment
$426,200
Total Assessment
$601,000
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