216 and 218 W Read St 2 Properties Offered at $499,900 in Baltimore, MD

Located in the heart of Mt. Vernon, one of Baltimore’s most consistently desirable and walkable neighborhoods, this 6-unit mixed-use property offers a rare combination of location, income, and upside. The building consists of 2 commercial storefronts and 4 residential apartments. Three residential units and both commercial spaces are currently occupied, producing $5,175 per month in in-place income, with one residential unit currently vacant. Upon lease-up, projected gross income is $6,025 per month ($72,300 annually).
Using realistic underwriting assumptions of approximately $9,500 in annual taxes and $3,000 in annual maintenance, the property supports an as-is NOI of approximately $49,600 and a stabilized NOI of approximately $59,800. At the current asking price of $499,900, that equates to roughly a 9.9% cap rate as currently operated and approximately 12.0% once stabilized.
The property does require improvements and is best viewed as a clean value-add opportunity rather than a turnkey core asset. Assuming $50,000 in capital improvements, the stabilized return on total investment remains compelling at approximately 10.9% on cost.
Ideal for investors seeking in-place cash flow with upside, 1031 exchange buyers, and owner-users seeking flexibility in a premier Baltimore submarket. Rent roll and additional financial details available upon request.