2530 N Calvert St 6,200 SF 92% Leased Office Building Baltimore, MD 21218 $800,000 ($129.03/SF) 9.94% Cap Rate

2530 North Calvert Street presents a rare opportunity to acquire a mixed-use investment property in Baltimore's Charles Village neighborhood with multiple paths to increasing value. The property combines residential apartments, office suites, and redevelopment potential on three consolidated lots with 52 feet of frontage along North Calvert Street.
Held under long-term ownership with limited capital improvements, the building currently operates with below-market rents and landlord-paid utilities. A new owner may continue operating the existing 14-suite configuration while pursuing market rents through apartment renovations, or capitalize on the property's OR-2 zoning, which permits up to 32 apartments by right.
The existing layout also lends itself to alternative housing concepts. In addition to traditional apartments, investors may evaluate the property for congregate housing, group housing, or other residential configurations permitted under current zoning and applicable regulations.
Residential suites range from studios and junior one-bedroom apartments to larger residential units. Several of the smaller suites offer straightforward cosmetic renovation opportunities. The office component includes both occupied and vacant suites, allowing investors flexibility to lease, renovate, or adapt space over time.
Located 5½ blocks from Johns Hopkins University's Homewood Campus, the property benefits from one of Baltimore's strongest long-term rental markets. Students, faculty, researchers, medical professionals, and neighborhood residents continue to support housing demand throughout Charles Village, while the Calvert Street corridor provides convenient access to neighborhood retail, transit, and downtown Baltimore.
Whether an investor's strategy is to stabilize the existing improvements, renovate apartments as they become available, reposition the office component, or capitalize on the property's by-right development potential, 2530 North Calvert Street offers uncommon flexibility in one of Baltimore's most established rental neighborhoods.