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2541 St Paul St 3,067 SF 66% Leased Office Building Baltimore, MD 21218 $215,000 ($70.10/SF) 9.42% Cap Rate
Investment Highlights
- Great Entry Point in Charles Village – Acquire a mixed-use asset in a proven rental corridor with defined upside.
- 2Apartments + 1st-Floor Office – Flexible configuration allows for immediate lease-up or potential conversion to a three-unit residential building.
- 5 Blocks to Johns Hopkins University – Located within a consistently tenant-driven corridor near major employment and green space.
Executive Summary
2541 Saint Paul Street presents a mixed-use investment and owner/user opportunity in Baltimore’s Old Goucher neighborhood, just five blocks south of Johns Hopkins University.
The property is currently configured as two one-bedroom apartments above approximately 1,000 square feet of first-floor office space, offering immediate usability with multiple paths for income and long-term value.
Investors can pursue light interior updates and lease-up for immediate cash flow, or convert the first floor to residential use and operate as a three-unit multifamily building with separated utilities.
For owner/users, the first-floor space provides an ideal footprint for a small business, studio, or professional office, with the ability to offset occupancy costs through rental income from the upper apartments.
The property is currently configured as two one-bedroom apartments above approximately 1,000 square feet of first-floor office space, offering immediate usability with multiple paths for income and long-term value.
Investors can pursue light interior updates and lease-up for immediate cash flow, or convert the first floor to residential use and operate as a three-unit multifamily building with separated utilities.
For owner/users, the first-floor space provides an ideal footprint for a small business, studio, or professional office, with the ability to offset occupancy costs through rental income from the upper apartments.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
3,067 SF
Building Class
C
Year Built
1910
Price
$215,000
Price Per SF
$70.10
Cap Rate
9.42%
NOI
$20,253
Percent Leased
66%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
1,000 SF
Slab To Slab
10’
Building FAR
1.46
Lot Size
0.05 AC
Zoning
OR-2 - Licensed for 2 Dwelling Units and 1 Office.
Parking
2 Spaces (0.65 Spaces per 1,000 SF Leased)
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Exceptionally walkable
100/100
Moderately drivable
60/100
Strong public transit
80/100
Moderately bikeable
70/100
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2541 St Paul St
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