5 Unit on Maryland Avenue by JHU 2620 Maryland Ave 5 Unit Apartment Building $340,000 ($68,000/Unit) 9.22% Cap Rate Baltimore, MD 21218

2620 Maryland Avenue presents a 5-unit apartment building in Baltimore’s Charles Village neighborhood, offering a stable in-place income stream with clear upside through market rent alignment. The property is priced at $68,000 per unit and $109 per square foot, providing an attractive entry point relative to comparable multifamily assets in the area.
The building spans 3,108 square feet above grade—roughly 1,000 square feet larger than many surrounding rowhomes—allowing for a functional 5-unit layout consisting of four one-bedroom apartments and one studio. Four units are currently occupied, providing immediate income, while one vacant unit (1F) is ready for renovation and lease-up. As units turn, a future owner can align rents with comparable apartments in the area, driving increased revenue without major structural changes.
Located along the Maryland Avenue corridor, the property sits just blocks from Johns Hopkins University Homewood Campus and Wyman Park Dell, placing it within one of Baltimore’s most consistent rental submarkets. The surrounding Charles Village and Old Goucher neighborhoods benefit from strong institutional demand drivers, including Johns Hopkins University, as well as walkable access to retail, dining, and public transportation. Hopkins Shuttle routes and the Charles Village Benefits District further support tenant demand and retention.
From an operational standpoint, the property is separately metered with six electric meters and five gas meters, allowing for tenant-paid utilities. The building is heated by a central gas-fired boiler with radiator distribution, and domestic hot water is provided by a central gas-fired water heater. The current ownership structure includes landlord-paid heat and water, presenting an opportunity for a future owner to implement a utility bill-back program and improve cash flow.
At stabilization, the property is projected to achieve a 5.9 GRM, 9.22% cap rate, and 11.0% cash-on-cash return, supporting both current income and long-term appreciation within a proven rental corridor.