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2903 Saint Paul St - Charles Village 4-Unit 4 Unit Apartment Building Offered at $425,000 at a 8.50% Cap Rate Baltimore, MD 21218
Investment Highlights
- Prime Charles Village “Hot Zone” Location: One block to Wyman Park Dell and 2.5 blocks to Johns Hopkins Homewood campus
- Simple Utility Setup: Five electric meters and five gas meters with central heat and hot water that may allow future bill-backs
- Walker’s Paradise (95 WalkScore): Tenants enjoy immediate access to Starbucks, Chipotle, grocery options and everyday neighborhood conveniences
Executive Summary
The building contains one two-bedroom apartment, two one-bedroom apartments, and one studio apartment. Kitchens include laminate countertops, wood cabinets, stainless-steel sinks, and 20? or 30? gas ranges. Bathroom finishes vary by unit: three bathrooms have modern vanities and one has a wall-mounted sink; tubs include a mix of cast-iron and steel with ceramic-tile or vinyl surrounds. Flooring consists of hardwood in living areas, vinyl in kitchens, and a combination of vinyl, ceramic tile, or laminate in the bathrooms.
Utilities:
The property is heated by a Central American Radiator gas-fired boiler with hot-water radiator distribution. A central 40-gallon gas-fired water heater supplies hot water. The building is set up with five electric meters and five gas meters; one for each apartment and public service. A landlord seeking to reduce operating expenses could explore billing back the central heating and hot water to tenants and improve cash flow.
What’s Special About Charles Village:
2903 Saint Paul Street sits in the prime “hot zone” for Johns Hopkins students, one block from Wyman Park Dell and within an easy walk to the Homewood campus. Tenants have quick access to the Charles Village Shopping District, including Starbucks, Chipotle, grocery options, and a variety of neighborhood shops and eateries. The property has a WalkScore of 95, designated a “Walker’s Paradise,” underscoring the convenience and pedestrian-friendly nature of this location.
For investors, the property offers a clear renovation opportunity at an approachable basis of $106,250 per unit, making it an attractive candidate for upgrades and repositioning in a high-demand rental market. 2903 Saint Paul provides a solid entry point for buyers looking to improve units and capture the strong student and young-professional tenant pool that drives Charles Village occupancy.
Investment Summary:
$425,000
$106,250 Per Unit
$158 Per Sq. Ft.
7.2 Times Market Rents (GRM)
8.50% Cap Rate
9.4% Projected Cash-on-Cash Return
Utilities:
The property is heated by a Central American Radiator gas-fired boiler with hot-water radiator distribution. A central 40-gallon gas-fired water heater supplies hot water. The building is set up with five electric meters and five gas meters; one for each apartment and public service. A landlord seeking to reduce operating expenses could explore billing back the central heating and hot water to tenants and improve cash flow.
What’s Special About Charles Village:
2903 Saint Paul Street sits in the prime “hot zone” for Johns Hopkins students, one block from Wyman Park Dell and within an easy walk to the Homewood campus. Tenants have quick access to the Charles Village Shopping District, including Starbucks, Chipotle, grocery options, and a variety of neighborhood shops and eateries. The property has a WalkScore of 95, designated a “Walker’s Paradise,” underscoring the convenience and pedestrian-friendly nature of this location.
For investors, the property offers a clear renovation opportunity at an approachable basis of $106,250 per unit, making it an attractive candidate for upgrades and repositioning in a high-demand rental market. 2903 Saint Paul provides a solid entry point for buyers looking to improve units and capture the strong student and young-professional tenant pool that drives Charles Village occupancy.
Investment Summary:
$425,000
$106,250 Per Unit
$158 Per Sq. Ft.
7.2 Times Market Rents (GRM)
8.50% Cap Rate
9.4% Projected Cash-on-Cash Return
Property Facts
| Price | $425,000 | Property Type | Multifamily |
| Price Per Unit | $106,250 | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 2,688 SF |
| Cap Rate | 8.50% | Average Occupancy | 100% |
| Gross Rent Multiplier | 7.2 | No. Stories | 3 |
| No. Units | 4 | Year Built | 1905 |
| Zoning | R8 - Licensed for 4 Dwelling Units | ||
| Price | $425,000 |
| Price Per Unit | $106,250 |
| Sale Type | Investment |
| Cap Rate | 8.50% |
| Gross Rent Multiplier | 7.2 |
| No. Units | 4 |
| Property Type | Multifamily |
| Lot Size | 0.05 AC |
| Building Size | 2,688 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1905 |
| Zoning | R8 - Licensed for 4 Dwelling Units |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
1 1
Walk Score®
Walker's Paradise (95)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (88)
Property Taxes
| Parcel Number | 3852-041 | Improvements Assessment | $160,000 |
| Land Assessment | $90,000 | Total Assessment | $250,000 |
Property Taxes
Parcel Number
3852-041
Land Assessment
$90,000
Improvements Assessment
$160,000
Total Assessment
$250,000
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2903 Saint Paul St - Charles Village 4-Unit
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