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38-50 W Biddle Baltimore, MD 21201 36 Unit Apartment Building $4,650,000 ($129,167/Unit) 8.53% Cap Rate Baltimore, MD 21201
Investment Highlights
- Features 36 Spacious Units with Open Floor Plans
- Ability to Renovate Units and Increase Rents
- Value-Add Opportunity in Historic Mount Vernon?
- Located in Historic Mount Vernon; 3 Minute Walk to University of Baltimore
Executive Summary
Harbor Stone Advisors is pleased to present Apartments on Biddle, a well-maintained multifamily asset located in Historic Mount Vernon. The property is a 3 minute walk away from The University of Baltimore Campus and the Social Security Administration and just a 6 minute walk away from UMMC Midtown Campus and MICA (Maryland Institute College of Art). 38-50 W Biddle Street is also less than half mile away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 36 units with a mix of (9) Studios, (16) 1 Br-1 Ba, (9) 2 Bedrooms and (1) 3 Br-2 Ba, as well as 1 commercial space. The commercial space is leased to a long term commercial tenant through March 2027. Typical unit features consist of white/stainless steel appliances, wood cabinets, formica countertops, and hardwood/plank/carpet flooring. The property also has a surface parking lot behind the building with 12 spaces. Current ownership has completed a handful of capital improvements such as some roof and hot water heater replacements, updated the electric, installed Central HVAC in 5 units, and installed washer/dryers in the majority of units.
Current ownership has renovated 18 units between 2017 and 2025. The opportunity exists for a new owner to renovate the remaining 17 classic units at Apartments on Biddle with a suggested scope of stainless steel appliances, resurfaced countertops, new cabinets, and updated bathrooms. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 20% higher on average than the Subject property. 38-50 W Biddle Street has pre-existing debt that can be assumed. The current balance is $3,196,595 with a 4.07% interest rate and a maturity date of October 2027.
The property features 36 units with a mix of (9) Studios, (16) 1 Br-1 Ba, (9) 2 Bedrooms and (1) 3 Br-2 Ba, as well as 1 commercial space. The commercial space is leased to a long term commercial tenant through March 2027. Typical unit features consist of white/stainless steel appliances, wood cabinets, formica countertops, and hardwood/plank/carpet flooring. The property also has a surface parking lot behind the building with 12 spaces. Current ownership has completed a handful of capital improvements such as some roof and hot water heater replacements, updated the electric, installed Central HVAC in 5 units, and installed washer/dryers in the majority of units.
Current ownership has renovated 18 units between 2017 and 2025. The opportunity exists for a new owner to renovate the remaining 17 classic units at Apartments on Biddle with a suggested scope of stainless steel appliances, resurfaced countertops, new cabinets, and updated bathrooms. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 20% higher on average than the Subject property. 38-50 W Biddle Street has pre-existing debt that can be assumed. The current balance is $3,196,595 with a 4.07% interest rate and a maturity date of October 2027.
Property Facts
| Price | $4,650,000 | Building Class | C |
| Price Per Unit | $129,167 | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 27,710 SF |
| Cap Rate | 8.53% | Average Occupancy | 97% |
| No. Units | 36 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2025 |
| Property Subtype | Apartment | Parking Ratio | 0.43/1,000 SF |
| Apartment Style | Mid-Rise | ||
| Zoning | OR-2 - Office / Residential | ||
| Price | $4,650,000 |
| Price Per Unit | $129,167 |
| Sale Type | Investment |
| Cap Rate | 8.53% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 27,710 SF |
| Average Occupancy | 97% |
| No. Stories | 4 |
| Year Built/Renovated | 1900/2025 |
| Parking Ratio | 0.43/1,000 SF |
| Zoning | OR-2 - Office / Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Ceiling Fans
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Carpet
- Dining Room
- Vinyl Flooring
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
- Trash Pickup - Curbside
- Wi-Fi
- Smoke Detector
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,105,800 | |
| Land Assessment | $633,600 | Total Assessment | $2,739,400 |
Property Taxes
Parcel Numbers
Land Assessment
$633,600
Improvements Assessment
$2,105,800
Total Assessment
$2,739,400
Contacts
-
Johanna Husena -
Justin Verner -
Brooks Healy -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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38-50 W Biddle Baltimore, MD 21201
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