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Franklin Court Apartments 500 W Franklin St 29 Unit Apartment Building $4,750,000 ($163,793/Unit) Baltimore, MD 21201
Executive Summary
29 Apartments and 7 Stores known as “Franklin Court” is 1/2 mile north of University of Maryland, 1/2 mile south of State Center (26-acre and $1.5 billion new development), and across the Street from Metro West (1.1 million sq. ft. of office space on 11-acres) which is being redeveloped. Franklin Court contains a security-gate protected rear entrance that brings the residents into a landscaped courtyard with benches, gardens, and mature shade trees. Franklin Court backs up to the historic 4.75 acre Seton Hill Park.
Franklin Court is a value-add opportunity to own a well-located quality property with good systems and structures. The rents are below market rates.
Franklin Court underwent a complete historic renovation in 1985. At that time, all new plumbing, electric, heat and air conditioning was installed in this property. Half of the apartments are two-stories, some with spiral staircases, loft overlooks, vaulted ceilings, and atriums. All of the apartments feature interiors with drywall and wood frame windows (some new, some restored-original). Living areas typically have wall-to-wall carpet over plywood floors, with vinyl tile in the kitchens and ceramic tile floors and tub enclosures in the bathrooms. Kitchens typically have European style cabinets with formica counters. The apartments are all-electric with electric range, dishwasher, electric heat pump with central air conditioning and electric water heater. Each apartment has 100-, 125-, or 150-amp electric service.
There is a 3,030 sq.ft. enclosed parking garage with a security entrance gate. The 7 stores total 4,400 sq.ft. of retail space. The 29 apartments are contained in 20,770 sq.ft. of gross building area. The total building is 28,200 sq.ft. The 0.40 acre lot measures 173’6? frontage on West Franklin Street and 100' deep along North Paca Street.
Franklin Court is a value-add opportunity to own a well-located quality property with good systems and structures. The rents are below market rates.
Franklin Court underwent a complete historic renovation in 1985. At that time, all new plumbing, electric, heat and air conditioning was installed in this property. Half of the apartments are two-stories, some with spiral staircases, loft overlooks, vaulted ceilings, and atriums. All of the apartments feature interiors with drywall and wood frame windows (some new, some restored-original). Living areas typically have wall-to-wall carpet over plywood floors, with vinyl tile in the kitchens and ceramic tile floors and tub enclosures in the bathrooms. Kitchens typically have European style cabinets with formica counters. The apartments are all-electric with electric range, dishwasher, electric heat pump with central air conditioning and electric water heater. Each apartment has 100-, 125-, or 150-amp electric service.
There is a 3,030 sq.ft. enclosed parking garage with a security entrance gate. The 7 stores total 4,400 sq.ft. of retail space. The 29 apartments are contained in 20,770 sq.ft. of gross building area. The total building is 28,200 sq.ft. The 0.40 acre lot measures 173’6? frontage on West Franklin Street and 100' deep along North Paca Street.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,750,000 | Building Class | C |
| Price Per Unit | $163,793 | Lot Size | 0.40 AC |
| Sale Type | Investment | Building Size | 28,200 SF |
| No. Units | 29 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1850/1985 |
| Apartment Style | Low-Rise | Parking Ratio | 0.18/1,000 SF |
| Zoning | Commercial | ||
| Price | $4,750,000 |
| Price Per Unit | $163,793 |
| Sale Type | Investment |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 28,200 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1850/1985 |
| Parking Ratio | 0.18/1,000 SF |
| Zoning | Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Refrigerator
- Range
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $995.00 | 570 |
| 1+1 | 14 | $1,240 | 772 |
| 2+1 | 9 | $1,350 | 1,041 |
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Exceptionally walkable
100/100
Moderately drivable
70/100
Exceptional public transit
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 0546-018 | Total Assessment | $2,800,000 |
| Land Assessment | $261,400 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $2,538,600 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
0546-018
Land Assessment
$261,400
Improvements Assessment
$2,538,600
Total Assessment
$2,800,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025 Payable 2025
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Contact the Sale Advisor
Franklin Court Apartments | 500 W Franklin St