939 N Calvert St
Baltimore, MD 21202
937-939 North Calvert Apartments · Multifamily Property For Sale

937 North Calvert Interiors:
Kitchens are equipped with electric ranges. Four units have laminate countertops and wood cabinets; two have porcelain sinktops with metal cabinets. Bathrooms include steel tubs with ceramic tile or vinyl surrounds, along with and a mix of modern vanities or wall-mounted sinks. Wood windows run throughout the building, with walls finished in plaster or wood paneling. Ceilings are plaster, suspended grid, or Celotex. Apartment 2R has 9? x 9? tile in both the living area and kitchen; all other units feature a mix of laminate, parquet, and vinyl tile flooring.
939 North Calvert Interior:
Damaged by fire, 939 North Calvert has been fully gutted to the studs. The building shares a similar footprint and layout with 937, offering six pre-existing apartment units across three floors. Emergency shoring has been completed with new star bolts installed; per a prior engineering recommendation, the buyer may add additional anchoring to further stabilize the front wall. This work enables the preservation of the wall and positions the property for potential CHAP tax credits. Party walls include fire emergency doors connecting 939 to 937, providing necessary egress between the buildings.
Utilities and Mechanicals:
The buildings share a 400-amp electric service with 13 meters—one for each apartment plus a public service meter. Units in 937 have fuse panels and are individually metered, with tenants holding their own BGE accounts. One gas meter serves each buildings. Heat for 937 is provided by a central Columbia steam boiler with radiator distribution. Hot water for 937 comes from a central 75-gallon gas-fired water heater. 939 has a steam boiler and a gas-fired water heater, neither of which are currently operational. Observable plumbing supply lines are copper; observable drain lines are steel or PVC.
What’s Great About This Half-Rented, Half-Shell Value-Add Opportunity in Mount Vernon?
Located in one of Baltimore’s most walkable and culturally rich neighborhoods, this 12-unit opportunity sits just blocks from Penn Station, with access to Amtrak, and MARC trains. Tenants are drawn to the area’s top-tier institutions—UB, MICA, Peabody—as well as museums, restaurants, and iconic performance venues like The Lyric and The Meyerhoff Symphony Hall. A Transit Score of 98 and year-round rental demand support long-term stability and above-average rents.
With six income-producing units generating $5,720/month, investors can offset holding costs while executing a phased renovation. The six-unit shell at 939 North Calvert shares a matching footprint and existing layout with 937 North Calvert, streamlining the redevelopment process. Fully renovated one-bedrooms are projected to lease at $1,500/month, with a stabilized ARV of $1,865,680. Buyers may also benefit from CHAP tax credits and can pursue a tax assessment appeal based on the current condition of 939, potentially reducing renovation and holding costs.
Cash flow, tax strategy, and long-term upside—this Mount Vernon asset is ready for a smart operator to unlock its full potential.