2708 Maryland Ave, Baltimore, MD 21218

Description

At just $95,000 per unit, 2708 Maryland Avenue offers an unusually low entry point into the Charles Village rental market, just four blocks from Johns Hopkins University’s Homewood Campus. Owned and operated by the same owner for 53 years, the property has seen no capital improvements over that time. Outdated systems, deferred maintenance and below-market rents create multiple paths to increased income and long-term value.

Investors do not need to take on a full renovation immediately to improve performance. Existing apartments can be re-leased at market rents in similar condition, while a more aggressive strategy could include renovating apartments as they become vacant. Updated kitchens, baths and flooring could position renovated units to achieve rents of $1,500+ per month. This allows a new owner to choose between immediate market rent alignment, phased improvements, or a larger renovation program over time.

The building consists of two one-bedroom apartments and one studio and also offers a compelling owner-occupant opportunity. The property meets FHA self-sufficiency guidelines. With as little as 3.5% down, an owner could occupy one apartment while collecting $2,300 per month from the remaining units. Based on the suggested financing, the rental income would offset all but $101 per month of PITI and PMI. Estimates exclude utilities.

The location supports each of these strategies. 2708 Maryland Avenue is four blocks from Johns Hopkins University’s Homewood Campus and Wyman Park Dell, with walkable access to the Charles Village Shopping District, Maryland Avenue Cycle Track, neighborhood dining and retail, Hopkins Shuttle routes and other major Baltimore employment centers.

At $285,000, this is an opportunity to acquire three apartments in the Hopkins-driven Charles Village rental corridor for $95,000 per unit, with multiple paths to increase income depending on an investor’s renovation strategy and timeline.