2301-2307 Maryland Avenue, under the same ownership for 52 years, needs substantial renovation and improvement by a professional, experienced, and well financed property owner and development team. The property is opportunity priced due to its current condition.
●Great scale at 21,000 Sq. Ft. and 45 rental units.
●$64 price per square foot reflects condition and makes a great opportunity.
●Surrounded by great neighborhoods, including Remington, Hampden, Charles Village, and Station North, all of which have a strong rental demand.
●Old Goucher Historic District is a strengthening neighborhood.
Interiors:
Inside these five buildings, this Baltimore multifamily property offers a mix of rooming units and apartments.
In 2301-2303 there are 8 apartments with private kitchens and bathrooms. There are 21 rooming units, most of which share common bathrooms with no kitchens.
2305–2307 offer a more typical apartment configuration, with studio and one-bedroom units that include private kitchens and bathrooms.
The Carriage House contains 3 one-bedroom apartments and an exceptional three-bedroom unit featuring exposed brick walls and an in-unit washer and dryer.
Throughout the property, walls are primarily plaster with a mix of plaster, Celotex, and suspended grid ceilings. Flooring is mostly 12″x 12″ vinyl tile, with some laminate kitchen flooring or carpeted units. There is some 9″ x 9″ tile in common areas. Units with kitchens generally include steel sinks and 20″–30″ gas ranges, while bathrooms typically feature wall-mounted sinks and fiberglass shower stalls.
Utilities:
The buildings are heated by gas-fired boiler systems serving radiator distribution throughout the property. 2301, 2303, and the Carriage House are served by a commercial Peerless boiler with steam circulation, while 2305–2307 are heated by two tandem Slant/Fin gas-fired boilers with hot water circulation. Hot water is provided by two tandem 75-gallon gas-fired water heaters. The property is served by 27 electric meters and one house meter, along with 15 gas meters. Landlord pays for gas, electric, and water. Units with separate electric meters are placed in tenants’ names.
What’s Special About this Baltimore Multifamily Property in Old Goucher:
Located in Old Goucher, this Baltimore multifamily property sits within a growing residential corridor between Remington, Hampden, Charles Village, Station North, and Greenmount West, areas that have seen steady reinvestment and strong rental demand in recent years. With 45 units across five buildings, the property offers rare scale for an experienced development team. A central courtyard creates shared outdoor space, while a five-car parking pad and one garage provide valuable off-street parking. The mix of rooming units and apartments, along with the institutional hallway configuration in portions of the property, may also lend itself to alternative residential uses such as transitional housing, supportive housing, or group living arrangements, subject to zoning and licensing requirements. Investors seeking both current income and repositioning potential will appreciate the operational flexibility and long-term possibilities offered by this unique asset.
Investment Summary:
Acquisition Price: $1,395,000
Price Per Unit (45 Units): $31,000
Price Per Sq. Ft.: $64
