21-unit portfolio in East Baltimore

Financial Highlights

This 21-unit Baltimore portfolio is generating a solid Day One cap rate of 7.8%, with a clear path to a projected 10–12% cap rate once market rents are achieved. Current average rents of $1,020 per unit and are below market levels of $1,250–$1,350, representing a built-in growth opportunity of approximately $4,600 per month, or $55,000 annually once stabilized. The portfolio includes two fully leased commercial suites alongside well-positioned residential units, with some vacant units ready for lease-up to further enhance revenue.

Financial Highlights

This 21-unit Baltimore portfolio is generating a solid Day One cap rate of 7.8%, with a clear path to a projected 10–12% cap rate once market rents are achieved. Current average rents of $1,020 per unit and are below market levels of $1,250–$1,350, representing a built-in growth opportunity of approximately $4,600 per month, or $55,000 annually once stabilized. The portfolio includes two fully leased commercial suites alongside well-positioned residential units, with some vacant units ready for lease-up to further enhance revenue.Property HIghlightsThis 21-unit portfolio in East Baltimore offers an exceptional blend of historic charm and modern functionality. Comprising six distinctive properties, the collection features 12 one-bedroom units, five two-bedroom units, two studio units, and two commercial spaces. Each unit is thoughtfully designed with efficient layouts, abundant natural light, and hardwood flooring. Many of the residences, particularly those along McCulloh Street, are move-in ready and include central air, updated kitchens and bathrooms, and stylish living spaces. Kitchens are fully equipped with modern appliances such as a stove, refrigerator, oven/range, microwave, dishwasher, and garbage disposal, while in-unit washers and dryers provide added convenience for tenants. The portfolio also benefits from on-street parking options for residents, with one property which is 1918 McCulloh St, offering a detached garage for added tenant appeal. The 30 E 25th St that is a mixed-use building that adds versatility by combining residential comfort with commercial rent, enhancing the investment’s diversity.

Location Highlights

The McCulloh Street properties in Baltimore’s 21217 area are supported by a population of more than 31,000 residents, with access to nearby amenities such as Bolton Hill Plaza, Mondawmin Mall, Druid Hill Park, and the State Center Metro Subway Station. At 30 E 25th Street in Charles Village, over 8,200 residents benefit from walkability to the Baltimore Museum of Art, Waverly Farmers Market, Penn Station (Amtrak/MARC), and a variety of dining and retail options. Meanwhile, 2405 Barclay Street is located in the Barclay/Harwood community, home to more than 5,800 residents, with neighborhood revitalization, local markets, and proximity to the North Avenue Light Rail and Station North Arts District. Across all three locations, housing demand is driven by nearby institutional anchors including Johns Hopkins University (30,500+ students; ~27,000 employees), Johns Hopkins Hospital (30,000+ employees), and the University of Maryland system with more than 6,600 students and 17,000+ faculty and staff.