2530 North Calvert Street: 10 Apartments & 4 Offices

● Value-Add Opportunity: Priced at $57,143 per unit, leaving opportunity for an investor to purchase and renovate.

● Below-Market Rents: Many units offer a clear path to higher rents, with projected market rents ranging from $850 to $1,075.

● Triple Wide Lot + OR-2 Density: 52′ frontage on North Calvert Street with by-right zoning allowing up to 32 apartments.

● Charles Village Calvert Street Corridor: 5.5 blocks to Johns Hopkins with residential demand, office flexibility, and long-term income potential.

2530 North Calvert Street offers a rare value-add opportunity in Charles Village with multiple income and occupancy strategies. Held under long-term ownership with limited capital improvements, the property currently operates with below-market rents and landlord-paid utilities. A new owner may renovate the existing 14-suite configuration or pursue higher-density apartments. OR-2 zoning allows both residential and office use and, by right, supports substantially greater residential density, with up to 32 apartments permitted on the site.  The triple wide lot provides 52 feet of frontage on North Calvert Street, complemented by an attractive northern boundary adjoining the playground of Margaret Brent Elementary School.

Interiors: 

2530 North Calvert Street includes a mix of:

• 4 studio apartments
• 4 junior one-bedroom apartments
• 3 larger residential suites
• 4 office spaces

Suites A through G include smaller residential apartments, with projected market rents ranging from approximately $850 to $1,075 per month following cosmetic improvements. Suites 100, 103, and 203 are larger spaces currently used residentially. Residential tenants may use the shared washer and dryer in the basement. Kitchens include wood cabinetry, laminate counters, stainless-steel sinks, and 20” or 30” gas ranges. Bathrooms have a mix of wall-mounted sinks, modern vanities, tubs, and shower stalls.

The building also includes several office spaces: a vacant basement office in slightly turn-key condition, one rented first-floor office, and two second-floor offices. The second-floor front office needs full renovation.

Utilities:

The building is served by a central gas-fired Slant/Fin boiler with hot-water circulation, feeding both radiators and baseboard heat. Hot water is supplied by two tandem 50-gallon gas-fired water heaters. There are four electric meters; however, the landlord currently pays electric service for 13 of the 14 suites. One gas meter supplies cooking fuel, heat, and hot water throughout the building, also paid by the landlord. The landlord additionally pays for water and sewer service.

What’s Special About 2530 North Calvert Street:

Charles Village is one of Baltimore’s most durable rental neighborhoods, supported by Johns Hopkins University and a mix of institutional and neighborhood demand. Located 5.5 blocks from the Homewood campus, 2530 North Calvert benefits from walkability and connectivity. For a value-add buyer seeking moderate scale in Charles Village, 2530 North Calvert offers existing income, easy upside with in-place below market rents, flexible OR-2 zoning, and by-right density potential along the North Calvert Street corridor.

Investment Summary:

$800,000
$57,143 Per Unit
$96 Per Sq. Ft.
9.2 Times Actual Rents (GRM)
5.4 Times Market Rents (GRM)
9.94% Cap Rate
12.9% Projected Cash-on-Cash Return