8 Apartments in Charles Village: 2653 Maryland Avenue

What’s Special About these Apartments in Charles Village:

2653 Maryland Avenue is an end-of-group, double-wide apartment building offering 8 comfortable one-bedroom apartments. Situated in a convenient location, these apartments are in high demand amongst young professionals and students for the numerous universities close by. With modern kitchens and bathrooms, and updated plumbing and HVAC, a new owner can enjoy steady investment returns from this turn-key property, while limiting risk with 6 out of 8 Limited Lead Free apartments.

Apartment Details:

These cozy apartments feature kitchens with laminate countertops and wood cabinets, electric ranges, stainless steel sinks with garbage disposals, and ceramic tile floors, and most apartments have built-in microwaves. These easy-to-clean, convenient amenities make cooking and cleaning a breeze for today’s busy resident. Bathrooms are updated with modern vanities, full-sized tubs with ceramic tile enclosures, and ceramic tile floors. Stylish exposed brick walls add to the modern charm of 2653 Maryland Avenue.

Six apartments enjoy wood deck space in the rear. Paid laundry is available for use in the first floor lobby.

Who Pays Which Utilities:

Each apartment has its own gas-fired furnace with central air conditioning, and its own individual water heater. Each unit has its own separate gas and electric meter, allowing tenants to manage their utility consumption with ease. This promotes responsible energy usage and empowers tenants to control their utility expenses.

The owner is implementing water-bill backs as leases renew. The new owner could continue this trend to increase long-term revenue.

6 out of the 8 apartments already carry Limited Lead-Free status. For the remaining 2 apartments, a straightforward upgrade—replacing a total of 13 windows—is all it takes to align with the lead-free approach.

What’s Great About Charles Village:

2653 Maryland Avenue is located just three blocks south of Johns Hopkins University Homewood campus, and two blocks south of Wyman Park Dell. Tenants enjoy a quick walk to the Charles Village Shopping District, and I-83 provides a quick commute to downtown Baltimore. 2653 Maryland Avenue garners a “Walker’s Paradise” designation, with a 94 Walk Score, a 76 Transit Score, and an 88 Bike Score, being located along the Maryland Avenue Cycle Track.

Investment Summary:

$745,000 
$93,125 Per Unit
$151 Per Sq. Ft. 
9.3 Times Actual Rents (GRM)
7.3 Times Market Rents (GRM)
8.44% Cap Rate
7.9% Projected Cash-on-Cash Return