2654 Maryland Avenue: Mixed Use 3-Unit in Charles Village

> Located Just Three Blocks from Johns Hopkins University Homewood Campus, Apartments Are in High Demand by Young Professionals and Students

> Long Term NNN Commercial Tenant Leased Through Spring 2027, Paying 20% Toward Property Taxes & Hazard Insurance, Improving Cash Flow

> 3,600 Sq. Ft. End-of-Group Rowhome, Providing Tenants With 60% More Space Than Other Homes On the Same Block

> Opportunity to Improve Apartments and Greatly Increase Rents

Charles Village Mixed Use 3-Unit Interiors:

The first-floor salon has great far-corner exposure on both Maryland Avenue and 27th Street, with two large storefront windows. The salon has both hardwood and laminate flooring throughout, with high ceilings and recessed lighting. Locally owned and operated, the salon has two popular stylists offering services, with two hair drying stations and a shampoo bowl. The tenant has made warm, inviting improvements to the space.

The second and third floor each house a 3-bedroom apartment, with similar layouts to one another. Accessed by a shared entry on 27th Street, each apartment spans an entire floor. As an end-of-group row home, each apartment has 12 windows, providing lots of natural light. With a formal living/dining room and three large bedrooms, these apartments boast plenty of living space for tenants to enjoy. Kitchens feature wood and melamine cabinets, laminate counters, 30″ gas ranges, stainless steel sinks, and garbage disposals. Bedrooms are generously sized, and full bathrooms have modern vanities and 5′ tubs.

Utilities and Mechanicals:

The commercial tenant is on a triple net lease (NNN) and responsible for 20% of the property taxes, owner’s hazard insurance policy, and water/sewer bill. Each tenant pays their own gas and electric bill, and each tenant controls their own heating and air conditioning. The landlord is currently paying for water for the apartments, but the leases do provide for a bill-back, which would increase cash flow.

Each apartment has its own gas-fired furnace with central air conditioning. One gas-fired water heater serves the entire building, installed in 2018. Interior plumbing supply lines are a mix of copper and CPVC; interior plumbing drain lines are PVC. The partial, unfinished basement is used for storage, has an operable full bathroom and is leased for $525/month.

What’s Special About Charles Village:

This mixed-use 3-unit in Charles Village 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. RHouse, Remington’s trendy food hall, is home to popular stalls like BRD and Hilo Poké & Sushi, and is within a 5-minute walk.

Investment Summary:

• $549,000
• $183,000 Per Unit
• $153 Per Sq. Ft.
• 9.5 Times Actual Rents (GRM)
• 7.7 Times Market Rents (GRM)
• 9.98% Cap Rate
• 12.1% Projected Cash-on-Cash Return

Call Will Cannon to Schedule Your Tour Today: 410-916-3331