89% Occupied, Mixed-Use Asset in Prime Location

Highlights:

• 89% Occupied, Mixed-Use Asset in Prime Location: Strategically located in the heart of Baltimore City near Johns Hopkins University, this property offers 8 apartment units and 1 commercial space—ideal for a value-add investor seeking urban infill opportunities.
• $59,000 In-Place NOI with Upside: Stabilized income stream with existing residential and commercial tenants in place; current rents are below market, offering immediate potential to enhance returns through lease-up and rent increases.
• Value-Add Opportunity Through Unit Upgrades: Significant upside potential through strategic renovations and capital improvements to further increase rental income and attract higher-quality tenants.
• Additional Income from Parking/Garage: Two garage spaces on-site present an additional income stream through leasing, offering flexibility for added revenue or owner use.
• High-Demand Rental Submarket: Located in a walkable, transit-friendly area near major employment and education centers—supporting ongoing tenant demand and rent growth.
• Flexible Investment Profile: Ideal for investors seeking a turnkey asset with a manageable unit count and multiple avenues to enhance yield through asset repositioning and vacancy absorption.

Description:

RI Marketplace Online Auction June 23-25, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2525/2422-2424-n-charles-st-89-occupied-59k-noi?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=multifamily_2525

Marcus & Millichap is pleased to exclusively present the opportunity to acquire 2422 & 2424 N Charles Street in Baltimore, Maryland. Located in Baltimore’s Charles Village corridor—just minutes from Johns Hopkins University and Union Memorial Hospital, the Property presents a rare opportunity to acquire a value-add, mixed-use asset in a supply-constrained urban submarket. The property features eight residential apartment units and one ground-floor commercial space, offering existing cash flow with upside through lease-up of vacancies and rent growth. The area benefits from strong tenant demand driven by institutional anchors, transit accessibility, and a growing population of young professionals. Additional revenue can be captured by leasing the two on-site garage spaces. With below-market rents, a walkable location, and multiple value-enhancement avenues, this asset is well-positioned for a developer or investor targeting urban infill and repositioning opportunities in a major Mid-Atlantic market.

Situated in the heart of Charles Village, 2422 & 2424 N Charles Street benefits from a strategic urban location with close proximity to major academic, medical, and cultural institutions. The property lies just blocks from Johns Hopkins University—one of the city’s largest economic drivers—and near MedStar Union Memorial Hospital, providing consistent rental demand from students, healthcare professionals, and university staff. Charles Village is known for its historic architecture, walkability, and diverse population, making it one of Baltimore’s most stable and desirable neighborhoods for multifamily and mixed-use investment.

Transit access is strong, with nearby bus lines, the Baltimore Penn Station (Amtrak & MARC service), and direct routes to downtown Baltimore and I-83, connecting tenants to employment centers across the region. The neighborhood is undergoing steady revitalization, with nearby developments and retail enhancements supporting rising property values and continued tenant demand. This location offers the right mix of stable fundamentals and long-term growth potential for investors seeking value-add or urban repositioning opportunities. The Property has a population of ±546,503 residents within a 5-mile radius and an average household income of ±$82,173.

Frank B. Russo Jr
c/o Fisher Auction Company Inc.
License: AU000002

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