2106 St Paul St Baltimore, MD 21218
7-Unit Multifamily in Prime Charles Village with Rental Upside
2106 St Paul St is a seven-unit multifamily property built in 1883, offering a blend of historic charm and income-producing potential. The property features original hardwood flooring, a first-floor balcony, and a basement patio, enhancing its tenant appeal. A coin-operated laundry in the basement provides an additional revenue stream, while a storage area within the building offers potential for further income. The property also includes one on-site parking space, which could be rented for additional earnings. With energy-efficient appliances and LED lighting, the property benefits from lower operational costs.
Location Highlights
This property is situated in Charles Village, a well-connected area with easy access to shopping, entertainment, healthcare, universities, and major commuter routes. Safeway (0.3 miles) and Save A Lot (0.2 miles) provide nearby grocery options. Public transit is easily accessible with bus routes along St. Paul St and North Ave, and the Penn Station MARC & Amtrak train station is just 0.8 miles away, providing direct rail connections. Major cultural attractions like Charles Theatre (0.9 miles), Parkway Theatre (0.8 miles), and Centre Theatre (0.7 miles) are nearby. The property is also 0.6 miles from MedStar Union Memorial Hospital and 1.8 miles from Johns Hopkins Hospital. Additionally, Johns Hopkins University (0.9 miles) and The University of Baltimore (1 mile) are within close proximity, making this an attractive rental location for students and faculty.
Financial Highlights
Market comparables indicate that one-bedroom units can achieve $1,300 per month, creating strong upside potential. With minimal upgrades and strategic rent increases, the property can reach a 7.2% cap rate by the end of Year 1. Currently, all utilities are paid by ownership, but there is an opportunity to separate metering in the future or to implement a RUBS system to reduce expenses. Additional income potential exists through storage rental and parking lease opportunities.
