316 S Broadway, Baltimore, MD 21231

Property Description

The property currently averages $1,300 per residential unit, below the projected market rent of $1,962, creating significant income growth potential through residential repositioning. Additional upside comes from leasing the vacant commercial space at a projected market rate of $2.27/SF. At Year 1 stabilization, the property is projected to generate $77,234 in NOI, equating to a 16% cap rate, increasing to 17% by Year 5 through contractual rent escalations. Achieving these returns will depend on successful residential repositioning and commercial lease-up. The two-story mixed-use property includes two residential units totaling approximately 2,240 SF and one vacant 3,520 SF retail unit, for 5,760 SF of total building area. Built in 1920 and zoned C-1, the property features updated interiors including wood-look flooring, modern vanities, ceiling fans, updated toilets, and marble-look bathroom tile. The property is lead-free certified and benefits from a Walk Score® of 100 and Transit Score® of 80. 316 S Broadway is located in the heart of Fells Point near major employers including Johns Hopkins Hospital ( 0.9 miles; 29,000+ employees), University of Maryland Medical System ( 2.1 miles; 9,830 employees), MedStar Health ( 3.5 miles; 6,027 employees), and Mercy Medical Center ( 1.5 miles; 4,028 employees). Nearby institutions include Johns Hopkins’ East Baltimore Medical Campus, University of Maryland, Baltimore, and the University of Baltimore. The property is also near the Fells Point Commercial District, Broadway Pier ( 0.6 miles), Patterson Park ( 1.2 miles), Metro Subway service, MARC stations, and multiple MTA bus routes.