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Listed by Menachem M. Dalfin • Midfield Realty
$650,000
Est. payment /mo
7,920 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 7,920 sqft
Price per Sqft $82
MLS Listing ID MDBA2171638
Year Built 1880
Annual Tax Amount $14,625
Tax Year 2024
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Property Overview
1600 Bolton Street is a charming 5-unit apartment building located in Baltimore's 21217 ZIP code, within the historic Bolton Hill neighborhood. The property features a mix of units consisting of one 4-bedroom (2F), two 1-bedroom (1F and 1R), and two 2-bedroom units (Terrace and 3R) within a solid brick structure built in 1880, thoughtfully maintained and renovated as needed. The building offers approximately 5,940 square feet of living space, with hardwood flooring in most units and modern finishes including laminate countertops. The roof was replaced in 2022 and comes with a 10-year warranty. Utilities are separately metered with 6 electric and 5 gas meters, helping to control expenses.
Heating and cooling systems vary by unit: some use boilers for baseboard heating and window air conditioning units, while others have mini-split systems or central A/C. Coin-operated laundry facilities are located on the bottom floor, and there is potential to create surfaced parking at the rear of the property, which could generate approximately $75 per month in additional income. The property is zoned R-7, with the possibility to add a sixth unit.
Investment Overview
This property offers an excellent opportunity to increase rental income through unit renovations, reconfiguration, and additional income streams. Current rents are below market, with a 2-bedroom Terrace unit renting at $1,040, one-bedroom units at $1,100 and $1,150, a 4-bedroom unit at $2,600, and a 2-bedroom unit at $1,300.
The pro forma rent estimates reflect market-aligned rates, with one-bedroom units projected at $1,220, two-bedroom units at approximately $1,608, three-bedroom units at $2,075, and four-bedroom units at $2,373. The potential to convert the existing 4-bedroom unit into one 3-bedroom and one 1-bedroom unit increases rental income and total rentable units. Additionally, surfaced parking could provide an incremental $75 monthly in income.
The property currently yields a day one cap rate of approximately 7.16%, with the pro forma stabilized cap rate projected to increase to around 11.39%, demonstrating strong upside potential through lease-up and value-add improvements.
Location Overview
1600 Bolton Street is located in the historic and vibrant Bolton Hill neighborhood of Baltimore, MD 21217. Bolton Hill is home to approximately 4,030 residents, with a median household income of around $72,484. The neighborhood is known for its educated community, with about 26% of residents holding a bachelor's degree and an additional 31% holding a master's degree or higher.
The area offers a variety of amenities including popular local coffee shops like On the Hill Café, Llamas' Corner, and Red Emma's Bookstore Coffeehouse, which contribute to the neighborhood's community atmosphere. Retail options include the Made In Baltimore Store, The ZONE boutique, and Bottle of Bread bakery—all supporting local artisans and offering unique shopping experiences.
Employment opportunities are strong with major employers nearby, including Johns Hopkins University, University of Baltimore, MedStar Health, Maryland Institute College of Art (MICA), and Baltimore City government offices. These institutions collectively support thousands of jobs, bolstering the local economy.
Public transportation access is convenient with MTA's CityLink GOLD and CityLink YELLOW bus routes serving the neighborhood, as well as nearby Light RailLink and State Center Metro SubwayLink stations. For drivers, Interstate 83 (I-83) is approximately 0.5 miles away, providing quick routes to downtown Baltimore and the surrounding region.
1600 Bolton Street is a charming 5-unit apartment building located in Baltimore's 21217 ZIP code, within the historic Bolton Hill neighborhood. The property features a mix of units consisting of one 4-bedroom (2F), two 1-bedroom (1F and 1R), and two 2-bedroom units (Terrace and 3R) within a solid brick structure built in 1880, thoughtfully maintained and renovated as needed. The building offers approximately 5,940 square feet of living space, with hardwood flooring in most units and modern finishes including laminate countertops. The roof was replaced in 2022 and comes with a 10-year warranty. Utilities are separately metered with 6 electric and 5 gas meters, helping to control expenses.
Heating and cooling systems vary by unit: some use boilers for baseboard heating and window air conditioning units, while others have mini-split systems or central A/C. Coin-operated laundry facilities are located on the bottom floor, and there is potential to create surfaced parking at the rear of the property, which could generate approximately $75 per month in additional income. The property is zoned R-7, with the possibility to add a sixth unit.
Investment Overview
This property offers an excellent opportunity to increase rental income through unit renovations, reconfiguration, and additional income streams. Current rents are below market, with a 2-bedroom Terrace unit renting at $1,040, one-bedroom units at $1,100 and $1,150, a 4-bedroom unit at $2,600, and a 2-bedroom unit at $1,300.
The pro forma rent estimates reflect market-aligned rates, with one-bedroom units projected at $1,220, two-bedroom units at approximately $1,608, three-bedroom units at $2,075, and four-bedroom units at $2,373. The potential to convert the existing 4-bedroom unit into one 3-bedroom and one 1-bedroom unit increases rental income and total rentable units. Additionally, surfaced parking could provide an incremental $75 monthly in income.
The property currently yields a day one cap rate of approximately 7.16%, with the pro forma stabilized cap rate projected to increase to around 11.39%, demonstrating strong upside potential through lease-up and value-add improvements.
Location Overview
1600 Bolton Street is located in the historic and vibrant Bolton Hill neighborhood of Baltimore, MD 21217. Bolton Hill is home to approximately 4,030 residents, with a median household income of around $72,484. The neighborhood is known for its educated community, with about 26% of residents holding a bachelor's degree and an additional 31% holding a master's degree or higher.
The area offers a variety of amenities including popular local coffee shops like On the Hill Café, Llamas' Corner, and Red Emma's Bookstore Coffeehouse, which contribute to the neighborhood's community atmosphere. Retail options include the Made In Baltimore Store, The ZONE boutique, and Bottle of Bread bakery—all supporting local artisans and offering unique shopping experiences.
Employment opportunities are strong with major employers nearby, including Johns Hopkins University, University of Baltimore, MedStar Health, Maryland Institute College of Art (MICA), and Baltimore City government offices. These institutions collectively support thousands of jobs, bolstering the local economy.
Public transportation access is convenient with MTA's CityLink GOLD and CityLink YELLOW bus routes serving the neighborhood, as well as nearby Light RailLink and State Center Metro SubwayLink stations. For drivers, Interstate 83 (I-83) is approximately 0.5 miles away, providing quick routes to downtown Baltimore and the surrounding region.
Location
State MD
County Baltimore City
Zoning R-7
Interior
Hot Water Other
Heating Radiator
Cooling Other
Heat Source Other
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Other
Water Other
New Construction N
Schools
School District Baltimore City Public Schools
Others
Tax ID 0314140353 001
Ownership Other
Special Listing Condition Other
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Joseph Asterino
Broker Associate | License ID: AB066344
Broker Associate License ID: AB066344