305 W MADISON ST Baltimore, MD 21201

List price to be opening bid at online only auction. Online auction to be conducted on Auctioneers website. Bidding begins Saturday, February 22nd and ends Thursday, February 27, 2025 at 11:00AM. The property at 305 W Madison St, Baltimore, MD 21201 is a configured as a six-unit multifamily building with a mix of studio and one-bedroom units. Although the building is configured as 6 units, the multi family license is for 5 units. Some of the units have been renovated, and the property includes onsite laundry facilities, offering added convenience for tenants and an additional income stream for investors. The property offers substantial value-add potential for investors, with the opportunity to increase rents by approximately $200 per unit. This creates a clear path to significantly enhance cash flow and maximize returns. With a handful of units already renovated investors can implement additional improvements to the remaining units to further boost rental income and overall property value. Additionally, the onsite laundry offers further income-generating potential. Unit 1F is a studio currently vacant. Unit 1R is a studio rented for $750/month. Unit 2R is a studio currently vacant. Unit 3R is a studio rented for $619/month. Unit 2F is a 1BR/1BA rented for $875/month. Unit 3F is a 1BR/1BA rented for $700/month. Laundry brings in approximately $75-$100/month. Current gross monthly income of $3,044. Current gross annual scheduled income of $36,528.
Located in the heart of Baltimore, the property is close to major institutions such as Johns Hopkins University and the University of Maryland Medical Center, offering proximity to key employment centers. Nearby universities like the University of Baltimore and Maryland Institute College of Art (MICA) also enhance the area's appeal. The property benefits from easy access to major highways such as I-83 and I-95, and is close to the State Center subway station, ensuring excellent transportation options. Additionally, being near an Opportunity Zone provides potential tax incentives for investors.