1407 McCulloh St 5 Unit Apartment Building $657,447 CAD ($131,489 CAD/Unit) 9.74% Cap Rate Baltimore, MD 21217

1407 McCulloh Street is a five-unit multifamily property located in Madison Park, a centrally positioned Baltimore neighborhood just south of Bolton Hill and within close proximity to Downtown. The building includes one three-bedroom apartment, one two-bedroom apartment, and three one-bedroom apartments, a unit mix that aligns with ongoing rental demand in the area.
The apartments feature practical, easy-to-maintain finishes. Kitchens are equipped with a mix of butcher block and laminate countertops, wood cabinetry, and stainless steel sinks. Bathrooms include ceramic or vinyl tile flooring with a combination of modern vanities and pedestal sinks. Living areas are primarily hardwood, with some laminate plank flooring. Front-facing units have original wood windows, while vinyl replacement windows have been installed at the rear.
All five apartments include in-unit laundry, a feature that supports tenant retention and marketability.
The property is served by five electric meters and four gas meters, with an additional gas hook-up available. Heating systems vary by unit and include gas-fired forced-air furnaces, a mini-split system, and electric baseboard heat. The first-floor apartment shares a hot water heater, while the upper-floor units each have their own water heaters. Observable supply lines include copper, CPVC, and steel, with PVC drain lines.
The landlord currently pays electric and water/sewer. Two tenants are billed back $35 per month for water; expanding billbacks to the remaining units presents an opportunity to improve operating efficiency.
Madison Park is a renter-oriented neighborhood offering convenient access to Downtown Baltimore, Penn Station, and nearby amenities. Druid Hill Park and the Baltimore Zoo are located nearby, and the Reservoir Square redevelopment is expected to add grocery and retail options to the area.
The property has a Walk Score of 87, Bike Score of 72, and Transit Score of 92, reflecting strong access to transit and daily necessities.