28 E 25th St 3,135 SF 100% Leased Retail Building Baltimore, MD 21218 $512,711 CAD ($163.54 CAD/SF) 9.57% Cap Rate

28 East 25th Street is a mixed-use property located in the Charles Village neighborhood of Baltimore City, approximately five blocks south of the Homewood Campus of Johns Hopkins University, the city’s largest employment center. Situated along the 25th Street corridor—locally known as “Black Wall Street” for its historic concentration of Black-owned businesses—the property benefits from steady pedestrian activity, neighborhood-serving commercial demand, and strong residential fundamentals. The central North Baltimore location provides convenient access to downtown Baltimore, I-83, and major transit and bike infrastructure, supporting both commercial visibility and long-term rental demand.
The second- and third-floor apartments are oversized one-bedroom units with generous room dimensions and large north- and south-facing windows, including a southern-facing bay window. Original hardwood floors remain throughout most living areas. Kitchens feature wood cabinetry, laminate counters and flooring, and either a 30-inch electric or gas range. Bathrooms include modern vanities and cast-iron tubs with ceramic tile surrounds. A future owner may elect to update kitchens and baths to support higher residential rents.
The commercial space consists of two suites. The first-floor suite is currently vacant and was previously configured for medical training, including classrooms, training stations, a private rear office, and a modern half bath, making it well suited for office, medical, educational, or service-oriented uses. The lower-level terrace retail suite has seen recent improvements, including drywall walls and ceilings, recessed lighting, LVP flooring, and an upgraded half bath. The rear portion of the terrace suite houses building utilities and provides additional storage.
The residential apartments are served by a central Repco 275,000 BTU gas-fired hot water radiator heating system. Radiant heat serves the terrace-level commercial suite. The first-floor commercial unit is equipped with a separate heat pump with central air. Domestic hot water is supplied by a central 40-gallon gas-fired water heater.
Each unit is separately metered for electric, with tenants responsible for their own electric usage. Two gas meters serve the property. The landlord currently pays for gas heat and water. Interior water supply lines are copper or CPVC with a copper water main; observable drain lines are copper or steel. A TPO membrane roof was installed in 2016.
Priced at $93,750 per unit with an 11.6% projected cash-on-cash return, the property combines flexible zoning, near-term commercial vacancy, and established residential demand in one of North Baltimore’s most walkable mixed-use corridors.