About 2224 Eutaw Pl
This three-unit multifamily property presents an exceptional repositioning opportunity in a rapidly appreciating Baltimore neighborhood, with a recent professional appraisal confirming a current value of $580,000, despite two units being in transition. Located adjacent to the $170 million Reservoir Square development and the $44 million Mayor's Office of Employment Development headquarters (scheduled for completion in 2026), this property offers immediate upside for investors who recognize its potential. The building features three well-appointed units with period architectural details: Unit 1 (2 bedrooms/2 bathrooms), Unit 2 (2 bedrooms/2 bathrooms), and Unit 3 (2 bedrooms/1 bathroom). Unit 2 provides stable cash flow at $1,020 per month through a lease extending to March 31, 2026, while Units 1 and 3 are currently in transition following a previous buyer's decision to exit—creating an opportunity for a more experienced investor to step in, renovate, and lease at current market rates of $1,650-$1,800 and $1,400-$1,550 respectively. This creates compelling upside potential from current annual income of $12,240 to a stabilized income of $48,840-$52,440, representing $36,600-$40,200 in additional yearly revenue upon full lease-up.
The investment fundamentals are exceptional, with Baltimore's multifamily market showing 95% year-over-year transaction growth, 2.4% rent growth in 2024, and projected 5% growth for 2025. Area vacancy rates of 5-6% remain below the metro average of 7.2%, while properties along Eutaw Place average $391,075 compared to the zip code median of $175,900.
The neighborhood benefits from its proximity to three major universities (MICA, University of Baltimore, and Coppin State), outstanding transit connectivity (Walk Score 75, Transit Score 81, with a nine-minute walk to the Penn-North Metro), and transformative development that brings hundreds of new residents and municipal workers to the immediate area. The recent appraisal validates substantial underlying value, and with professional property management support available, this represents a turnkey value-add opportunity for decisive investors ready to capitalize on a previous buyer's hesitation. All financial records, leases, and property details are available during the due diligence process. Please independently verify all figures.
