509 S Washington Street , Baltimore, MD 21231

Property Description

List price is Opening Bid at the Online auction to be conducted on Auctioneers website. Bidding begins Saturday, July 11th & ends Thursday, July 16th, 2026 at 12:00 PM. Rare opportunity to acquire a fully entitled, permit-ready multifamily development site located at the nexus of Fells Point and Canton—two of Baltimore’s most desirable and vibrant waterfront neighborhoods. The offering includes 509 S Washington St. and adjacent Lots 55, 55G, and 55H on Duker St., totaling 6,447+/- SF of land with C-1 zoning allowing for 33 apartment units by right. The permit in hand development encompasses approximately 26,500+/- SF of gross floor area across 33 units and has received CHAP Part 1 approval, confirming compliance for height, setbacks, massing, and scale. Additionally, the Baltimore City Site Plan Review has been completed and approved, allowing for expedited development. This project qualifies for the Baltimore Development Corporation’s High-Performance Market-Rate Rental Housing Tax Credit—a 10-year incentive offering an 80% abatement on the increased assessed value from improvements during the first five years, tapering by 10% annually through Year 10. The property meets eligibility criteria including a minimum of 20 units and a LEED Silver certification or higher. Investment Potential: This is a rare chance to deliver a mid-sized, boutique multifamily product in one of Baltimore’s most in-demand neighborhoods. The project’s scale allows developers to position rental rates below those of larger institutional assets nearby, catering to a high-demand segment of the rental market while benefiting from long-term tax incentives and immediate development feasibility. Key Highlights: • Permit in Hand Development Site - 33 apartments by right • CHAP Part 1 approval secured • Baltimore City Site Plan approved • Zoning: C-1 | Lot Size: 6,447+/- SF | GFA: 26,500+/- SF • Ownership: Fee Simple | Parcel #: 02-07-1783-040 • Proposed Unit Mix: Boutique apartments designed to appeal to renters seeking affordability in a premium location • Tax Credit Eligible: 10-Year High-Performance Market-Rate Rental Housing credit. Location Advantages: With a Walk Score of 99, this site is a true Walker’s Paradise, situated in Fells Point, known for its waterfront views, historic charm, cobblestone streets, the revitalized Broadway Market, upscale hotels like the Sagamore Pendry, and an array of restaurants, shops, and nightlife options. Just a block away lies Canton, a hub for fine dining, retail, and nightlife. The nearby Harbor East area offers high-end amenities including the Four Seasons Hotel, luxury apartments, Whole Foods, and national retailers like Lululemon, Anthropologie, Warby Parker, and Brooks Brothers. The property is also positioned near key employers such as Johns Hopkins Medicine, Exelon, Kennedy Krieger Institute, Morgan Stanley, Laureate Education, and H&S Bakery, supporting strong rental demand. Note: Images of renderings are in the likeness of a potential finished product.

Property Features

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