The closing period for this asset is 30 days, with two (2) additional 30-day closing extension options available. Please see the purchase agreement documents in the due diligence section for more information. Property tours are available May 5th to June 5th on Mondays and Thursdays from 10:00am to 12:00pm, by appointment only. To RSVP, please contact Michael McNeil (410-528-0011 or mmcneill@rwndg.com). Investment Highlights: Stabilized, 16-unit, multi-family apartment complex with 4 private parking spaces Existing non-recourse loan of ±$1.6M at 3.75% may be assumed (contact for more info) Separately metered apartments with individual HVAC units 100% occupied with four units occupied by the same tenants for over 3 years Located in the heart of Baltimore’s cultural community in the Mount Vernon neighborhood Excellent access only ±0.3 miles from I-83 with eight metro entrances all within 3 blocks ±1.1 miles from downtown Baltimore and ±1.4 miles north of the Baltimore Inner Harbor Walker’s paradise with a walkability score of 98 Dense demographics within a 5-mile radius with an estimated 2017 population of ±573,578, an average HH income of $64,424, and a strong daytime population Investment Overview: St. Paul Apartments is a 16-unit multi-family apartment complex located at 902-904 St Paul Street within the historic Mount Vernon neighborhood in Baltimore, MD. This Property has an existing non-recourse loan of approximately ±$1.6M at 3.75% that may be assumed. St. Paul Apartments consists of two, three-story buildings with ±11,400 gross SF, a net rentable area of ±8,570 SF, and 4 private surface parking spaces. Constructed in 1900 on ±0.11 acres and remodeled in 2009, each building is contains 1 studio apartment and 7 one bedroom, one bath, apartments ranging in size from 400 – 625 SF. The apartments feature electric ranges, refrigerators, electric heat, AC, smoke detectors, hardwood floors and new carpeting. The Property is currently 100% occupied with rents averaging ±$1,033 and four units occupied by the same tenants for over 3 years. Additional income received from laundry facilities. The Property offers two laundry rooms, one per building, with coin operated washer/dryers generating ±3,600 in additional annual income. There has been an increase in the demand for market rate residential apartments in downtown Baltimore City over the past 7 years due to increasing commuting times, and an increase in retail and mixed use developments breathing new life into the historic city of Baltimore. St. Paul Apartments is located on St. Paul Street which runs North to South through Baltimore City. The Baltimore area’s extensive commuter connections and transportation programs allow residents to easily access the vast employment centers throughout the city. St. Paul Apartments offer excellent access with eight metro entrances all within three blocks of the property offering ease in accessing Baltimore and other major area points of interest. The Property offers direct access to I-83 (±0.3 miles), Baltimore-Washington Parkway, I-495, the Charm City Circulator and Johns Hopkins University Shuttle. It is also close to the AMTRAK Baltimore Penn Station Train, and the MARC train which runs from DC to Baltimore. St. Paul Apartments is located in the hip and culturally vibrant neighborhood of Mount Vernon with an eclectic mix of boutique shops, gourmet restaurants, trendy bars, nightlife, and neighborhood events all within the immediate vicinity. St. Paul Apartments is located ±1.4 miles north of the Baltimore Inner Harbor, ±1.1 miles from downtown Baltimore, ±1.7 miles from Oriole Park at Camden Yards, ±3 miles from Maryland Zoo and ±12 miles from Baltimore/Washington International Airport. Additionally, the Property is located near major employers and universities and is located within walking distance of the University of Maryland Medical Center (±0.5 miles), Mercy Medical Center (±0.5 miles), Johns Hopkins Hospital (±2.7 miles), The University of Baltimore Law School, the Maryland Institute College of Art (MICA), and the Baltimore School for the Arts. The Property is within immediate proximity of numerous prestigious cultural landmarks including the Meyerhoff Symphony Hall, Lyric Opera House, Peabody Library, the original Washington Monument, and Eubie Blake National Jazz Institute. The Property benefits from dense demographics within a 5-mile radius with an estimated 2017 population of ±573,578, an average HH income of $64,424, and a strong daytime population. This opportunity offers investors the opportunity to assume a low interest loan and operate a 100% occupied, turnkey, 16-unit apartment complex in a core Mount Vernon location with future value-add through rental rate increases. Free Asset Summary Report AvailableWe've partnered with Situs, one of the most trusted names in commercial real estate research, to provide unbiased third-party insight for this asset. You can find the full, complimentary Asset Summary Report under the secure due diligence tab above.
« show less
Multi-Family Space
© 2008-2024 Rofo.com. All rights reserved.