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1041 Saint Paul 1041 St. Paul St 9 Unit Apartment Building $1,150,000 ($127,778/Unit) Baltimore, MD 21202
Investment Highlights
- Opportunity to Acquire a Renovated Asset in Historic Mount Vernon
- Located in Historic Mount Vernon; 6 Minute Walk to University of Baltimore
- Ability to Organically Increase Rents
Executive Summary
Harbor Stone Advisors is pleased to present 1041 St Paul, a gut-renovated multifamily asset located in Historic Mount Vernon. The property is a 6-minute walk from the University of Baltimore and less than a half mile from the UMMC Midtown Campus. 1041 St Paul is also a 10-minute walk from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 9 units with a mix of (3) Studio and (6) 1 Br-1 Ba. Current ownership completed a gut renovation of the property in 2019, leaving minimal deferred maintenance for a new owner. Typical unit features consist of white/black/stainless steel appliances, wood cabinets, granite countertops, hardwood/LVT flooring, and washer/dryers in some units. In addition to unit renovations, the current owner also replaced the roof, painted the exterior and commons areas, and replaced a handful of HVACs and mini-splits.
The opportunity exists for a new owner to organically increase rents at 1041 St Paul, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 15% higher on average than the Subject property. There is also an ability for a new owner to continue the implementation of a water reimbursement program to all units and increase the monthly amounts.
The property features 9 units with a mix of (3) Studio and (6) 1 Br-1 Ba. Current ownership completed a gut renovation of the property in 2019, leaving minimal deferred maintenance for a new owner. Typical unit features consist of white/black/stainless steel appliances, wood cabinets, granite countertops, hardwood/LVT flooring, and washer/dryers in some units. In addition to unit renovations, the current owner also replaced the roof, painted the exterior and commons areas, and replaced a handful of HVACs and mini-splits.
The opportunity exists for a new owner to organically increase rents at 1041 St Paul, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 15% higher on average than the Subject property. There is also an ability for a new owner to continue the implementation of a water reimbursement program to all units and increase the monthly amounts.
Property Facts
| Price | $1,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $127,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| No. Units | 9 | Building Size | 6,912 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2019 |
| Zoning | OR-2 | ||
| Price | $1,150,000 |
| Price Per Unit | $127,778 |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 6,912 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1900/2019 |
| Zoning | OR-2 |
Amenities
Unit Amenities
- Fireplace
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (97)
Bike Score®
Very Bikeable (86)
Property Taxes
| Parcel Number | 0507-024 | Improvements Assessment | $403,600 |
| Land Assessment | $131,400 | Total Assessment | $535,000 |
Property Taxes
Parcel Number
0507-024
Land Assessment
$131,400
Improvements Assessment
$403,600
Total Assessment
$535,000
Contacts
-
Justin Verner -
Brooks Healy -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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1041 Saint Paul | 1041 St. Paul St
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