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1303 North Charles 1303 N Charles St 6 Unit Apartment Building $800,000 ($133,333/Unit) 7.23% Cap Rate Baltimore, MD 21202
Investment Highlights
- Opportunity to Acquire a Gut Renovated Asset in Historic Mount Vernon
- Located in Historic Mount Vernon; Across the Street From University of Baltimore
- Ability to Organically Increase Rents
Executive Summary
Harbor Stone Advisors is pleased to present 1303 N Charles, a gut-renovated multifamily asset located in Historic Mount Vernon. The property is located across the street from the University of Baltimore and is a half mile from the UMMC Midtown Campus. 1303 N Charles is also a 5-minute walk from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 5 units with a mix of (3) Studios, and (2) 1 Br-1 Ba, as well as (1) commercial space. The commercial space is leased to Elev8, a smoke shop, through May 2028. Current ownership completed a comprehensive gut renovation of the property in 2024, leaving minimal deferred maintenance for a new owner. Typical apartment unit features include black appliances, quartz countertops, wood cabinets, LVT flooring, and in-unit washer/dryers.
The opportunity exists for a new owner to organically increase rents at 1303 N Charles, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 10% 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 5 units with a mix of (3) Studios, and (2) 1 Br-1 Ba, as well as (1) commercial space. The commercial space is leased to Elev8, a smoke shop, through May 2028. Current ownership completed a comprehensive gut renovation of the property in 2024, leaving minimal deferred maintenance for a new owner. Typical apartment unit features include black appliances, quartz countertops, wood cabinets, LVT flooring, and in-unit washer/dryers.
The opportunity exists for a new owner to organically increase rents at 1303 N Charles, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 10% 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 | $800,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $133,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 7.23% | Building Size | 4,245 SF |
| No. Units | 6 | No. Stories | 5 |
| Property Type | Multifamily | Year Built/Renovated | 1900/2024 |
| Property Subtype | Apartment | ||
| Zoning | C-2 | ||
| Price | $800,000 |
| Price Per Unit | $133,333 |
| Sale Type | Investment |
| Cap Rate | 7.23% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 4,245 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1900/2024 |
| Zoning | C-2 |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Vinyl Flooring
- Quartz Countertops
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Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (96)
Bike Score®
Biker's Paradise (90)
Property Taxes
| Parcel Number | 0466-002 | Improvements Assessment | $418,000 |
| Land Assessment | $94,200 | Total Assessment | $512,200 |
Property Taxes
Parcel Number
0466-002
Land Assessment
$94,200
Improvements Assessment
$418,000
Total Assessment
$512,200
Contacts
-
Justin Verner -
Brooks Healy -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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1303 North Charles | 1303 N Charles St
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