306 W Franklin St
Baltimore, MD 21201
The Congress Apartments · Multifamily Property For Sale · 43 Units

The Congress Apartments represent an opportunity to acquire a historically significant, gut renovated mid-rise multifamily asset in Downtown Baltimore. Congress was subject to a comprehensive gut renovation in 2001 and repurposed to apartments. Upon new ownership by Zahlco in 2015, the common areas saw updates with custom marble flooring in foyers, designer light fixtures, modern furnishings, and new carpet and paint. Approximately 50% of the units were renovated to include updated kitchens and baths and new carpeting. The Congress is comprised of 36 apartments and 3 office suites. Residential unit mix of (11) 1 Br-1 Ba, (12) 2 Br-1 Ba, and (13) 2 Br-2 Ba. Typical unit features carpet in living space and bedrooms, vinyl or laminate wood flooring in kitchens and bathrooms, wooden kitchen cabinets, ceramic tub surrounds, central heating and air conditioning, replacement vinyl windows, individual hot water heater, washer and dryer, and dishwasher. The building has elevator service and is fully sprinklered. Limited lead free. Value add possibilities include renovating remaining units and bringing those to market rents. Average rent of a renovated unit is $1,191 vs $982 on un-renovated. The Congress Hotel Apartments are located in Downtown Baltimore and a couple short blocks from the historic Mount Vernon neighborhood. Just north of the Central Business District and the Inner Harbor. Abundant local dining, shopping and entertainment. University of Maryland Medical Center's Midtown Campus is located three blocks away and is building a $56 million ambulatory care center. Short walking distance to many Zagat-rated restaurants, and cultural landmarks including the Washington Monument, the Walter's Art Museum, and the Enoch Pratt Free Library. University of Baltimore and Maryland Institute College of Art (MICA) are located minutes away. Major employers of the area include University of Maryland Medical Center with 8,261 employees, Mercy Health Services with 4,028 employees, and MICA with 2,142 employees. Ample public transportation nearby including the free Charm City Circulator, a light rail stop, metro stop, and many bus stops. The John Hopkins shuttle runs through the neighborhood. Minutes to Penn Station. Located one minute from I-83.