901 N Charles St
Baltimore, MD 21201
Latrobe Bldg · Office Property For Sale

Auction:4/24 - 4/26: The Latrobe Office Building Property tours will be available on the following dates: Thursday, March 30th, Thursday, April 6th, Thursday, April 13th, and Thursday, April 20th. Other dates are available upon request. Please call Jonathan Beard at 410-244-3183 to schedule a tour.CBRE, as exclusive advisor, is pleased to present the opportunity to acquire the note for the Latrobe Office Building (the "Property"), a unique value-add opportunity located at 901 N Charles Street in the heart of Mount Vernon, Baltimore City's prized cultural district. The Property is currently going through the foreclosure process and is expected to transfer to REO before the Auction Date for a fee-simple transaction. The Latrobe Building's 1912 historic exterior aesthetic and brick faade complement Mount Vernon's rich eclectic architecture. The Property encompasses a 44,679 square foot, class B office building and one surface parking lot with 26 parking spaces. The Property is currently 46.5% leased to a diverse tenant base and features a projected stabilized NOI (91.5% Occupied) of $387,209 ($8.67 PSF), providing diversified cash flow and upside potential through capital improvements and lease-up. The building is ideally designed to accommodate the smaller law firm and non-profit tenant base that dominate the Midtown office leasing market. The boutique feel and size allow small tenants to enjoy immediate access to the elevator lobbies, and the building's location provides a deep amenity base within walking distance to Penn Station and unparalleled access to I-83. With a purchase price expected to be at a significant discount to replacement, a new owner will enjoy a distinct advantage in the marketplace to attract new tenants at a market supporting rent. As an alternative, 901 N Charles Street's location within the heart of Mount Vernon, a historically residential neighborhood, presents itself as a viable candidate for multi-family redevelopment. Please be advised The Latrobe Office Building is officially REO.