1303 N Charles
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily, Mixed Use
1303 North Charles
1303 N Charles St. | Baltimore, MD 21201
Opportunity to Acquire 5 Gut-Renovated Units & 1 Commercial Unit Adjacent to University of Baltimore
1303 N Charles St. | Baltimore, MD 21201
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.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Gut Renovated Asset in Historic Mount Vernon
• 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
Ability to Organically Increase Rents
Located in Historic Mount Vernon; Across the Street From University of Baltimore
• Ranked a Walker's Paradise by WalkScore; proximity to multiple modes of public transportation.
• Less than a half mile away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
• Major area employers nearby: University of Maryland Medical Center Midtown Campus (UMMC), Maryland State Offices, and Social Security Administration.
• Major area colleges nearby: University of Baltimore, Peabody Institute of The Johns Hopkins University, Maryland Institute College of Art (MICA)
NEIGHBORHOOD SPOTLIGHT:MOUNT VERNON
1303 N Charles is situated in the heart of Mount Vernon, one of Baltimore’s most historic and culturally vibrant neighborhoods. The neighborhood boasts celebrated cultural landmarks such as the Walters Art Museum, the original Washington Monument, and the George Peabody Library. Residents enjoy easy access to boutique shops, cozy cafes, and renowned restaurants like Restaurante Tio Pepe and Dooby’s. Just minutes away, the neighboring Bolton Hill community adds to the historic appeal with sites like the F. Scott Fitzgerald House and the Francis Scott Key Monument. A standout feature of the area is the Mount Vernon Marketplace, which serves as a culinary and cultural hub, housing a diverse array of food vendors including Munchin Burger, Cholitas Tacos, and SmoQ-N-Meat BBQ. The marketplace showcases local art through partnerships with organizations like Operation A.R.T.S., fostering a vibrant community atmosphere.
Commuting and connectivity are major highlights. The property is a 5-10 minute drive from Baltimore’s historic Penn Station, which is set to receive $150 million in renovations in the coming years. Penn Station offers convenient access to public transportation, with access to Amtrak trains and the MARC commuter train to Washington, D.C. Additionally, the property is less than a half-mile from the nearest LightRail Station, which provides direct access north to Hunt Valley and south to BWI Airport. The nearest Subway Station, which provides direct access to Johns Hopkins Hospital (30,000 employees), is less than one mile away.
1303 N Charles is also ideally positioned near several of Baltimore’s leading academic institutions. Right across the street, the University of Baltimore contributes to the neighborhood’s academic vibrancy with 1,600 students and 500 faculty and staff. In addition to its high number of employers, Johns Hopkins University serves as a cornerstone in the area with 28,000 students. The Maryland Institute College of Art (MICA), one of the nation’s premier art schools, enrolls 3,500 students and employs 1,900 staff members.
The University of Baltimore is a public institution focused on professional, career-oriented education, offering undergraduate, graduate, and professional programs in law, business, public affairs, and applied arts and sciences.
Located in Baltimore City’s historic Mount Vernon neighborhood, the university sits within a lively cultural district known for its museums, theaters, and diverse architecture.
With over 2,000 students and employees combined, University of Baltimore provides an intimate, urban campus environment that emphasizes real-world learning, community engagement, and access to regional opportunities through its proximity to Penn Station.
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