MADISON LOFTS
712 Saint Paul St.
Baltimore, MD 21202
Well Maintained Asset in Mount Vernon
712 Saint Paul St. | Baltimore, MD 21202
Harbor Stone Advisors is pleased to present Madison Lofts, a well-maintained multifamily asset with value-add opportunity located in Historic Mount Vernon. The property is located a 3 minute walk away from the Peabody Institute of the Johns Hopkins University, a private music and dance conservatory. Madison Lofts is also less than a 10 minute walk away from UMMC Midtown Campus and Mercy Medical Center, two of the top employers in Baltimore City.
The property features 10 apartments with a unit mix of (2) Studios, (5) 1 Br-1 Ba, and (3) 2 Br-2 Ba. Typical unit features consist of white appliances, wood cabinets, formica countertops, and hardwood/tile flooring. Prior ownership completed a renovation of the property in 2010 which included apartment upgrades as well as updated electric, plumbing, and windows. Current ownership replaced the main water line and restored the basement unit.
The opportunity exists for a new owner to perform a light upgrade to all units with a suggested scope of stainless steel appliances and granite countertops. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $300 higher on average than the Subject property.
PRICE: $1,339,200
PRICE/UNIT: $133,920
UNITS: 10
AVG. RENT: $1,124
YEAR BUILT: 1900
YEAR RENOVATED: 2010
LEAD STATUS: Lead Free
NEIGHBORHOOD SPOTLIGHT: MOUNT VERNON
Madison Lofts is located within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theaters, and libraries, as well as boutique shops and cafes. The subject properties are nearby top colleges and universities, including Maryland Institute College of Art (MICA), one of the country’s premier art schools, and Johns Hopkins University.
Walkability is the name of the game, and the property is within walking distance of a plethora of retail and entertainment. This historic neighborhood features attractions like the Washington Monument, Walters Art Museum, the George Peabody Library, and top eateries like Restaurante Tio Pepe and Sotto Sopra. Minutes to the historic Bolton Hill neighborhood, which features significant landmarks such as MICA, the former home of author F. Scott Fitzgerald, and the Francis Scott Key monument.
The property is a 5-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.
INVESTMENT HIGHLIGHTS
PHOTO GALLERY
Contacts
