THE LOFTS AT
1210-1212
SAINT PAUL
1210-1212 Saint Paul St.
Baltimore, MD 21202
Gut Renovated Asset in Historic Mount Vernon
1210-1212 Saint Paul St. | Baltimore, MD 21202
Harbor Stone Advisors is pleased to present Lofts at 1210-1212 Saint Paul, a gut renovated multifamily asset located in Historic Mount Vernon. The property is a 3 minute walk away from University of Baltimore and a half mile away from UMMC Midtown Campus. Lofts at 1210-1212 Saint Paul is also a 7-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 15 apartments with a unit mix of (10) Studios, (1) 1 Br-1 Ba, (2) 1 Br-1.5 Ba, and (2) 2 Br-1 Ba. Typical unit features consist of stainless steel appliances, wood cabinets, hard surface countertops, and hardwood flooring. Lofts at 1210-1212 Saint Paul also has 3 off street parking spaces located behind the building. Prior ownership completed a gut renovation of the property in 2015 which included apartment upgrades as well as new mechanical systems and window replacements.
The opportunity exists for a new owner to organically increase rents at Lofts at 1210-1212 Saint Paul, as they are currently under market. 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. There is also an opportunity to implement parking fees to tenants as off-street parking is a highly sought after amenity of city living.
PRICE: $2,266,200
PRICE/UNIT: $151,080
UNITS: 15
AVG. RENT: $1,203
PARKING SPACES: 3
LEAD STATUS: Lead Free
NEIGHBORHOOD SPOTLIGHT: MOUNT VERNON
The Lofts at 1210-1212 St. Paul are located within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theatres, 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.
LOCAL TRANSIT MAP
INVESTMENT HIGHLIGHTS
- Features 15 apartments with a unit mix of (10) Studios, (1) 1 Br-1 Ba, (2) 1 Br-1.5 Ba, and (2) 2 Br-1 Ba
- Typical unit features consist of stainless steel appliances, wood cabinets, hard surface countertops, and hardwood flooring
- Property also has 3 off street parking spaces located behind the building
- Prior ownership completed a gut renovation of the property in 2015 which included apartment upgrades as well as new mechanical systems and window replacements
- Opportunity exists for a new owner to organically increase rents
- Potential to increase rents at least 20% based on nearby rent comparables
- Ability to implement parking fees to tenants as off-street parking is a highly sought after amenity of city living
- Ranked a Walker's Paradise by WalkScore
- 7-minute walk 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, Maryland State Offices, and Mercy Medical Center
- Major area colleges nearby: University of Baltimore, Peabody Institute of The Johns Hopkins University, Maryland Institute College of Art (MICA)
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