Mount Vernon Portfolio & 210 E Redwood
47 Apartments and 4 Live-Work/Commercial Spaces
Overview
BermanCRE, as exclusive agent, is pleased to offer the Mount Vernon Portfolio and 210 E Redwood (the “Properties/Portfolio”), offering a combined 47 apartments and 4 Live-Work/Commercial spaces in 4 buildings.
From 2015-2018 the properties were completely redeveloped under the Historic Tax Credit program and Baltimore City’s CHAP program leaving little to no deferred maintenance for a new owner. Interiors offer high-quality luxury finishes including stainless steel appliances, granite counters, in-unit washer/dryer, large floor plan layouts with high ceilings and unique historical building features.
Investment Highlights
- Desirable locations in Mount Vernon and Downtown/Inner Harbor with WalkScore of 98 & 99 (Walker’s Paradise).
- Fully renovated/gut rehabbed buildings converted to residential between 2015 and 2018 to include major infrastructure such as electric, plumbing, and all apartments are fully sprinklered.
- Remaining CHAP Tax Credits period of up to 3 years.
- Value-add opportunity to increase below-market rents, establish reimbursement of water/sewer expenses, renovation of vacant commercial spaces to Live-Work units.
- Large floor plans offering high ceilings and a majority two-and-three bedroom units including several split level apartments.
Portfolio Summary
# of Units
Unit SF
Unit Rent
Rent Per SF
Live-Work/ Comm
Mt. Vernon Portfolio
29
1,048
$1,829
$1.74
1
210 E Redwood
18
704
$1,333
$1.89
3
Combined Totals
47
916
$1,639
$1.79
4
505 Park AveBaltimore, MD 21201505 Park Ave, Baltimore, MD 21201803 Cathedral St, Baltimore, MD 212017 W Mulberry St, Baltimore, MD 21201210 E Redwood St, Baltimore, MD 21202
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Listing provided by Revere CRE