1041 Saint Paul

1041 St Paul St. | Baltimore, MD 21202

Price: $1,150,000

# of Units: 9

Avg. Rent: $1,119

Year Renovated: 2019

Harbor Stone Advisors is pleased to present 1041 St Paul, a renovated multifamily asset located in Historic Mount Vernon. The property is a 6-minute walk from the University of Baltimore and less than a half mile from the UMMC Midtown Campus. 1041 St Paul is also a 10-minute walk from Penn Station, which is undergoing $150 million worth of renovations over the next several years.

The property features 9 units with a mix of (3) Studio and (6) 1 Br-1 Ba.. Current ownership completed a  gut renovation of the property in 2019, leaving minimal deferred maintenance for a new owner. Typical unit features consist of white/black/stainless steel appliances, wood cabinets, granite countertops, hardwood/LVT flooring, and washer/dryers in some units. In addition to unit renovations, the current owner also replaced the roof, painted the exterior and commons areas, and replaced a handful of HVACs and mini-splits.

The opportunity exists for a new owner to organically increase rents at 1041 St Paul, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 15% 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.

• Features 9 apartments with a unit mix of (3) Studios and (6) 1 Br-1 Ba.
• Current ownership completed a renovation of the property in 2019, leaving minimal deferred maintenance for a new owner.
• Typical unit features consist of white/black/stainless steel appliances, wood cabinets, granite countertops, hardwood/LVT flooring, and washer/dryers in some units.

Ability to Organically Increase Rents

• Opportunity exists for a new owner to organically increase rents.
• Potential to increase rents at least 15% based on nearby rent comparables.
• 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.

Located in Historic Mount Vernon; 6 Minute Walk to University of Baltimore

• Ranked a Walker’s Paradise by WalkScore; proximity to multiple modes of public transportation.
• 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)

1041 Saint Paul is 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.