RevereCRE

511-513 Cathedral St. | Baltimore, MD 21201

CATHEDRAL COMMONS

Opportunity to Acquire 16 Gut- Renovated Apartments in Historic Mount Vernon

511-513 Cathedral St. | Baltimore, MD 21201

 

Harbor Stone Advisors is pleased to present the opportunity to acquire Cathedral Commons, a fully occupied, gut renovated asset located in Historic Mount Vernon. Residents at Cathedral Commons are just steps away from the arts, culture, nightlife, and dining that Mount Vernon has to offer. Mount Vernon Marketplace, a neighborhood food hall, and the Peabody Institute of The Johns Hopkins University are both a 3 minute walk away from the property.

 

Cathedral Commons features 16 apartments with a mix of (4) Studios and (12) 1 Br-1 Ba. There are also 10 off-street surface parking spaces on-site. Prior ownership completed a gut renovation of the property in 2013 which included unit renovations. Typical apartment unit features consist of white/stainless steel appliances, granite countertops, wood cabinets, hardwood/tile flooring, and in-unit washer/dryers in select units. In addition to interior renovations, prior ownership also updated all mechanical systems and replaced the windows. Current ownership converted the cooking power from gas to electric and replaced all of the ovens.

 

The opportunity exists for a new owner to focus on organic rent growth at Cathedral Commons. Comparable properties nearby are achieving rents $130 higher on average compared to the Subject property.

511-513 Cathedral St. | Baltimore, MD 21201

 

Harbor Stone Advisors is pleased to present the opportunity to acquire Cathedral Commons, a fully occupied, gut renovated asset located in Historic Mount Vernon. Residents at Cathedral Commons are just steps away from the arts, culture, nightlife, and dining that Mount Vernon has to offer. Mount Vernon Marketplace, a neighborhood food hall, and the Peabody Institute of The Johns Hopkins University are both a 3 minute walk away from the property.

 

Cathedral Commons features 16 apartments with a mix of (4) Studios and (12) 1 Br-1 Ba. There are also 10 off-street surface parking spaces on-site. Prior ownership completed a gut renovation of the property in 2013 which included unit renovations. Typical apartment unit features consist of white/stainless steel appliances, granite countertops, wood cabinets, hardwood/tile flooring, and in-unit washer/dryers in select units. In addition to interior renovations, prior ownership also updated all mechanical systems and replaced the windows. Current ownership converted the cooking power from gas to electric and replaced all of the ovens.

 

The opportunity exists for a new owner to focus on organic rent growth at Cathedral Commons. Comparable properties nearby are achieving rents $130 higher on average compared to the Subject property.

NEIGHBORHOOD SPOTLIGHT: MOUNT VERNON

 

Cathedral Commons 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.

INVESTMENT HIGHLIGHTS

Opportunity to Acquire a Gut-Renovated Asset in Historic Mount Vernon
  • Features 16 apartments with a mix of (4) Studios and (12) 1 Br-1 Ba
  • Typical apartment unit features consist of white/stainless steel appliances, granite countertops, wood cabinets, hardwood/tile flooring, and in-unit washer/dryers in select units
  • There are also 10 off-street surface parking spaces on-site
Minimal Deferred Maintenance and Potential to Increase Rental Revenue
  • Prior ownership completed a gut renovation of the property in 2013 which included unit renovations
  • In addition to the interior renovations, current ownership also updated all mechanical systems and replaced the windows
  • Opportunity exists for a new owner to focus on organic rent growth as similar properties nearby are achieving rents $130 higher on average

Class A Midtown Location; 3 Minute Walk to the Peabody Institute of The Johns Hopkins University

  • Ranked a Walker's Paradise by Walk Score, just steps away from dining, retail, and cultural attractions
  • Close Proximity to Downtown Baltimore and Inner Harbor
  • Major area employers nearby: University of Maryland Medical Center Midtown Campus, Agora Financial, and Mercy Medical Center
  • Major area colleges nearby: Peabody Institute of The Johns Hopkins University, University of Maryland, Baltimore, University of Baltimore, and Maryland Institute College of Art (MICA)

NEARBY SCHOOLS AND MAJOR EMPLOYERS

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