Loretta Okoye - Commercial Real Estate Showcase

Loretta Okoye Property Listings
Ten-X, LLC
1 Mauchly
Irvine, CA 92618-2305

2315 Saint Paul Street - Landbank Lofts

SE corner
Baltimore, MD 21218-5212 - Barclay MF Submarket

Property Type:Multi-Family Number of Units:63 Status:Existing Year Built:2010
Stories:7 Building Size:105,600 SF Land Area:.42 AC (18,295 SF)
For Sale Price:$15,000,000 Price/Unit:$238,095.24 Cap Rate:- GRM:-


Sale Notes:
Description for 2315 Saint Paul Street, Baltimore, MD 21218
The opportunity is a 105,600 gross sq. ft., luxury apartment building with 73,694 sq. ft. of net rentable space, located just north of the Central Business District of Baltimore, Maryland at 2315 Saint Paul Street (the “Property”). This historic Property was constructed in 1923 and completely renovated in 2009. The Property, formerly known as The Federal Land Bank Building of Baltimore, was converted into 63 luxury apartments, and is known today as Landbank Lofts. This mid-rise building includes eight stories of apartments plus a roof top deck. The unit mix includes 26 one bedroom/one bath units, 14 two bedroom/one bath units, 22 two bedroom/two bath units, and a large two bedroom/two bath penthouse suite.

The Property is located on the corner of Saint Paul Street and East 24th Street in the Old Goucher District of Baltimore, just north of the Station North neighborhood and south of the Johns Hopkins University campus.

Building amenities include high ceilings and large windows, modern kitchens with black appliances including dishwashers, electric ranges microwaves, refrigerator-freezers, stainless steel sinks, hard wood cabinets, granite counter tops, hard wood flooring and large closets. The two bedroom/two bathroom units include a loft bedroom and second full bathroom. All units on the second and sixth floors are loft units. Utilities are paid directly or reimbursed by the tenants. Community amenities include a fitness center, recreation room (“The Board Room”), business center, roof-top terrace, laundry facilities, and concierge services.

The property is located in close proximity to several national retailers, local service oriented businesses, churches, financial institution, restaurants and excellent public transportation. There are also several parks and recreation centers in the area. National retailers in close proximity to the property include Safeway (one block away) and a CVS Pharmacy. Restaurants in the immediate vicinity include American Wings & Pizza, Subway, Fresh & Clean Cuisine and Yum’s Asian Bistro. With its convenient location and easy access to transportation, 2315 Saint Paul Street presents investors with a nice, stable investment with long-term upside opportunity.

The Property currently benefits from a CHAP (Commission for Historical and Architectural Preservation) tax credit with approximately five years remaining on the ten-year term.

Ten-X, LLC
Loretta Okoye
(212) 228-0221

Ten-X Commercial
(800) 793-6107

Neil A. Katz & Associates, LLC
Neil A Katz
(410) 952-9400

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