One North Charles presents a rare opportunity to acquire a 25-story institutional office tower in the heart of Baltimore’s Central Business District at a basis significantly below replacement cost through a structured acquisition. Located at 1 North Charles Street, the property comprises approximately 290,423 square feet and occupies a highly visible corner at the intersection of Charles Street and Fayette Street. The offering is uniquely structured with seller financing to include a gross purchase price of approximately $10 million and a controlled basis of approximately $3 million, creating immediate downside protection and the ability to generate outsized returns across multiple execution strategies. Currently approximately 40% occupied, the asset produces in-place income of approximately $1.8 million annually while offering significant operational flexibility. The building’s leasing profile, including vacancy and relocation provisions within existing leases, provides investors with a high degree of control over future space utilization, enabling a phased repositioning strategy without fully sacrificing cash flow. The property is located within Baltimore’s C-5-DC zoning district, which permits multifamily residential use, supporting a conversion of the existing office tower to residential use subject to standard design, permitting, and building code compliance. This zoning framework provides a clear path to adaptive reuse without requiring a zoning change, significantly reducing entitlement risk. The property is anticipated to qualify for Baltimore’s High-Performance Market-Rate Rental Housing tax credit program, which provides a 10-year reduction in city real estate taxes for qualifying office-to-residential conversion projects. Recent capital improvements totaling approximately $10 million have modernized key building systems and common areas, including upgrades to the lobby, mechanical systems, elevators, and security infrastructure. These improvements reduce near-term capital requirements and position the asset for immediate operational execution. The investment thesis is centered on a hybrid income and conversion strategy. Investors have the ability to stabilize and lease-up the lower floors while executing a phased residential conversion of the upper portion of the building, or alternatively pursue a full conversion or recapitalization strategy depending on market conditions. The combination of in-place income, physical adaptability, and below-market basis provides a highly asymmetric risk-return profile. Situated within walking distance of the Inner Harbor, Charles Center, and major transit infrastructure, including Metro, Light Rail, and Interstate access points, the property benefits from strong connectivity and proximity to major demand drivers, including the University of Maryland, Johns Hopkins, and numerous government and institutional employers. The surrounding submarket continues to experience ongoing reinvestment and adaptive reuse activity, particularly in office-to-residential conversions, supporting long-term repositioning viability. Seller financing is available for qualified buyers, further enhancing return potential and allowing for flexible capital structuring. Contact Andrew Stein and the Vanguard Private Client Group today to schedule a tour and learn.