Harbor Stone Advisors is pleased to present the opportunity to acquire The McDowell Building, a well-maintained asset located in Downtown Baltimore. The property is located less than a 5-minute walk away from Mercy Medical Center, one of Baltimore City's top employers, and just steps away from the historic Mt Vernon neighborhood.
The McDowell Building features (8) 1 Br-1 Ba, (7) 2 Br-2 Ba, and (2) commercial spaces. The commercial spaces are leased to a nail salon and a smoke shop through 2030. There is also a parking garage on-site with seven parking spaces.
Prior ownership completed a gut renovation of the two residential units at 337 N Charles in 2018 with a scope of updated stainless steel appliances, granite countertops, new cabinets, and modern hardware/fixtures. The opportunity exists for a new owner to renovate all of the units at 341 N Charles with the same scope. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents 13% higher on average than the Subject property.
The McDowell Building has pre-existing debt that can be assumed. The current balance is $1,696,521 with a 4.06% interest rate and maturity of November 2029.