337-341 N Charles St - Apartments FOR SALE


Baltimore, MD 21201- Historic Baltimore
$2,850,000 USD
240-444-4656
337-341 N Charles St, Baltimore, MD for Sale
$2,850,000 USD
Apartments - FOR SALE
1/6
null | Request Cap Rate

337-341 N Charles St
Baltimore, MD 21201
Historic Baltimore


OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,850,000 USD

PRICE/SF

$160 USD /SF

# OF UNITS

15

PRICE/UNIT

$190,000

CAP RATE

Request Cap Rate

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The McDowell Building

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

C-5HT

APN/PARCEL ID

04-01-0581-008,04-01-0581-009

ASK ABOUT THIS PROPERTY

Tom WohlgemuthHarbor Stone AdvisorsMore Info
240-444-4656

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Tom WohlgemuthHarbor Stone AdvisorsMore Info
240-444-4656

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.