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Cathedral Commons 2 Multifamily Properties Offered at $3,000,111 CAD in Baltimore, MD
INVESTMENT HIGHLIGHTS
- Opportunity to Acquire a Gut-Renovated Asset in Historic Mount Vernon
- Class A Midtown Location; 3 Minute Walk to the Peabody Institute of The Johns Hopkins University
- Minimal Deferred Maintenance and Potential to Increase Rental Revenue
EXECUTIVE SUMMARY
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 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.
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 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.
PROPERTY FACTS
| Price | $3,000,111 CAD | Number of Properties | 2 |
| Price / SF | $162.99 CAD / SF | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 18,407 SF |
| Status | Active | Total Land Area | 0.15 AC |
| Price | $3,000,111 CAD |
| Price / SF | $162.99 CAD / SF |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 18,407 SF |
| Total Land Area | 0.15 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Cathedral Commons
511 Cathedral St, Baltimore, MD 21201 |
Multifamily | 12,530 SF | 1900 | - |
|
Cathedral Commons
513 Cathedral St, Baltimore, MD 21201 |
Multifamily | 5,877 SF | - | - |
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CONTACTS
-
Tom Wohlgemuth -
Justin Verner -
Brooks Healy -
Kevin Landolphi -
Harbor Stone Advisors
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Cathedral Commons
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