Chase Commons

Highlights

• Opportunity to Acquire Gut-Renovated Asset in Mount Vernon
• - Unit mix consists of (10) 1 Br-1 Ba apartments and (1) vacant commercial space
• - 70% of apartment tenants are project based NED (Non Elderly Disabled), providing certainty of rental income including 2 months of vacancy income at turnover
• - Current ownership completed gut renovation in 2015 which included apartment renovations and installation of new windows and plumbing
• Multiple Value-Add Possibilities Still Exist For a New Owner
• - Streamline property operations and organically increase rents
• - Secure a long term tenant for the ground floor retail
• - Refresh all residential units via a light renovation program upon turn
• - Future tax savings as property currently has a CHAP tax credit in place through the 2026-2027 tax year
• Non-Elderly Disabled (NED's) Contract in Place for 70% of the Apartments
• - NED's Contract essentially guarantees rent for 7 of the apartments
• - NED's Program has a waiting list of tenants and pays rent for up to 2 months of vacancy
• - Typically 2% annual rent growth pegged to HUD increase for Section 8 housing
• - NED's Contract expires in December 2030
• Well-Positioned in Mount Vernon, 2 Minute Walk From University of Maryland Medical Center Midtown Campus
• - Located less than a mile away from numerous public transportation stops including Penn Station, Light Rail, Subwaylink Metro, and Citylink Bus
• - Walkable to dining, retail, and neighborhood cultural staples such as the Lyric Opera House, Meyerhoff Symphony Hall, and the famous Belvedere Hotel
• - Major area employers nearby: University of Maryland Medical Center Midtown Campus, Social Security Administration, Agora Financial
• - Major area colleges nearby: Maryland Insitute College of Art (MICA), University of Baltimore, Peabody Institute of The Johns Hopkins University

Location