Mt Vernon Portfolio

Financial Upside:

This 30-unit property offers assumable debt at a favorable 3.75% interest rate, significantly below today’s market rates. The loan balance is $1.875M with an annual debt service of just $115,680, which positions the property to deliver a 7% cap rate on day one. Through targeted value-add strategies, including unit renovations, rent increases, and the addition of shared laundry facilities, there is clear potential to boost the cap rate to 10%. Additionally, the shared laundry installation could generate an extra $3,224 annually, further improving the property’s long-term financial performance.

Location:

Situated in the vibrant Mt. Vernon neighborhood, these properties benefit from a prime location with excellent access to both cultural and educational landmarks. Notable nearby attractions include Lexington Market, Walters Art Museum, the UMMC Midtown Campus, and Johns Hopkins University. The properties are also within walking distance of Baltimore’s largest development project, the Inner Harbor. Public transportation options are plentiful, with the Mount Vernon Light RailLink station just a few minutes away, providing easy access to key areas throughout the city. The Lexington Market Metro SubwayLink station is also close by, ensuring easy connectivity to Johns Hopkins, the Inner Harbor, and surrounding neighborhoods.

Property Upside:

• 1303 N Calvert St: 9 units (8 studios, 1 one-bedroom) featuring a mix of vintage and updated finishes. Strong potential for unit modernization, including kitchen and bathroom upgrades, as well as design unification to improve appeal and rental value.
• 1323 N Calvert St: 8 units, including five 1-bedrooms and one 2-bedroom, with preserved architectural details like antique mantels and moldings. Opportunities for high-end aesthetic upgrades, adding value through interior enhancements and improved security systems.
• 2200 Maryland Ave: 13 units (with potential for a 14th), offering a solid foundation with preserved parquet floors and high-quality finishes. Room for increasing unit count through basement conversions or layout reconfigurations, along with the potential for significant rent growth by maximizing space efficiency.