Madison Lofts

712 Saint Paul St. • Baltimore, MD 21202

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Executive Summary

Madison Lofts Executive Summary

Madison Lofts Executive Summary

The Offering

Offering Details

  • Price $1,339,200
  • Price/Unit #133,920
  • # of Units 10
  • Avg. Rent $1,124
  • Year Built 1900
  • Year Renovated 2010
  • Lead Status Lead Free

712 Saint Paul St. | Baltimore, MD 21202

Harbor Stone Advisors is pleased to present Madison Lofts, a well-maintained multifamily asset with value-add opportunity located in Historic Mount Vernon. The property is located a 3 minute walk away from the Peabody Institute of the Johns Hopkins University, a private music and dance conservatory. Madison Lofts is also less than a 10 minute walk away from UMMC Midtown Campus and Mercy Medical Center, two of the top employers in Baltimore City.

The property features 10 apartments with a unit mix of (2) Studios, (5) 1 Br-1 Ba, and (3) 2 Br-2 Ba. Typical unit features consist of white appliances, wood cabinets, formica countertops, and hardwood/tile flooring. Prior ownership completed a renovation of the property in 2010 which included apartment upgrades as well as updated electric, plumbing, and windows. Current ownership replaced the main water line and restored the basement unit.

The opportunity exists for a new owner to perform a light upgrade to all units with a suggested scope of stainless steel appliances and granite countertops. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $300 higher on average than the Subject property.

99 Walk Score of 517 Cathedral Street Baltimore MD 21201

Offering Highlights

Opportunity to Acquire a Well Maintained Asset in Mount Vernon

• Features 10 apartments with a unit mix of (2) Studios, (5) 1 Br-1 Ba, and (3) 2 Br-2 Ba

• Typical unit features consist of white appliances, wood cabinets, formica countertops, and hardwood/tile flooring

• Prior ownership completed a renovation of the property in 2010 which included apartment upgrades as well as updated electric, plumbing, and windows; current ownership replaced the main water line and restored the basement unit.

Ability to Create Value and Increase Rents Via Light Renovation Program

• Opportunity exists for a new owner to perform a light upgrade to all units with a suggested scope of stainless steel appliances and granite countertops
• Potential to increase rents at least 20% based on nearby rent comparables

Excellent Location in Historic Mount Vernon

• Ranked a Walker's Paradise by WalkScore

• Major area employers nearby: University of Maryland Medical Center Midtown Campus, Maryland State Offices, and Mercy Medical Center

• Major area colleges nearby: University of Baltimore, Peabody Institute of The Johns Hopkins University, Maryland Institute College of Art (MICA)

Location Overview

Team

Justin Verner

Justin Verner

President
Harbor Stone Advisors
410.960.3962
Brooks Healy

Brooks Healy

Director
Harbor Stone Advisors
443.523.6865
Shana Sabie

Shana Sabie

Senior Investment Sales Analyst
Harbor Stone Advisors
Todd Galvin

Todd Galvin

Senior Operations Analyst
Harbor Stone Advisors