1015-1017 Cathedral St
- Opportunity to Acquire a Well-Maintained Mixed-Use Asset in Historic Mount Vernon
- Multiple Value-Add Possibilities for a New Owner
- Just Blocks Away from University of Maryland Medical Center (UMMC) Midtown Campus and University of Baltimore
Property Description
Harbor Stone Advisors is pleased to present Cathedral Quarters, a mixed-use asset with multiple value-add opportunities located in Historic Mount Vernon. The property is a 5 minute walk away from University of Maryland Medical Center (UMMC) Midtown Campus and less than a 10 minute walk away from the University of Baltimore. Cathedral Quarters features 11 units with a mix of (6) 1 Br-1 Ba, (2) 1 Br-1.5 Ba, (1) 1 Br-2 Ba, and (2) commercial spaces. The commercial spaces are leased to a barbershop and a hair salon through 2028 and 2036. Typical apartment unit features consist of stainless steel/white appliances, wood cabinets, hard surface/granite countertops, and hardwood/tile flooring. There are two surface parking spaces behind 1015 Cathedral and a garage behind 1017 Cathedral that is currently leased by one of the commercial tenants. Prior ownership updated the electric and plumbing in the buildings and lightly renovated the majority of units. The current owner has also refreshed some of the units. The opportunity exists for a new owner to organically increase rents at Cathedral Quarters as existing rents are under market. There is also an ability to lightly update some of the residential units with a suggested scope of stainless steel appliances, updated cabinets, and granite countertops. Properties of similar vintage in the area that have undergone renovations of a comparable scope are achieving rents $150 higher on average than the Subject property. A new owner can also evaluate the installation of in-unit washer/dryers for additional rent premiums in units without them.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 11 |
| Year Built: | 1900 |
| Lot Size: | 0.14 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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