305 West Madison Street

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Address: 305 West Madison Street, Baltimore, Maryland, US
Created date: May 15, 2024
Date last updated: May 17, 2024
  • 305 W. Madison Street presents a compelling value-add investment opportunity through the implementation of a modest modernization program focusing primarily on common area improvements and kitchen and bath refreshes. Current Rents are well below the typical market rate for studios with the potential to be raised ~40% or ~$263/unit ($950). Ownership currently pays all utilities and could look to cut expenses by billing back tenants to recover utility costs (Other competing properties also billing residents for water either via a ratio utility billing system or “RUBS” while others rely on a fixed flat fee for water). The sixth unit at 305 W. Madison Street has the potential to be converted to a sixth legal studio apartment to further increase the Property’s value and annual income by ~$12,000. The Property has an additional washer/dryer connection already set up if new ownership wishes to add additional machines.
  • The Property is located in the Baltimore City neighborhood of Mount Vernon which increasingly attracts students, young families, and high-earning professionals drawn to its eclectic mix of boutique shops, gourmet restaurants, trendy bars, nightlife, and neighborhood events such as book fairs, music shows, and art festivals held throughout the year. Within immediate proximity of the subject Property are numerous prestigious cultural landmarks including the Meyerhoff Symphony Hall, Lyric Opera House, Peabody Library, and Eubie Blake National Jazz Institute. The Property is just around the corner from the Mount Vernon Marketplace and two blocks from the Charles Street Retail Corridor, which is littered with dining, retail, and nightlife options.
  • Currently the second highest-rated hospital in Maryland, directly behind the Property sits the University of Maryland Medical Center, Midtown Campus (Downtown is a short walk from the Property). Within walking distance of the Subject Property are the University of Baltimore Law School, the Maryland Institute College of Art (MICA), the Baltimore School for the Arts, and the Johns Hopkins Peabody Institute and Conservatory. With a Walk Score of 98 and a Transit Score of 100, residents are a short walk to the State Center Metro station, offering commuters regional access via MARC, Amtrak, and Light Rail trains. Directly across the street from the Maryland Historical Society and close proximity to companies in Downtown Baltimore and the Baltimore Inner Harbor including Under Armor, T. Rowe Price, M&T Bank and Exelon, which collectively provide jobs for more than 6,600 people.

Property Description

THE OPPORTUNITY Built in 1900, 305 W. Madison Street is a multifamily property totaling six units in the western portion of Baltimore’s historic Mount Vernon neighborhood. The unit mix contains six studio apartments in a highly desirable neighborhood catering to young professionals, millennials, and students. Rents currently collected fall well below similar buildings in the submarket. Even after notable rent increases the Property will remain as affordable, lower-priced housing options in Mount Vernon. At the epicenter of the ongoing Howard Street Revitalization and just two blocks north of the Howard Row Development in the Bromo Arts District. The Property is just down the hill from the Howard Street Dog Park.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
No. of Units: 6
Year Built: 1900
Lot Size: 0.20 Sq ft
Opportunity Zone: No
Property Website Click Here
Address: 305 West Madison Street, Baltimore, MD 21201, USA
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