The Apartments at 411 North Charles

Address: 411 N. Charles St., Baltimore, Maryland, US

Washington DC + Apartments

Created date: September 5, 2023

Date last updated: September 5, 2023

Opportunity to Acquire a Fully Occupied, Gut Renovated Asset with CHAP Credit in Downtown Baltimore
- Features (3) 1 Br-1 Ba, (1) 1 Br-1.5 Ba, (4) 2 Br-2 Ba, and (1) commercial space
- Commercial space is leased to Lumiere Candle Studio which is one of four locations within the Mid-Atlantic area
- Typical unit features consist of stainless steel appliances, granite countertops, wood cabinets, carpet/hardwood flooring, and in-unit washer/dryers
- Current ownership completed a gut renovation of the building in 2020 which included apartment renovations, updating plumbing, electric and mechanical systems, installation of new windows, and replacement of the roof
Additional Value-Add Potential Exists to Further Increase Revenue
- With minimal deferred maintenance, a new owner can focus on organically increasing rents and creating value without spending an excess of capital
- Commercial tenant is currently on a month to month lease, and a new owner can issue a renewal for a longer term or split the commercial space as it was originally two separate units and each is individually metered for electric
- Implement a water reimbursement program for all tenants
- Property has a 10 Year CHAP Tax Credit in place through the 2029-2030 tax year, offering future tax savings to a new owner
In-Place Assumable Debt Below Market Rates
- Property has pre-existing debt that must be assumed
- The current loan balance is $1,276,024 with 6 years remaining and a 4.88% interest rate
- Please see Assumable Debt page for more information
Superior Location in Downtown Baltimore; Less Than a 5-Minute Walk Away from Mercy Medical Center
- Ranked a Walker's Paradise by WalkScore, just steps away from retail, dining, and cultural attractions
- Close proximity to Inner Harbor
- Major area employers nearby: Mercy Medical Center, Agora Financial, University Maryland Medical Center (UMMC) Midtown Campus
- Major area colleges nearby: Peabody Institute of the Johns Hopkins University, University of Maryland, Baltimore, University of Baltimore (UB)

Property Description

411 N. Charles St. | Baltimore, MD 21201Harbor Stone Advisors is pleased to present the opportunity to acquire The Apartments at 411 N Charles, a gut renovated asset located in Downtown Baltimore. The property is located less than a 5-minute walk away from Mercy Medical Center, one of Baltimore City's top employers, and just steps away from the historic Mt Vernon neighborhood.The Apartments at 411 N Charles features (3) 1 Br-1 Ba, (1) 1 Br-1.5 Ba, (4) 2 Br-2 Ba, and (1) commercial space. The commercial space is leased to Lumiere Candle Studio which is one of four locations within the Mid-Atlantic area. There are two surface parking spaces located behind the building as well as a rooftop deck.Current ownership completed a gut renovation of the building in 2020 which included apartment renovations. Typical unit features consist of stainless steel appliances, granite countertops, wood cabinets, carpet/hardwood flooring, and in-unit washer/dryers. In addition to unit upgrades, current ownership completed numerous capital improvements including updating plumbing, electric and mechanical systems, installation of new windows, and replacement of the roof.With minimal deferred maintenance, a new owner can focus on organically increasing rents and creating value without spending an excess of capital. The commercial tenant is currently on a month to month lease, and a new owner can issue a renewal for a longer term. There is also an option to split the commercial space as it was originally two separate units and each is individually metered for electric. Another value add opportunity is the implementation of a water reimbursement program for all tenants.The Apartments at 411 N Charles has a 10 Year CHAP Tax Credit in place through the 2029-2030 tax year, offering future tax savings to a new owner. There is also pre-existing debt below market rates that must be assumed. The current loan balance is $1,276,024 with 6 years remaining and a 4.88% interest rate.

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Justin Verner

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Brooks Healy

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Tom Wohlgemuth

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Shana Callahan

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Todd Galvin

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Price:	$1,800,000
No. of Units:	9
Lot Size:	12,090.00 Acres
Opportunity Zone:	No
Price per unit:	$200,000
Property Website	Click Here