Lofts at 1210-1212 Saint Paul

Harbor Stone Advisors is pleased to present Lofts at 1210-1212 Saint Paul, a gut renovated multifamily asset located in Historic Mount Vernon. The property is a 3 minute walk away from University of Baltimore and a half mile away from UMMC Midtown Campus. Lofts at 1210-1212 Saint Paul is also a 7-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 15 apartments with a unit mix of (10) Studios, (1) 1 Br-1 Ba, (2) 1 Br-1.5 Ba, and (2) 2 Br-1 Ba. Typical unit features consist of stainless steel appliances, wood cabinets, hard surface countertops, and hardwood flooring. Lofts at 1210-1212 Saint Paul also has 3 off street parking spaces located behind the building. Prior ownership completed a gut renovation of the property in 2015 which included apartment upgrades as well as new mechanical systems and window replacements.
The opportunity exists for a new owner to organically increase rents at Lofts at 1210-1212 Saint Paul, as they are currently under market. 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. There is also an opportunity to implement parking fees to tenants as off-street parking is a highly sought after amenity of city living.