1037 Saint Paul
Multifamily | 7 Units
Marketing description
The Property could benefit from the CHAP tax credit program, a 10-year tax credit on the full increase in assessed improvement value resulting from major renovations or developments. If unfamiliar with the CHAP/ Historic Tax Credits available in Baltimore.
Mid-Town Belvedere is centrally located in Baltimore, providing easy access to downtown and anywhere on the East Coast through Amtrak at Baltimore Penn Station.
Since its construction in 1911, Penn Station has served as the primary transportation hub for Baltimore.
It is the eighth busiest in the country and has more than three million Amtrak and MARC passengers moving through the station every year.
The properties are also located next to Interstate 83 with connectivity I-95, providing for quick trips to Maryland, D.C., Delaware, and beyond.
Residents benefit from the ease of access to transportation across the region and it is popular with DC commuters due to its proximity to Baltimore’s Penn Station.
Within a five-minute drive of the Properties, residents can access Safeway, CVS, PNC Bank, Starbucks, BP Gas Station, and multiple gyms.
Within a 10-minute drive, or even a short walk, residents gain access to Baltimore’s Inner Harbor, Harbor East and Downtown Baltimore where they can visit local and national restaurants, national retailers, and anything else they would need. Ownership will benefit from rental demand from tenants seeking to live in the heart of Baltimore within immediate access to everyday conveniences.
The Property is located near three of Baltimore’s nationally recognized universities. Only a half mile away sits the University of Baltimore and its own School of Law, one of only two law schools located in Maryland. T
The Maryland Institute College of Art was established in 1826, making it the oldest degree-granting college of art and design in the U.S; its three M.F.A programs in visual arts provided by the Maryland Institute College of Art are in the top 10 of visual arts degrees in the U.S.
Founded in 1857. These two Universities contain just under 7,000 students and faculty members with limited on campus traditional student housing.
The Peabody Institute of Johns Hopkins University stands as the oldest conservatory in the U.S. and is praised for its prestige in the world of dance and music, hosting nearly 1,000 events and concerts per year.
The close distance to these economic drivers provides strong rental demand through a recurring cycle of incoming residents looking for alternative options to traditional student housing.
Located in the rich historic downtown district of Baltimore, residents will also enjoy easy access to dining, culture and entertainment options, including many restaurants, festivals and venues such as the Lyric Opera House, the Meyerhoff Symphony Hall and the Baltimore Theatre Project.
The Baltimore Symphony Orchestra, The Maryland Center for History and Culture, Pearlstone Park, and The Walters Art Museum provide residents with a wide range of entertainment within a ~0.5 radius.
The Washington Monument and Mount Vernon Square are within walking distance for residents that want to experience the storied history of Downtown Baltimore.
Investment highlights
1037 Saint Paul Street is a vacant 7-unit apartment community in the historic Mid-Town Belvedere neighborhood of Baltimore.
The Property is comprised of seven (7) units averaging ~681 square feet, with two (2) studios, four (4) 1 bedroom-1 bath, and one (1) 1 bedroom-1.5 bath units.
The Property presents new ownership a heavy value-add opportunity in one of the strongest submarkets in the area, the 84% renter occupied, Mid-Town Belvedere.
The Property also lies within a CHAP District, making it eligible for the 10-year, 100% tax credit available through Baltimore City.
This asset can be purchased individually or as any combination of the larger portfolio, including 706 Park Avenue and 906 N. Calvert Street, held by the same ownership group.
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