1041 Saint Paul Street, Baltimore, MD 21202

TURNKEY, FULLY STABILIZED ASSET WITH QUALITY 2019 RENOVATION

1041 Saint Paul Street represents a rare opportunity to acquire a fully stabilized, meticulously renovated boutique multifamily asset in one of Baltimore's most historically significant and culturally rich neighborhoods. Current ownership executed a comprehensive gut renovation in 2019, upgrading all units to a modern standard with granite countertops, wood cabinetry, stainless steel appliances, and hardwood or LVT flooring. Select units also feature in-unit washer/dryers, a premium amenity that supports resident retention and rental premiums. The property is currently 100% occupied, demonstrating sustained leasing momentum and strong renter demand for the product type and location.

ORGANIC RENT GROWTH OPPORTUNITY — NO CAPITAL REQUIRED

Despite the quality of the physical asset, in-place rents remain at an average of $1,128/unit — meaningfully below the estimated achievable market rent of $1,350/unit, representing approximately 20% upside. This gap is not attributable to asset quality or condition, but rather reflects below-market leases that a new owner can capture organically through natural turnover. The mark-to-market opportunity is well-defined and executable without additional capital deployment.

INSTITUTIONAL-QUALITY EXPENSE STRUCTURE

Each unit is separately metered for both gas and electric, transferring utility costs directly to residents and providing ownership with a lean, predictable operating expense profile. This utility structure combined with the property's recently renovated condition and minimal near-term capital requirements positions a new owner for strong NOI margins from the outset.

MOUNT VERNON: BALTIMORE'S PREMIER URBAN NEIGHBORHOOD

1041 Saint Paul Street is ideally positioned in Mount Vernon, Baltimore's historic cultural district, offering residents immediate access to a dense ecosystem of restaurants, galleries, museums, and entertainment venues. The neighborhood's walkability and connectivity are exceptional, with multiple MTA bus routes, a light rail station, and proximity to Penn Station all within easy reach. Penn Station, the city's primary intercity rail hub, is slated to receive $150 million in renovations, a long-term catalyst for neighborhood investment, accessibility, and renter demand. On the employment side, the University of Baltimore and the University of Maryland Midtown Medical Center, two of the city's anchor institutions, are both located within a half-mile of the property, providing a durable and diverse renter base of students, faculty, and healthcare professionals.