The McDowell Building
Baltimore, MD
The Offering
Offering Details
- Price: Subject to Offer
- # of Residential Units: 15
- Avg. Residential Rent: $1,390
- # of Commercial Units: 2
- Avg. Commercial Rent: $2,700
- Occupancy: 100%
337-341 N Charles St. | Baltimore, MD 21201
Harbor Stone Advisors is pleased to present the opportunity to acquire The McDowell Building, a fully occupied 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 McDowell Building features (7) 1 Br-1 Ba, (8) 2 Br-2 Ba, and (2) commercial spaces. The commercial spaces are leased to Bella Bridesmaids and Elite Secrets Bridal through September 2025. There is also a parking garage on-site with seven parking spaces.
Current ownership gut renovated all of the units at 337 N Charles in 2018 with a scope of updated stainless steel appliances, granite countertops, new cabinets, and modern hardware/fixtures. The opportunity exists for a new owner to renovate all of the units at 339-341 N Charles with the same scope. Comparable properties nearby are achieving rents at least $300 higher than the Subject property.
The Property has pre-existing debt below market rates that can be assumed. The current loan balance is $1,787,753 with 5 years remaining and a 4% interest rate.