Luxuriously renovated 6-unit Mount Vernon mansion house was purchased for $835,000 ($139,000 per unit) to start off the New Year for Peak Real Estate’s first investment in Baltimore City. 1226 Saint Paul is located between Preston and Biddle in the heart of Mount Vernon / Mid-Town Belvedere Historic District.
The property’s total renovation was completed in 2013 with apartment units featuring cherry cabinets, granite counters, stainless steel appliance package that includes gas range, dishwasher, garbage disposal, built-in microwave and refrigerator with ice maker. Each apartment has its own in-unit washer and dryer. System upgrades include a full sprinkler system, 100-Amps to each unit, 90+ gas furnace with central air conditioning in each apartment.
4 of the apartments feature large, full-floor plates with about 1,100 sq.ft. of living space. Two terrace level efficiency apartments offer the same amenities in a smaller, more affordable range.
Located one and a half blocks from Penn Station and University of Baltimore, the purchasers saw value in the location as much as what the building offers in quality of finishes and amenities.
Ben Frederick III, CCIM worked with the investors to obtain the most competitive and attractive financing terms, advised them of the intricacies and nuances of landlord-tenant relations in Baltimore City, and informed them of necessary actions for compliance with lead paint among other issues.
The selling partnership, in dissolution with members as far away as Texas, sought Mr. Frederick’s expertise in marketing apartment properties in Baltimore using cost-saving transaction methods, marketing methods that maintained good tenant relationships, and professional property marketing.
The sale price equated to 8.5 times gross projected rent, an 8.1% cap rate, and $160 per sq.ft.
Ben Frederick III, CCIM specializes in helping apartment property owners and commercial-investment real estate investors buy, sell, and 1031 Tax Deferred Exchange multi-unit apartment buildings and commercial-investment properties in Baltimore.