Purnell Arts Building

Highlights

• Opportunity to Acquire a Fully Occupied, Value-Add Renovated Asset in Downtown Baltimore
• - Features (3) 2 Br-1 Ba, (1) 2 Br-2.5 Ba, (1) 2 Br-2 Ba, (1) 4Br-3 Ba, and (1) commercial space.
• - Commercial space is leased to Sweet Kam which is a popular local cafe and eatery.
• - Typical unit features consist of stainless steel appliances, engineered stone countertops, laminate cabinets, carpet/hardwood flooring, and in-unit washers/dryers.
• - Current ownership completed a gut renovation of the building in 2014 which included apartment renovations, updating plumbing, electric and mechanical systems, installation of new windows, and replacement of the roof.
• Ability to Increase Rents Via Light Refreshments
• - With minimal deferred maintenance a new owner can create value through light updates including updated cabinetry, granite countertops, new appliances, and bathroom refreshes.
• - Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $382 higher on average compared to the subject property.
• - Implementation of a water reimbursement program for all tenants.
• - Discontinuation of internet access for all tenants paid by landlord, annual savings of at least $3,500.
• Superior Location in Downtown Baltimore; Less Than a 5-Minute Walk Away from Mercy Medical Center
• - Ranked a Walker's Paradise by WalkScore, just steps away from retail, dining, and cultural attractions
• - Close proximity to Inner Harbor
• - Major area employers nearby: Mercy Medical Center, Agora Financial, University Maryland Medical Center (UMMC) Midtown Campus
• - Major area colleges nearby: Peabody Institute of the Johns Hopkins University, University of Maryland, Baltimore, University of Baltimore (UB)

Location