Contacts
Justin Verner
Harbor Stone Advisors
Brooks Healy
Harbor Stone Advisors
Tom Wohlgemuth
Harbor Stone Advisors
Shana Sabie
Harbor Stone Advisors
Todd Galvin
Harbor Stone Advisors
Property Details
- Property Type Other
- Units 7
- Additional Rent Contact for pricing
- Date Updated Nov 4, 2024
407 N. Charles St. | Baltimore, MD 21201
Harbor Stone Advisors is pleased to present The Purnell Arts Building, a stabilized asset with light value-add potential in Downtown Baltimore. The property was fully gut-renovated in 2014 and is just steps away from the historic Mt Vernon neighborhood and in close proximity to Mercy Medical Center, one of Baltimore's top employers.
The Purnell Arts Building 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. The commercial space is leased to Sweet Kam, a popular local cafe and eatery. There are two garage parking spaces located at the rear of the building as well as a rooftop walkout for Unit 6.
The opportunity exists for a new owner to complete light refreshments to the apartment units, with a suggested scope of updated cabinetry, granite countertops, new appliances, and updated bathrooms. Typical unit features consist of stainless steel appliances, engineered stone countertops, laminate cabinets, carpet/hardwood flooring, and in-unit washers/dryers. In addition to unit upgrades, current ownership completed numerous capital improvements including updating plumbing, electric and mechanical systems, installation of new windows, and replacement of the roof in 2014.
New ownership can implement a water reimbursement program for all tenants. The owner has also been paying for internet access for all tenants which incurs a yearly cost of over $3,500 and should be discontinued by year 2 of new ownership.
Properties that have undergone similar upgrades are achieving rents at least $382 higher on average compared to the subject property, and with minimal deferred maintenance, a new owner will not be investing an excess of capital into upgrades.
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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)
Attachments
Getting around
-
95/100
Walk Score ®
-
100/100
Transit Score ®
-
81/100
Bike Score ®
Location
- City Baltimore, MD
- Neighborhood Mount Vernon
- Zip Code 21201
- Market Baltimore
Points of Interest
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Mount Vernon
0.40 miles
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Cultural Center
0.55 miles
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Lexington Market
0.58 miles
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Charles Center
0.58 miles
-
State Center
0.60 miles
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Baltimore Penn Station
0.66 miles
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Shot Tower
0.69 miles
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Mount Royal / MICA
0.73 miles
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Baltimore Arena
0.75 miles
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Johns Hopkins Hospital
0.99 miles
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Front Street Fuel Station (Government only)
0.40 miles
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Carroll Motor Fuels
0.49 miles
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Marathon
0.49 miles
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Gulf
0.60 miles
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Exxon
0.68 miles
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ChargePoint
0.76 miles
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BP
0.81 miles
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US Fuel
0.86 miles
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Oceanic
1.07 miles
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Maryland Science Center
1.20 miles
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601 N Calvert Street Garage
0.09 miles
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Lot B
0.09 miles
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Lot A
0.13 miles
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Lot C
0.27 miles
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Park PMI
0.29 miles
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Fallsway Impound Lot
0.29 miles
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MAPS Employee Parking
0.30 miles
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The Bunting Garage
0.30 miles
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15 W. Franklin Street Garage
0.30 miles
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McAuley Garage
0.35 miles
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Midtown Inn
0.07 miles
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Ulysses
0.18 miles
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Revival Baltimore
0.25 miles
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Belvedere
0.30 miles
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Hotel Indigo
0.30 miles
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Biltmore Suites Hotel - Park Avenue Building
0.32 miles
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Biltmore Suites Hotel - Main Building
0.33 miles
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Home2 Suites
0.34 miles
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The Ivy Hotel
0.35 miles
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Hostelling International
0.37 miles
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Eddie's of Mount Vernon
0.28 miles
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Po Tung Oriental Grocery
0.43 miles
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Streets Market & Cafe
0.45 miles
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Charles Plaza
0.46 miles
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OK Market & Deli
0.54 miles
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7 Food Market
0.59 miles
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The Gallery at Harborplace
0.77 miles
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Marshalls
0.83 miles
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Burlington
0.84 miles
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Pratt Street Pavilion (Harbor Place)
0.85 miles
In-Depth Research Available for this Property
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