Baltimore, MD – Harbor Stone Advisors is pleased to present Cathedral Quarters, a mixed-use asset with multiple value-add opportunities located in the Historic Mount Vernon neighborhood of Baltimore City. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi are marketing the property.
The property consists of (9) residential apartments with a mix of (6) 1 BR-1 BA units, (2) 1 BR-1.5 BA units, and (1) 1 BR-2 BA unit, as well as (2) commercial spaces. Typical residential unit features include stainless steel/white appliances, wood cabinetry, hard surface/granite countertops, and hardwood/tile flooring. The commercial spaces are leased to R&R Dominican Barbershop through March 2028 and Couture Luxury Hair through February 2036. The property also features two surface parking spaces behind 1015 Cathedral Street and a garage behind 1017 Cathedral Street that is currently leased by one of the commercial tenants.
Prior ownership updated the electric and plumbing systems throughout the buildings and lightly renovated the majority of units, while current ownership has also refreshed select apartments. The opportunity exists for a new owner to organically increase rents at Cathedral Quarters as existing rents are under market.
There is also an ability to lightly update some of the residential units with a suggested scope of stainless steel appliances, updated cabinets, and granite countertops. Properties of similar vintage in the area that have undergone renovations of a comparable scope are achieving rents approximately $150 higher on average than the Subject Property. A new owner can also evaluate the installation of in-unit washer/dryers in units without them to generate additional rental premiums.
The property is located in Historic Mount Vernon, one of Baltimore City’s oldest neighborhoods, which is known for its historic architecture, museums, theaters, libraries, boutique shops, and cafes. Notably, the property is within a five-minute walk of the University of Maryland Medical Center (UMMC) Midtown Campus and less than a 10-minute walk from the University of Baltimore. Additionally, the property is within close proximity to several major employers and educational institutions, including Mercy Medical Center, the Social Security Administration, the Maryland Institute College of Art (MICA), and the Peabody Institute of Johns Hopkins University. Residents also benefit from convenient access to neighborhood attractions, such as the Washington Monument, the Walters Art Museum, the George Peabody Library, The Lyric, and Baltimore Center Stage. Nearby eateries include Prime Rib, Restaurante Tio Pepe, Sotto Sopra, Dooby’s, Sugarvale, and more.
The property is also less than a 10-minute walk from historic Penn Station, which provides access to Amtrak and MARC commuter rail service to Washington, D.C. While Amtrak recently ended its partnership with the private developer originally selected for the station’s broader redevelopment, the rail company remains committed to advancing improvements and is coordinating with the Federal Railroad Administration on a phased renovation strategy. The property also offers convenient access to the Light Rail, which provides connections north to Hunt Valley and south to BWI Airport, as well as the Metro Subway, Downtown Baltimore, and the surrounding employment and university hubs.
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit: www.harborstoneadvisors.com