716 Washington Pl Baltimore, MD 21201-5232

Property Details for 716 Washington Pl

Year built

1900

Construction

BRICK

Lot size

0.15 lot acres

Property size

72,369 SF

Zone code

OR-2

Property type

Apartment buildings

APN

11-10-0524 -012

APU

11100524012

Description

This 11-story, 72,369-square-foot apartment building, located at 716 Washington Pl in Baltimore, MD 21201, presents a unique investment opportunity. Built in 1900 and extensively renovated in 2018, this leasehold property boasts 96 units with a current 92% occupancy rate. The unit mix includes studios, one-bedroom, one-bathroom units, a leasing office, and a combined music room/fitness center. Unit features vary, with some units featuring updated stainless steel appliances, granite countertops, updated bathrooms, and vinyl plank flooring. Other units have white appliances, wood cabinets, formica countertops, and carpet/vinyl tile flooring. Building amenities include a community center, music practice room, fitness center, and laundry facilities. The property sits on a 6,579-square-foot lot and is zoned OR-2. Its prime location in historic Mount Vernon, just one block from the Peabody Institute of the Johns Hopkins University, makes it highly desirable student housing. The leasehold interest is subject to a ground and building lease agreement with Johns Hopkins University, allowing the leaseholder to retain 100% of the net operating income. A significant tax exemption is in place due to its student housing designation. Existing debt of $7,153,468 at 5.08% interest, maturing in 2026, is assumable. The potential for increased rents through further renovations on the remaining 88 units represents a compelling value-add opportunity.