mount vernon neighborhood recent activity market …€¦ · local real estate investment firm ......
TRANSCRIPT
© 2020 Greysteel / 1
EXCLUSIVE OFFERING
SPOTLIGHT ON BALTIMORE: MOUNT VERNON NEIGHBORHOODJUNE 2020
Market Overview
RECENT ACTIVITYMOUNT VERNON NEIGHBORHOOD
Unit Composition
33%One Bedroom
20%Studio28%
Three Bedroom
467units of positive net absorption since 2011
567units delivered since 2011 (zero units under construction as of Q2 2020)
Data courtesy of Greysteel Analytics, CoStar Realty Information, Inc. Survey includes multifamily properties greater than 5 units (3,575 units in aggregate). Fully affordable properties and the following asset types are excluded from the survey: senior, corporate, military, and student.
93.5%average occupancy rate since 2011
$1,222average asking rent per unit as of Q2 2020
Average Asking Rent Per Month
$1,825
$1,474
$1,197
$908
3 BDR
2 BDR
1 BDR
Studio
$0 $500 $1,000 $1,500 $2,000
$1.35
$1.40
$1.45
$1.50
$1.55
$1.60
$1.65
$1.70
0
50
100
150
200
250
300
350
2013
2014
2015
2016
2017
2018
2019 YTD
Effe
ctiv
e re
nt
/ SF
# o
f u
nit
s
Under Construction Deliveries Effective Rent / SF
Pipeline vs Effective Rental Rate PSF
4040
83
BALTIMORE
JON
ES FALLS EX
PRESSWAY
FRANKLIN-MULBERRY EXPRESSWAY
ST. PAU
L STREET
N. C
ALV
ERT STREET
EUTAW PLACE
N. MARTIN
LUTH
ER K
ING JR
BOULE
VARD
2
19%Two Bedroom
305 W. MADISON STREET
© 2020 Greysteel / 2
Rent Comparables JUNE 2020
CONTINUE TO SALES COMPARABLESListed properties represent a small cross-sampling of the overall market. Data courtesy of CoStar Realty Information, Inc.
The Morrison Baltimore, MD
Calvert Lofts Baltimore, MD
611 Park Avenue Baltimore, MD
Mount Vernon Apartments
Baltimore, MD
Mount Vernon Flats Baltimore, MD
Property
Year Built/Reno. 2020 2017 1965/2011 1940/2010 1920/2005
Occupancy 65.3% 90.2% 93.6% 97.0% 100.0%
Avg. Unit Size 638 SF 708 SF 548 SF 971 SF 894 SF
Rental Rates
Unit Type Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF
Studio $1,201 $2.83 $1,177 $2.89 $923 $2.16 $805 $1.61 — —
1 BDR $1,441 $2.31 $1,420 $2.24 $1,065 $1.63 $906 $0.95 $1,078 $1.57
2 BDR — — $1,990 $1.89 $1,561 $1.81 $1,158 $1.05 $1,378 $1.25
3 BDR — — — — — — $1,359 $0.91 — —
Amenities
Balcony/Patio
Ceiling Fans • • •
Dishwasher • • •
Fitness Center • •
Pet-Friendly • • • • •
Pool •Premium
Countertops •Premium Flooring • • • •
Stainless Steel Appliances •
Walk-in Closets • •
Washer/Dryer • • •
The report below features a sampling of properties located in the Mount Vernon neighborhood area. Please note the different
locations and adjust comparisons accordingly.
© 2020 Greysteel / 3
Recent Sales
The report below features a sampling of properties (5 units and higher) that sold since June 2019 in the Mount Vernon
neighborhood. Please note that different locations, amenity base, asset vintage, unit sizes and mixes, and other variables
contribute to variances in sales metrics, and adjustments to comparisons should be made accordingly. Also note that sales
comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.
Cathedral Commons Baltimore, MD
932 N. Calvert Street Baltimore, MD
708 Park Avenue Baltimore, MD
Cathedral Arms Baltimore, MD
9 E. Read Street* Baltimore, MD
Property
Close Date March 2020 March 2020 February 2020 November 2019 June 2019
No. of Units 16 7 6 9 8
Year Built/Reno. 1900 1900 1880 / 2014 1900 1924 / 1994
Price $2,350,000 $630,000 $2,350,000 $800,000 $845,000
Price/Unit $146,875 $90,000 $391,666 $88,888 $105,625
Price/SF $127.67 $78.75 $260.39 $139.69 $107.67
SellerLocal Real Estate Investment Firm
Private Investor Private Investor Private Investor Private Investor
Buyer Private Investor Private Investor Private Investor Private Investor Private Investor
JUNE 2020
*Greysteel Exclusive Listing
Listed properties represent a small cross-sampling of the overall market. Data courtesy of Greysteel Research, CoStar Realty Information, Inc.
CONTINUE TO RECENT ACTIVITY
© 2020 Greysteel / 4
FAIRMONT PORTFOLIO | BALTIMORE, MD | 272 UNITS
UNDER CONTRACT21208 21209
21270
21215
21207
2121021212 21239
21234 21236
21214
21218
21251
21206
21237
21213
21205
21211
2121721216
21229
21228
21223
21201
21202
21230
21233
2128721287
21231
21224
21281
2122721225 21222
21226
2122621226
21225
1
2
14
1
1
13
28
2
13 22
27
52
7
1
1
26
30
2
Properties Zip Code Area
1 21201 Downtown • Lexington Market
2 21205 Broadway • Monument Street
14 21206 Frankford • Raspeburg
1 21210 Roland Park • Cross Keys
1 21211 Remington • Hampden
13 21212 Govans • Homeland
28 21213 Belair • Edison
2 21214 Hamilton • Lauraville
13 21216 Walbrook • Forest Park
22 21217 Druid Hill Park • Bolton Hill
27 21218 Waverly
52 21223 Carroll • Union Square • Franklin
7 21224 Highlandtown • O’Donnell Heights
1 21226 Hawkins Point • Curtis Bay
26 21229 Irvington • Ten Hills
30 21230 Westport • Locust Point
2 21231 Fells Point
1 21239 Northwood • Loch Raven
Recent Activity JUNE 2020
EXCLUSIVE OFFERING
305 W. MADISON STREET | BALTIMORE, MD
Investment SummaryYear Built 1900
Units 5
Building 1
Gross Building SF 5,200
Lot Size 0.2 Acres
Zoning B041
For more information about this listing, please contact:
W. KYLE TANGNEYManaging [email protected] 645459
TREVOR WHITEInvestment [email protected] 5001740
THE OFFERING• Built in 1900, 305 W. Madison Street is a multifamily property totaling
five units in the western portion of Baltimore’s historic Mount Vernon neighborhood.
• The unit mix contains four studio apartments and a one one-bedroom apartment, highly desirable for a neighborhood catering to young professionals, millennials, and students.
• Rents currently collected fall well-below similar buildings in the submarket. Even after notable rent increases the Property will remain as affordable, lower-priced housing options in Mount Vernon.
• At the epicenter of the ongoing Howard Street Revitalization and just two blocks north of the Howard Row Development in the Bromo Arts District. The Property is just down the hill from the Howard Street Dog Park.
ATTRACTIVE VALUE-ADD OFFERING
PROXIMITY TO SCHOOLS & EMPLOYERS
HIGHLY DESIRABLE RESIDENTAL
© 2020 Greysteel / 5
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Broker | Ari Firoozabadi | 636050
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Offices Nationwide | License Information and Online Disclosures
© 2020 Greysteel
Nicole CapobiancoVice President of Transaction Services
Yassi GhashghaiVice President of Corporate Services
Madison WellsSenior Transaction Coordinator
Keeley ByerLead Research Analyst
Brett BurkhartLead Research Analyst
Kris FosterResearch Analyst
Kelsey BrendelSenior Designer
Alicia SlaterSenior Designer
INVESTMENT SALES
CAPITAL MARKETS
TRANSACTION SERVICES
W. KYLE TANGNEY HERBERT SCHWAT TC COSBY TREVOR WHITEManaging [email protected] 645459
[email protected] 670463
[email protected] 679685
Investment [email protected] 5001740
BRENDAN SCANLON JACK WHITMANSenior [email protected]. SP98372374
Finance [email protected]