Cathedral Quarters

Cathedral Quarters is located within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theatres, libraries, boutique shops and cafes. The subject property is five minutes away from Maryland Institute College of Art (MICA), one of the country’s premier art schools. In addition, University of Baltimore is a few blocks away from the property. The property is just minutes away from the historic Bolton Hill neighborhood, which features significant landmarks such as the former home of author F. Scott Fitzgerald, and the Francis Scott Key monument. Walkability is the name of the game and the property is within walking distance of a plethora of retail and entertainment. This historic neighborhood features attractions like the Washington Monument, Walters Art Museum, and the George Peabody Library. Top eateries include the Prime Rib, Restaurante Tio Pepe, and Sotto Sopra. Nearby live entertainment venues include Baltimore Symphony Orchestra, The Lyric, and Baltimore Center Stage. The property is less than a 10-minute walk from Baltimore’s historic Penn Station. While Amtrak recently ended its partnership with the private developer originally selected for the station’s broader redevelopment, the rail company has stated that it remains committed to advancing improvements at Penn Station and is currently coordinating with the Federal Railroad Administration on a phased renovation strategy. Penn Station offers convenient access to public transportation, with access to Amtrak trains and the MARC commuter train to Washington, D.C. Additionally, the property is less than a half-mile from the nearest LightRail Station, which provides direct access north to Hunt Valley and south to BWI Airport. The nearest Subway Station, which provides direct access to Johns Hopkins Hospital (30,000 employees), is less than one mile away.Harbor Stone Advisors is pleased to present Cathedral Quarters, a mixed-use asset with multiple value-add opportunities located in Historic Mount Vernon. The property is a 5 minute walk away from University of Maryland Medical Center (UMMC) Midtown Campus and less than a 10 minute walk away from the University of Baltimore. Cathedral Quarters features 11 units with a mix of (6) 1 Br-1 Ba, (2) 1 Br-1.5 Ba, (1) 1 Br-2 Ba, and (2) commercial spaces. The commercial spaces are leased to a barbershop and a hair salon through 2028 and 2036. Typical apartment unit features consist of stainless steel/white appliances, wood cabinets, hard surface/granite countertops, and hardwood/tile flooring. There are two surface parking spaces behind 1015 Cathedral and a garage behind 1017 Cathedral that is currently leased by one of the commercial tenants. Prior ownership updated the electric and plumbing in the buildings and lightly renovated the majority of units. The current owner has also refreshed some of the units. 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 $150 higher on average than the Subject property. A new owner can also evaluate the installation of in-unit washer/dryers for additional rent premiums in units without them.