Ministry Lofts at St. Michael’s

For Sale New
1, South Wolfe Street, Washington Hill, Baltimore, Maryland, 21231, United States
For Sale New
1, South Wolfe Street, Washington Hill, Baltimore, Maryland, 21231, United States
  • Multifamily
  • Property Type
  • 37
  • Residential Units
  • 4
  • Number of Buildings

Description

Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale, 100% occupied Ministry Lofts at St. Michael’s, a four building complex with 37 residential units in the heart of Upper Fells Point. There are three residential buildings with luxury apartments and one commercial building (Ministry of Brewing). Built in 1920 and renovated in 2020, there is 32,250± of residential SF and 15,300± commercial SF built on 1.15 acres. The average unit size is 872± SF.

 

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INVESTMENT HIGHLIGHTS

 

Best-in-Market Location

The asset boasts a prime location within a mile of John Hopkins Hospital and Shot Tower/Market Place. Just a 6-minute drive from Camden Station and Penn Station, and 22 minutes from the airport, the property offers excellent connectivity. Situated in Fell’s Point, one of Baltimore’s oldest and most vibrant waterfront neighborhoods, it benefits from rich history and modern amenities. Surrounded by popular restaurants and bars like Max’s Taphouse, Barcocina, Alexander’s Tavern, and Angie’s Seafood, the area attracts significant pedestrian traffic. With numerous retail shops and entertainment options nearby, residents enjoy a high quality of life. This dynamic environment around Ministry Lofts promotes fast- paced lease-up velocity, ensuring high occupancy rates and robust rental income potential to generate outsized cash-on-cash and levered yields across designated hold periods.

Robust Asset Demand

The asset is currently 100% occupied as of June 2024, with a waiting list for prospective renters, demonstrating its strong appeal. This outsized demand will enable the next owner to continue increasing rental rates across designated hold periods.

Rental Rate Upside

Studio units are currently priced $188 below the average market rate of comparable properties, while one-bedroom units are $165 below, and two-bedroom units are $196 below the market average. New ownership will be able to increase rental rates while still being at a considerable discount to the competition.

Unique Newly Renovated Asset

The property has been renovated to feature hardwood floors, quartz countertops, stainless steel appliances, and an in-unit washer and dryer. These amenities rival those of any newly built property on the market. Once a church, this unique property stands out in the city, driving exceptional demand, as evidenced by its 100% occupancy rate.

Retail Promoting Fast-Paced Lease-up Velocity

The property includes a 15,300 SF brewery that significantly boosts pedestrian traffic. This increased visibility enhances leasing velocity, as more people can appreciate the property’s unique nature firsthand, driving demand.

Tax Abatement Incentives

The property currently offers an abatement that runs through 2030 and considerable tax savings to achieve robust cash-on-cash returns. Please refer to the tax bill in the deal room for more information.

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Details

  • Property Type: Multifamily
  • Property Status: For Sale
  • Residential Units: 37
  • Number of Buildings: 4
  • Acres: 1
  • Retail Units: 1
  • City Baltimore
  • State/County Maryland
  • Neighborhood/Area Upper Fells Point

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Samuel R. Finkler
  • Samuel R. Finkler