Updated May 12, 2025
Delancey Street Capital Sells The Sail Cloth Factory Apartments In Baltimore For $16M
121 South Fremont Avenue
$16,000,000
Units
107
Asset Type
MultiFamily
Closing
Mar 19, 2025
About this deal
AI
The Sail Cloth Factory Apartments is a multi-family asset located at 121 South Fremont Avenue in Baltimore, MD. The property consists of 107 units and was sold for $16,000,000, resulting in a price per unit of $149,533.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $16,000,000
- Units: 107
- Price Per Unit: $149,533
- Seller: Delancey Street Capital
- Brokerage: Harbor Stone Advisors
Harbor Stone Advisors facilitated the sale on behalf of Delancey Street Capital. The out-of-market buyer intends to implement value-add upgrades, as rents were trailing comparable properties by at least $200 per unit.
Players
Baltimore MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93