Mt. Vernon Portfolio Listed at 2200 Maryland Avenue

The Mt. Vernon Portfolio is offered at a $3,400,000 purchase price, representing a 7.1% going-in cap rate based on a T-12 NOI of approximately $240,600. Current average rents of $850/unit/month sit well below the submarket average of roughly $1,200/unit/month, providing clear and immediate value-add potential.

A key highlight of this opportunity is the attractive assumable debt, with the ability to layer in a $650,000 supplemental loan for a combined $2,525,000 loan balance. The structure includes a $1,875,000 loan at 3.75% and Option of adding a $650,000 supplemental loan at 6.50%, both on 25-year amortization, resulting in a blended interest rate of ~4.46%. This equates to 74% loan-to-value and delivers a strong ~8.3% takeover cash-on-cash return.

Pro forma rents of approximately $1,270/unit/month support a projected Year-1 NOI of ~$287,000, translating to an 8.4% pro forma cap rate and ~13.6% cash-on-cash return. Additional upside remains through new laundry income and the conversion of a vacant Maryland Avenue unit into an income-producing apartment.

The Mt. Vernon properties sit in a prime high-traffic area surrounded by major educational, cultural, and commercial anchors. They’re steps from popular dining spots, Lexington Market, the Walters Art Museum, the Peabody Institute, UMMC Midtown Campus, the University of Maryland Baltimore, and Johns Hopkins. Transit access is excellent, with nearby Light RailLink, Metro SubwayLink, multiple CityLink bus routes, local routes, and the free Charm City Circulator.