- For Sale $11,500,000
- Property Type Multi-Family
- Property Size 47,550 SF
- Units 37
- Cap Rate % 7.5
- Additional Rent Contact for pricing
- Year Built 1920
- Year Renovated 2020
- Date Updated Jun 14, 2024
- Website platform.reverecre.com
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 fastpaced 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.
Uniquely 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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Attachments
Highlights
- Gym
- Pool
False
Contacts
Location
Getting Around
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Walk Score ®
94/100 Walker's Paradise -
Transit Score ®
85/100 Excellent Transit -
Bike Score ®
70/100 Very Bikeable
- City Baltimore, MD
- Neighborhood Washington Hill
- Zip Code 21231
- Market Baltimore
Points of Interest
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Johns Hopkins Hospital
0.49 miles
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Shot Tower
0.86 miles
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Charles Center
1.24 miles
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Baltimore Arena
1.58 miles
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Mount Vernon
1.64 miles
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Lexington Market
1.65 miles
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Camden Street
1.67 miles
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Camden Station
1.67 miles
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Baltimore Penn Station
1.77 miles
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Stadium / Federal Hill
1.81 miles
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Citgo
0.27 miles
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Sunoco
0.28 miles
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US Fuel
0.44 miles
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BP
0.50 miles
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Mystik
0.65 miles
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Shell
0.72 miles
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Marathon
0.82 miles
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Eagle
0.95 miles
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Front Street Fuel Station (Government only)
1.01 miles
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Royal Farms
1.09 miles
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Kennedy Krieger Garage
0.21 miles
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Washington Hill Lot
0.22 miles
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Orleans Street Garage
0.27 miles
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Church Garage
0.29 miles
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Jefferson Street Lot
0.38 miles
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McElderry Garage
0.49 miles
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Rutland Garage
0.54 miles
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Washington Garage
0.54 miles
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Caroline Street Garage
0.55 miles
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KKI Garage
0.60 miles
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Residence Inn
0.59 miles
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Tru
0.61 miles
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Hyatt Place Baltimore/Inner Harbor
0.66 miles
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Admiral Fell Inn
0.69 miles
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Sagamore Pendry Baltimore
0.70 miles
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The Inn at the Black Olive
0.75 miles
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Courtyard
0.76 miles
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1840s Carrollton Inn
0.77 miles
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The Inn at Henderson's Wharf
0.80 miles
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Fairfield Inn & Suites Baltimore Downtown/Inner Harbor
0.80 miles
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Sprout Vegan 20
0.16 miles
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Hopkins Spot
0.16 miles
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La Barrita Restobar
0.16 miles
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Arizona Tex-Mex
0.19 miles
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Salt
0.26 miles
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Dino's Restaurant
0.28 miles
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Popeyes
0.32 miles
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Patterson Food Market
0.33 miles
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Yemen & Gulf Restaurant
0.38 miles
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Pizza Boli's
0.39 miles
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Saint Michaels School
0.05 miles
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Commodore John Rodgers Elementary & Middle School
0.17 miles
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Kennedy Krieger School
0.19 miles
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Wolfe Street Academy
0.24 miles
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Lombard Middle School
0.35 miles
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Holy Rosary School
0.38 miles
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Johns Hopkins University - East Baltimore Campus
0.41 miles
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City Springs Elementary/Middle School
0.42 miles
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In2Lectuals
0.49 miles
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Tench Tilghman Elementary/Middle School
0.52 miles
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Dynamic Deliverance Childcare Center
0.87 miles
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Saint Vincent de Paul Head Start
1.13 miles
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All My Children Child Care Center
1.30 miles
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Charles Plaza Child Care & Development
1.34 miles
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Dayspring Head Start Harford Heights
1.48 miles
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Kiddie Academy
1.57 miles
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Celebree
1.73 miles
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Downtown Baltimore Child Care, Inc.
1.87 miles
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Bolton Hill Nursery
2.05 miles
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Bright Beginnings
2.18 miles
Frequently Asked Questions
How much does 1 S Wolfe St cost?
The space currently listed for sale at 1 S Wolfe St asks for $11,500,000.
What is the total square footage of 1 S Wolfe St?
1 S Wolfe St totals 47,550 square feet.
When was this property built?
1 S Wolfe St was built in 1920.
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Contact Listing Broker
Samuel Finkler
Besen Partners