INVESTMENT OVERVIEW
Marcus & Millichap is pleased to present the exclusive offering of 218 West Monument Street apartments. Built in 1900 and updated in 2014, the property consists
of eight studio, one-bathroom units and three one-bedroom, one-bathroom units, and sits on top of .07 acres. The subject property features updated kitchens and bathrooms, high ceilings, expansive windows, and beautiful hardwood floors. Historically, the building’s occupancy remains 95 percent, well in line with Mount Vernon, and in the event a unit turns over there is minimal loss to vacancy.
The property, situated in the Mount Vernon neighborhood, is a short walk to many local shops, restaurants, bars and other local amenities. The neighborhood of Mount Vernon is in the heart of Baltimore and provides easy access to area employers, mass transit, retail, and entertainment. The University of Baltimore is a five-minute drive north, The Patricia & Arthur Modell Performing Arts Center at The Lyric six minutes north, Joseph Meyerhoff Symphony Hall three minutes north, Penn Station six minutes north, The Walter’s Art Museum, Peabody Institute and George Washington Monument two minutes south, the Inner Harbor eight minutes south and Johns Hopkins University ten minutes north.
The City of Baltimore is known as the city of neighborhoods due to its many defined districts within the city limits. Baltimore is one of the most populated cities in the United States and is the largest city in the state of Maryland. Baltimore is 40-miles northeast of Washington, D.C. providing easy access for commuters in the area. Historically, Baltimores economy was driven by industry, and manufacturing out of the Port of Baltimore but has shifted over the last decade to a more service-based economy. Baltimores top employers include Johns Hopkins University, Johns Hopkins Hospital, McCormick & Company, Under Armour, and Royal Farms.
Over the past three years the market rental rates for the City of Baltimore have steadily increased and are expected to continue to increase. The average occupancy for Baltimore has remained around 94%.
