About 305 W Madison St
The investment opportunity at 305 W. Madison Street, a multifamily property in Baltimore's historic Mount Vernon neighborhood, offers several compelling highlights:
Value-Add Potential: There's significant potential for increasing rental income through modest modernization efforts, primarily focusing on common area improvements and kitchen and bath updates. Current rents are below market rates, offering the opportunity to raise them by approximately 40%. Additionally, there's potential to convert one unit into a legal studio apartment and recover utility costs by billing tenants.
Proximity to Schools and Employers: The property is near educational institutions like the University of Baltimore Law School, MICA, and Johns Hopkins Peabody Institute, making it attractive to students. It's also across the street from the University of Maryland Medical Center, Midtown Campus, and major employers in Downtown Baltimore and the Inner Harbor, providing job opportunities for residents. With excellent walk and transit scores, residents have easy access to public transportation options.
Desirable Location: Situated in a highly sought-after neighborhood catering to young professionals, millennials, and students. It's at the center of the ongoing Howard Street Revitalization and close to the Bromo Arts District, with amenities like the Howard Street Dog Park nearby.
Highly Desirable Residential Area: Mount Vernon offers an eclectic mix of boutique shops, gourmet restaurants, trendy bars, and cultural events throughout the year. It's close to prestigious cultural landmarks, including the Meyerhoff Symphony Hall and the Lyric Opera House, as well as dining and retail options along the Charles Street Retail Corridor.
Overall, 305 W. Madison Street presents a promising investment opportunity due to its prime location, potential for rental income growth, and proximity to amenities, schools, and employers.
