Property Description
Built in 1994, Mulberry Court includes 62 residential apartments, six ground-floor retail spaces, and 12 garage spaces across three buildings totaling approximately 44,774 SF. The residential mix consists of 14 studios, 24 one-bedrooms, and 24 two-bedrooms. Property features include central HVAC, PVC plumbing, on-site laundry, secured courtyard, garage parking, security cameras, and on-site maintenance. Assumable Financing The property benefits from approximately $3.93 million of assumable HUD-insured debt at a 2.95% fixed interest rate, maturing in December 2056 with no balloon payment, subject to HUD approval. This long-term, low-cost financing provides a significant advantage compared with prevailing acquisition debt. Financial Highlights Mulberry Court is offered at $6.6 million, or approximately $106K per unit. The full renovation strategy identifies meaningful rent upside, with gross scheduled rent increasing by approximately $391,000 annually at stabilization. Rent growth ranges from approximately $125 to $558 per unit per month, supported by targeted renovations and improved operations. Location Highlights Located at 306 W. Mulberry Street in Baltimores Westside/Bromo Arts District, the property is approximately two blocks from Lexington Market and near UMB, UMMC, Mercy Medical Center, the Baltimore VA Medical Center, and the Baltimore Convention Center. The location offers strong accessibility with a 99 Walk Score and 100 Transit Score.