This property is an existing hospital complex originally built by the Christ Church (part of their apartment/ Church complex) this property in center city Baltimore at the Inner Harbor. The facility had been sold to the University of Maryland which has no longer has use for the facility and vacated the site. The property was purchased by a local non-profit which is interested in seeing apartment development on the site.
The site is owned by a motivated seller who is interested in seeing major development in the center city. The site is in the highest zoning area in Baltimore and in the highly desired area of the Inner Harbor.
The site will support over a 1000 units with water views of the harbor bridging the business and retail center of the city with very popular residential neighborhoods. The development is an excellent investment that can be phased with the absorption of the apartments.
PRO-FORMA: FIRST PHASE
Number of apartments, 300 apartments
Number of parking, 380 parking spaces
Retail, 0 SF
Acquisition cost, $6,500,000
Total development cost, $39,320,000
Hard cost, $28,800,000, $164 per SF, Soft cost, $4,050,000, $24 per SF
Rental income, $6,424,000 yr 4
Qualifies for city 10-year tax credit
NOI/ Total development cost, 8.2%