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The Druid Apartments 2028 Mount Royal Ter 21 Unit Apartment Building $2,495,000 ($118,810/Unit) 8.26% Cap Rate Baltimore, MD 21217

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INVESTMENT HIGHLIGHTS

Opportunity to Acquire a Multifamily Asset with Minimal Deferred Maintenance in Reservoir Hill
Excellent Location in Reservoir Hill Near 1-83; Less Than a 10 Minute Walk Away from MICA and UB

Ability to Create Value and Increase Rents Via Renovation Program

EXECUTIVE SUMMARY

Harbor Stone Advisors is pleased to present the opportunity to acquire The Druid Apartments, a unique multifamily asset with value-add potential. Located in Reservoir Hill, the property is less than a 10-minute walk away from the Maryland Institute College of Art (MICA) and University of Baltimore. The Druid Apartments features (11) 1 Br-1 Ba, (1) 1 Br-1.5 Ba, (4) 2 Br-1 Ba, (2) 2 Br-1.5 Ba, and (3) 3 Br-2 Ba. Typical unit features consist of white appliances, wood cabinets, laminate countertops, engineered bamboo/carpet/ceramic tile flooring, and in-unit washer/dryers in some units. Current ownership completed an extensive renovation of the property in 2012 which included apartment upgrades, new roof and awning, refurbished lobby and corridors, replacement of 50% of the hot water heaters and 90% of heat pumps, and other projects.
Recently, the seller renovated two units with stainless steel appliances, new cabinets, granite countertops, and updated bathrooms. The opportunity exists to continue this renovation program on the remaining 19 units. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $200 higher on average than the Subject property. Other value add opportunities include implementing a water reimbursement program upon renewal and/or new lease and monetizing the storage area in the basement. There are currently small storage lockers in the basement that are not utilized by current tenants. A new owner could convert that area into two or three large storage rooms, which would be more desirable to tenants.

PROPERTY FACTS

Price	$2,495,000	Building Class	C
Price Per Unit	$118,810	Lot Size	0.12 AC
Sale Type	Investment	Building Size	27,000 SF
Cap Rate	8.26%	Average Occupancy	95%
No. Units	21	No. Stories	5
Property Type	Multifamily	Year Built/Renovated	1930/2012
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Mid-Rise
Zoning	R-10

Price	$2,495,000
Price Per Unit	$118,810
Sale Type	Investment
Cap Rate	8.26%
No. Units	21
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Mid-Rise
Building Class	C
Lot Size	0.12 AC
Building Size	27,000 SF
Average Occupancy	95%
No. Stories	5
Year Built/Renovated	1930/2012
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R-10