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The Flats at Station North 2029-2031 Saint Paul St 10 Unit Apartment Building $1,050,000 ($105,000/Unit) Baltimore, MD 21218
INVESTMENT HIGHLIGHTS
- Opportunity to Acquire a Fully-Occupied, Well Maintained Asset in Station North
- Located in Station North; Less Than a Mile Away from MICA and University of Baltimore
- Ability to Create Value and Increase Rents Via Renovation Program
EXECUTIVE SUMMARY
Harbor Stone Advisors is pleased to present The Flats at Station North, a fully occupied multifamily asset with value-add opportunity located in Station North. The property is located less than a mile away from the Maryland Institute College of Art (MICA) and University of Baltimore. The Flats at Station North is also a 10-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 10 apartments with a unit mix of (2) Studios, (6) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (1) 2 Br-2 Ba. Typical unit features consist of black appliances, wood cabinets, hard surface countertops, and hardwood/carpet/tile flooring. The sale also includes a surface parking lot at 2213 Hargrove St. with 11 spaces. Prior ownership completed a gut renovation down to the studs of the property in 2015 which included apartment upgrades as well as updated electric and plumbing.
The opportunity exists for a new owner to perform a partial upgrade to all units with a suggested scope of stainless steel appliances, granite countertops, and modern lighting/fixtures. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 15% higher on average than the Subject property. There is also an opportunity to actively market the parking lot to non-tenants to increase parking revenue.
The property features 10 apartments with a unit mix of (2) Studios, (6) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (1) 2 Br-2 Ba. Typical unit features consist of black appliances, wood cabinets, hard surface countertops, and hardwood/carpet/tile flooring. The sale also includes a surface parking lot at 2213 Hargrove St. with 11 spaces. Prior ownership completed a gut renovation down to the studs of the property in 2015 which included apartment upgrades as well as updated electric and plumbing.
The opportunity exists for a new owner to perform a partial upgrade to all units with a suggested scope of stainless steel appliances, granite countertops, and modern lighting/fixtures. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 15% higher on average than the Subject property. There is also an opportunity to actively market the parking lot to non-tenants to increase parking revenue.
PROPERTY FACTS
| Price | $1,050,000 | Building Class | C |
| Price Per Unit | $105,000 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 8,660 SF |
| No. Units | 10 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1890/2015 |
| Apartment Style | Low-Rise | Parking Ratio | 1.27/1,000 SF |
| Zoning | R-8 | ||
| Price | $1,050,000 |
| Price Per Unit | $105,000 |
| Sale Type | Investment |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 8,660 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1890/2015 |
| Parking Ratio | 1.27/1,000 SF |
| Zoning | R-8 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Heating
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Sprinkler System
- Tub/Shower
- Carpet
- Garden
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (87)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $723,200 | |
| Land Assessment | $176,400 | Total Assessment | $899,600 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$176,400
Improvements Assessment
$723,200
Total Assessment
$899,600
CONTACTS
-
Justin Verner -
Brooks Healy -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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The Flats at Station North | 2029-2031 Saint Paul St
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