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2617 Maryland Ave - The Residences at Maryland Ave. 6 Unit Apartment Building Offered at $945,000 at a 7.52% Cap Rate Baltimore, MD 21218

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Investment Highlights

Rare Opportunity to Acquire a Gut-Renovated Asset in Charles Village
Located in Charles Village Just Blocks Away From Johns Hopkins University and the Baltimore Museum of Art

Ability to Organically Increase Rents

Executive Summary

Harbor Stone Advisors is pleased to present the opportunity to acquire The Residences at Maryland Ave., a fully renovated asset located in Charles Village. The property is just blocks away from Johns Hopkins University (JHU) and MedStar Union Memorial Hospital, two of the top employers in Baltimore City. The Residences at Maryland Ave. is also a 4-minute walk away from a JHU shuttle stop. The JHU Shuttle not only makes stops at the main university campus, but also stops at Penn Station, Johns Hopkins Hospital, and the Peabody Institute of the Johns Hopkins University.
The property features 6 apartments with a unit mix of (5) 2 Br-1 Ba and (1) 2 Br-2 Ba. A surface parking lot located behind 2617 Maryland Ave. is also included and can fit 6 cars. Prior ownership completed a gut-renovation of the properties in 2018 which consisted of converting two buildings into (6) residential units with high-end finishes and squaring off the top floor. Typical unit features include stainless steel appliances, granite countertops, wood cabinets, vinyl wood flooring, updated bathrooms, and in-unit washer/dryers.
The opportunity exists for a new owner to organically increase rents at The Residences at Maryland Ave., as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 10% higher on average than the Subject property. There is also an opportunity to charge tenants for parking as it is currently included in the the rent and off-street parking is a highly sought after amenity of city living.

Property Facts

Price	$945,000	Lot Size	0.08 AC
Price Per Unit	$157,500	Building Size	4,737 SF
Sale Type	Investment	Average Occupancy	100%
Cap Rate	7.52%	No. Stories	3
No. Units	6	Year Built/Renovated	1900/2018
Property Type	Multifamily	Parking Ratio	1.27/1,000 SF
Zoning	R-8

Price	$945,000
Price Per Unit	$157,500
Sale Type	Investment
Cap Rate	7.52%
No. Units	6
Property Type	Multifamily
Lot Size	0.08 AC
Building Size	4,737 SF
Average Occupancy	100%
No. Stories	3
Year Built/Renovated	1900/2018
Parking Ratio	1.27/1,000 SF
Zoning	R-8