Harbor Stone Advisors is pleased to present Earl Court, a meticulously maintained multifamily property situated in the historic Mount Vernon neighborhood. Its prime location offers residents unparalleled convenience, being just a three-minute walk from The University of Baltimore Campus. Additionally, the property is less than a 15-minute walk to major employment centers, including the Social Security Administration and Maryland State Government offices. Earl Court also benefits from its proximity to Penn Station, a mere six-minute walk away, which is currently undergoing a $150 million renovation project slated for completion over the next several years.
The property boasts 47 condo units, comprising (32) 1 Br-1 Ba, (14) 2 Br-1 Ba, and (1) 3 Br-1 Ba. Since acquiring the property, the current owner has invested significantly in capital improvements. In 2019, 90% of the units underwent extensive renovations, now featuring stainless steel appliances, granite countertops, wood cabinets, updated bathrooms LVT flooring, and in-unit washer/dryers in select units. Beyond unit upgrades, the owner has also replaced the roof, central hot water heater, and elevator, and has installed a package locker system. They also updated the building and unit electric to all new 125 amp service with new window mini-split HVAC systems.
A new owner has the opportunity to enhance Earl Court by renovating the remaining four classic units and installing washer/dryers in units currently lacking them. Units with washer/dryers are achieving rental premiums $100 higher on average than units without. The basement area, currently utilized as a maintenance zone, represents another significant opportunity for value creation. This expansive space can be transformed into a valuable tenant amenity, such as a state-of-the-art resident gym, offering a convenient and attractive feature for tenants. Alternatively, it could be converted into secure storage lockers, providing a potential additional revenue stream.