2617 Maryland Ave - Multi-Family FOR SALE


Baltimore, MD 21218- Charles Village
$945,000 USD
410-960-3962
2617 Maryland Ave, Baltimore, MD for Sale
$945,000 USD
Multi-Family - FOR SALE
1/18
null | 7.52% Cap Rate

2617 Maryland Ave
Baltimore, MD 21218
Charles Village


HIGHLIGHTS

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

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$945,000 USD

PRICE/SF

$199 USD /SF

# OF UNITS

6

PRICE/UNIT

$157,500

CAP RATE

7.52%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Residences at Maryland Ave.

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1900

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.08 AC

LAND SF

3,485 SF

ZONING

R-8

APN/PARCEL ID

12-03-3637-042,12-03-3637-049

ASK ABOUT THIS PROPERTY

Justin VernerHarbor Stone AdvisorsMore Info
410-960-3962

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Justin VernerHarbor Stone AdvisorsMore Info
410-960-3962

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.