Flats at 29th

Baltimore, MD

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The Offering

Offering Details

Price: $850,000
# of Units: 5
Avg. Rent: $1,389
Year Built/Renovated: 1920/2015
Lead Status: Lead Free
Walk Score: 93

301 E 29^th St. | Baltimore, MD 21218

Harbor Stone Advisors is pleased to present Flats at 29th, a renovated multifamily asset located in Charles Village. The property is a 12 minute walk away from Johns Hopkins University (JHU) and MedStar Union Memorial Hospital, two of the top employers in Baltimore City. Flats at 29th is also a 6-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 5 apartments with a unit mix of (4) 1 Br-1 Ba and (1) 3 Br-2 Ba. Prior ownership completed a renovation of the building in 2015 which included apartment renovations.Typical unit features consist of stainless steel appliances, wood cabinets, granite countertops, hardwood flooring, and in-unit washer/dryers.

The opportunity exists for a new owner to organically increase rents at Flats at 29th, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $180 higher on average than the Subject property. There is also an opportunity to implement a water reimbursement program upon renewal and/or new lease.

Offering Highlights

Opportunity to Acquire a Renovated Asset in Charles Village

• Features 5 apartments with a unit mix of (4) 1 Br-1 Ba and (1) 3 Br-2 Ba

• Prior ownership completed a renovation of the building in 2015 which included apartment renovations

• Typical unit features consist of stainless steel appliances, wood cabinets, granite countertops, hardwood flooring, and in-unit washer/dryers

Ability to Organically Increase Rents

• Opportunity exists for a new owner to organically increase rents at Flats at 29th, as they are currently under market

• Similar properties nearby are achieving rents at least $180 higher on average

• There is also an opportunity to implement a water reimbursement program upon renewal and/or new lease

Half Mile Away from Johns Hopkins University and MedStar Union Memorial Hospital

• 6-minute walk away from a JHU shuttle stop that 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.

• Close proximity to neighboring areas such as Old Goucher, Hampden and Station North

• Major area employers/colleges nearby: JHU, MedStar Union Memorial Hospital, Loyola University of Maryland, Morgan State University, University of Baltimore