1043-1045 W. Lanvale Street

• STATE SUBSIDIZED HEALTHCARE PROGRAM TENANT
• This low-risk lease structure limits turnover cost, delinquency risk and vacancy risk in a workforce housing building. PHA Healthcare, LLC (“PHA”) is the leading provider of Intensive Outpatient Programs (“IOP”) in the state of Maryland. PHA Multifamily, LLC is the housing services subsidiary company of this business that provides transitional housing services for its patients. Since its founding in 2020, the mission of PHA is to deliver exceptional care to those suffering from mental issues that are often associated with drug use and abuse. Through its innovative practices, cutting edge treatment plans and patient-centric counseling modules - PHA delivers care that patients have come to recognize as the best in Baltimore City. PHA has transformed nearly 1,000 lives by providing help, hope and guidance for those committed to a better way of life. PHA delivers groundbreaking and life changing efforts by offering supportive housing, counseling sessions per day/week, and extended one-on-one personal recovery specialists to combat mental health and substance abuse issues.
• VALUE-ADD OPPORTUNITY
• The 2023 YE NOI was $145,616.71. The property offers new ownership the ability to generate higher revenues through a value-add strategy. The current in-place rents are 20% below market comparable properties and, with a light renovation value-add strategy, new ownership can improve rents and thus, net income at the Property. The Property is currently leased to city and state funded organizations providing housing services for at risk residents and achieving close to market rents. All 16 units are currently leased to PHA Multifamily, LLC on individual 24-month leases at varying lease rates. Three-bedroom units are leased at $1,250. Two-bedroom units are leased at $1,125. One-bed units are leased at $1,050. All units have a built in 5% rent escalation upon lease renewal.
• CONVENIENT FOR AUTO COMMUTERS
• The Property’s location along West Lanvale Street is ideal for commuter residents as the Carey Street and Lanvale Street commuter line is less than two blocks away. Street parking along W. Lanvale Street and N. Arlington Avenue is plentiful and these thoroughfares provide direct access to employment centers such as the University of Baltimore and Downtown Baltimore.
• ACCESS TO PUBLIC TRANSIT
• The Upton Metro Subwaylink Station is a short five-block walk from the Property. The station serves as a city connector and provides direct access to Lexington Market, State Center Station and Johns Hopkins. Rental demand is strong in locations with access to transit.
• TRANSFORMATIVE DEVELOPMENT
• The Lanvale Portfolio is located just a short five-minute drive from both the groundbreaking Madison Park North development project that will consist of 155 newly built townhomes, 420 apartments and street level retail as well as the 333,000 SF University of Maryland Bio Park. This grocery anchored retail mixed-income project will provide an influx of homeowners and fill a void with a new grocery store that will change the resident experience west of North Avenue.

Property Description

THE OPPORTUNITY The Lanvale Portfolio is a two building 16-unit community located at the intersection of N. Arlington Avenue and W. Lanvale Street, in the Harlem Park neighborhood of West Baltimore City. The Property includes seven one-bedroom units, six two-bedroom units, and three three-bedroom units. The larger floor plans are an opportunity to utilize a rare unit mix to market to small families that require a walkable living experience to downtown Baltimore with access to strong public resources.