2603 & 2617 Maryland Ave
- 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
Property Description
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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $945,000 |
| No. of Units: | 6 |
| Year Built: | 1900 |
| Lot Size: | 0.08 Acres |
| Opportunity Zone: | No |
| Price per unit: | $157,500 |
| Property Website | Click Here |
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