814 Park Avenue

• COVERED LAND PLAY IN A CHAP DISTRICT
• The Property holds approved plans for additional density in the form of an eight-unit building on Tyson Street. New ownership inherits a cash-flowing asset while also being able to exercise those plans at their discretion and nearly double revenue. The development would also benefit from the CHAP tax credit program, a 10-year tax credit on the full increase in assessed improvement value resulting from major renovations or developments.
• VALUE-ADD POTENTIAL
• The Property offers new ownership the opportunity to generate higher revenues through light renovations and releasing units upon vacancy. In place rents are 17% ($206) below market comparables and with a light renovation value-add strategy ownership will be able to quickly capture additional value in a growing submarket.
• EASE OF TRANSPORTATION
• The Property is centrally located in Baltimore, providing easy access to downtown and anywhere on the East Coast through Amtrak at Baltimore Penn Station. Since its construction in 1911, Penn Station has served as the primary transportation hub for Baltimore and has recently undergone a $90M renovation project. It is the eighth busiest in the country and has more than three million Amtrak and MARC passengers moving through the station every year. The Property is also located near Interstate 83 with connectivity to I-95, providing for quick trips to Maryland, D.C., Delaware, and beyond. The Apartments at Park location situated at the 800 block of Park Avenue provides great location for students, young professionals and young families commuting through any means of transportation.
• PROXIMITY TO HIGHER EDUCATION
• The Property is located near three of Baltimore’s nationally recognized universities. Only a half mile away sits the University of Baltimore and its own School of Law, one of only two law schools located in Maryland. The Maryland Institute College of Art was established in 1826, making it the oldest degree-granting college of art and design in the U.S; its three M.F.A programs in visual arts provided by the Maryland Institute College of Art are in the top 10 of visual arts degrees in the U.S. Founded in 1857. These two Universities contain just under 7,000 students and faculty members with limited on campus traditional student housing. The Peabody Institute of Johns Hopkins University stands as the oldest conservatory in the U.S. and is praised for its prestige in the world of dance and music, hosting nearly 1,000 events and concerts per year. The close distance to these economic drivers provides strong rental demand through a recurring cycle of incoming residents looking for alternative options to traditional student housing.

Property Description

THE OPPORTUNITY 814 Park Avenue is an 11-unit apartment community in the historic Mount Vernon neighborhood of Baltimore. The Property presents new ownership an attractive value-add opportunity with development potential in a rapidly growing submarket. The location provides residents with easy access to Downtown Baltimore, lifestyle amenities, and the arts. This property is a short walk from Harbor East, Harborplace, University of Baltimore, MICA and CFG Arena.