Centre Street Apartments

• Prime Opportunity to Acquire Scale in Historic Mount Vernon
• • Features 41 units with a mix of (6) Studios, (26) 1 Bedrooms, (5) 2 Bedrooms, (1) 4 Bedroom, and (3) commercial spaces
• • Typical apartment unit features consist of white/stainless steel appliances, wood cabinets, resurfaced countertops, and hardwood/tile/carpet/plank flooring
• • All of the units have shared access to a courtyard, and some units have their own private deck
• • Current ownership has updated many of the units throughout their ownership with new appliances, flooring, and refreshed bathrooms
• Ability to Stabilize Operations and Organically Increase Rents
• • Opportunity exists for a new owner to focus on leasing up the property and organically increase rents
• • Comparable properties in the area are achieving rents at least $250 higher on average than the Subject property
• • A new owner can also evaluate the possibility of implementing a water reimbursement program upon renewal and/or new lease
• Steps Away from the Peabody Institute of the Johns Hopkins University and Mercy Medical Center
• • Ranked a Walker’s Paradise by WalkScore
• • Easy access to I-83 and Downtown Baltimore
• • Major area employers nearby: Mercy Medical Center, University of Maryland Medical Center (UMMC) Midtown Campus, Agora Financial, Social Security Administration
• • Major area colleges nearby: the Peabody Institute of the Johns Hopkins University, Maryland Institute College of Art (MICA), University of Baltimore

Property Description

17 E Centre St. | Baltimore, MD 21202Harbor Stone Advisors is pleased to offer Centre Street Apartments, an opportunity to acquire scale in historic Mount Vernon. Centre Street Apartments is located across the street from the Peabody Institute of The Johns Hopkins University, a private conservatory and preparatory school. The property is also less than a 5 minute walk away from Mercy Medical Center.Centre Street Apartments features 41 units with a mix of (6) Studios, (26) 1 Bedrooms, (5) 2 Bedrooms, (1) 4 Bedroom, and (3) commercial spaces. Typical apartment unit features consist of white/stainless steel appliances, wood cabinets, resurfaced countertops, and hardwood/tile/carpet/plank flooring. All of the units have shared access to a courtyard, and some units have their own private deck. Current ownership has updated many of the units over the course of their hold with new appliances, flooring, and refreshed bathrooms.The opportunity exists for a new owner to focus on leasing up the property and organically increase rents. Comparable properties in the area are achieving rents at least $250 higher on average than the Subject property. A new owner can also evaluate the possibility of implementing a water reimbursement program upon renewal and/or new lease.