Pangea Pines

• Opportunity to Acquire a Well-Maintained Garden Asset in Northeast Baltimore City
• • Features 124 spacious units with every unit having either a patio or balcony
• • There are laundry facilities on-site as well as a surface parking lot with 120 spaces
• • Typical unit features consist of black/white appliances, laminate/granite countertops, wood cabinets, and hardwood/carpet/tile flooring
• Ability to Substantially Increase Rents at Least 20%
• • Current ownership gut renovated 46 units in 2014 which included unit renovations, roof replacement, and updated mechanical systems
• • Opportunity exists for a new owner to continue this renovation on the remaining 78 classic units and bring to market rents
• • There is also an opportunity to add washer/dryers to the units for additional rental premiums and organically increase the existing renovated units
• In-place assumable debt with an interest rate of 4.51% and 7 years remaining
• • Pangea Pines has pre-existing debt that can be assumed
• • Current loan balance is $7,157,000 with an interest rate of 4.51%
• • Loan matures in 2031
• Excellent Location Near Baltimore County Line
• • Easy access to to I-695 and neighboring areas such as Parkville and Towson
• • Close proximity to Mount Pleasant Park as well as numerous retail and dining options
• • Major area colleges/employers nearby: MedStar Good Samaritan Hospital, Loyola University of Maryland, University of Maryland St. Joseph Medical Center, Towson University, Greater Baltimore Medical Center (GBMC), Morgan State University

Property Description

6502 McClean Blvd. | Baltimore, MD 21214Harbor Stone Advisors is pleased to present Pangea Pines, a well-maintained garden asset located in Northeast Baltimore City. The property consists of 124 spacious units with every unit having either a patio or balcony. There are laundry facilities on-site as well as a surface parking lot with 120 spaces. Typical unit features consist of black/white appliances, laminate/granite countertops, wood cabinets, and hardwood/carpet/tile flooring. Current ownership has completed a handful of capital improvements over the years including roof repairs, electrical work, exterior paint and repair, and replacements of HVAC and appliances on turn as needed.Current ownership gut renovated 46 units in 2014 which included unit renovations. The renovated scope consists of black appliances, granite countertops, updated cabinets, new bathrooms and flooring. The opportunity exists for a new owner to continue this renovation on the remaining 78 classic units and bring to market rents. The market is accepting of higher-end renovations, and comparable properties nearby are achieving rents $300 higher on average than Pangea Pines. There is also an ability to add washer/dryers to the units for additional rental premiums and organically increase the existing renovated units.Pangea Pines has pre-existing debt that can be assumed. The current loan balance is $7,157,000 with an interest rate of 4.51% and maturity date of 2031.