The Gilman

• Opportunity to Acquire a Well Maintained Asset in Charles Village
• • Features 29 apartments with a unit mix of (2) 1 Br-1 Ba, (21) 2 Br-1 Ba, and (6) 3 Br-1 Ba
• • Typical unit features consist of black/white appliances, wood cabinets, formica countertops, and hardwood flooring
• • Property also has 15 surface parking spaces
• • Prior and current ownership has updated the majority of units between 2020 and 2023 with a varied scope based on the condition of the units at turn
• Ability to Create Value and Increase Rents Via Light Renovation Program
• • Opportunity exists for a new owner to renovate the 3 remaining classic units and perform a light upgrade to the other units with a suggested scope of stainless steel appliances and granite countertops.
• • Potential to increase rents at least 15% based on nearby rent comparables
• • Ability to add washer/dryers to the remaining 10 units without and implement a water reimbursement program
• • Evaluate the possibility of adding a third bedroom in 14 of the 2 bedroom units which could generate an additional $7,000+ annually
• Blocks Away from Johns Hopkins University and MedStar Union Memorial Hospital
• • Short walk away from multiple JHU shuttle stops which 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.
• • Close proximity to neighboring areas such as Old Goucher, Hampden and Station North
• • Major area employers/colleges nearby: JHU, MedStar Union Memorial Hospital, Loyola University of Maryland, Morgan State University, University of Baltimore

Property Description

3025-3043 N Calvert St. | Baltimore, MD 21218Harbor Stone Advisors is pleased to present The Gilman, a well-maintained multifamily asset with value-add opportunity located in Charles Village. The property is located just blocks away from the John Hopkins University, one of the most prestigious universities in the country. The Gilman is also a short walk away from multiple JHU shuttle stops. 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 29 apartments with a unit mix of (2) 1 Br-1 Ba, (21) 2 Br-1 Ba, and (6) 3 Br-1 Ba. Typical unit features consist of black/white appliances, wood cabinets, formica/granite countertops, and hardwood flooring. The Gilman also has 15 surface parking spaces. Prior and current ownership has updated the majority of units between 2020 and 2023 with a varied scope based on the condition of the units at turn. Other capital improvements include complete update of the electrical system, installation of HVAC in all units, balcony replacements, update of common areas and hallways, and the addition of access controlled locks.The opportunity exists for a new owner to renovate the 3 remaining classic units and perform a light upgrade to the other units with a suggested scope of stainless steel appliances and granite countertops. Comparable properties nearby are achieving rents at least $260 higher on average. There is also an ability to add washer/dryers to the remaining 10 units without and implement a water reimbursement program. Additionally, a new owner can evaluate the possibility of adding a third bedroom in 14 of the 2 bedroom units which could generate an additional $7,000+ annually.