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814 Park 814 Park Ave 11 Unit Apartment Building $1,807,754 CAD ($164,341 CAD/Unit) Baltimore, MD 21201
Investment Highlights
- Prime Value-Add Opportunity in Historic Mount Vernon
- Located in Historic Mount Vernon; Blocks Away From UMMC Midtown Campus
- Ability to Create Value and Increase Rents Through a Renovation Program
Executive Summary
Harbor Stone Advisors is pleased to offer 814 Park, a multifamily asset with value-add opportunity in Historic Mount Vernon. The property is just blocks away from the University of Maryland Medical Center (UMMC) Midtown Campus and a 7 minute walk away from the Peabody Institute of The Johns Hopkins University.
814 Park features 11 units with a mix of (4) Studios and (7) 1 Br-1 Ba. There is also a parking pad with room for 4 cars located behind the building. Typical apartment unit features include white appliances, granite countertops, wood cabinets, and hardwood/ceramic tile/vinyl flooring.
The opportunity exists for a new owner to lightly renovate all of the units with a suggested scope of stainless steel appliances, modern hardware/fixtures, and plank flooring throughout. Properties of similar vintage in the area that have undergone renovations of a comparable scope are achieving rents at least 15% higher on average than the Subject property. There is also an ability to cut the central boiler and install HVAC systems, making the gas a direct tenant expense and offering significant expense savings to a new owner. Other value-add opportunities include implementing a water reimbursement program for all units upon renewal and/or new lease and monetizing the parking, as off-street parking is a highly sought after amenity for city living. There is also potential to create 4 additional parking spaces behind the building where a garage was torn down, allowing for an increase of parking income.
814 Park features 11 units with a mix of (4) Studios and (7) 1 Br-1 Ba. There is also a parking pad with room for 4 cars located behind the building. Typical apartment unit features include white appliances, granite countertops, wood cabinets, and hardwood/ceramic tile/vinyl flooring.
The opportunity exists for a new owner to lightly renovate all of the units with a suggested scope of stainless steel appliances, modern hardware/fixtures, and plank flooring throughout. Properties of similar vintage in the area that have undergone renovations of a comparable scope are achieving rents at least 15% higher on average than the Subject property. There is also an ability to cut the central boiler and install HVAC systems, making the gas a direct tenant expense and offering significant expense savings to a new owner. Other value-add opportunities include implementing a water reimbursement program for all units upon renewal and/or new lease and monetizing the parking, as off-street parking is a highly sought after amenity for city living. There is also potential to create 4 additional parking spaces behind the building where a garage was torn down, allowing for an increase of parking income.
Property Facts
| Price | $1,807,754 CAD | Building Class | C |
| Price Per Unit | $164,341 CAD | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 3,732 SF |
| No. Units | 11 | Average Occupancy | 91% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1900 |
| Apartment Style | Low-Rise | Parking Ratio | 1.07/1,000 SF |
| Zoning | OR-2 | ||
| Price | $1,807,754 CAD |
| Price Per Unit | $164,341 CAD |
| Sale Type | Investment |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 3,732 SF |
| Average Occupancy | 91% |
| No. Stories | 3 |
| Year Built | 1900 |
| Parking Ratio | 1.07/1,000 SF |
| Zoning | OR-2 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Tile Floors
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Freezer
- Vinyl Flooring
Site Amenities
- Laundry Facilities
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
90/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 0509-015 | Improvements Assessment | $1,267,707 CAD |
| Land Assessment | $144,755 CAD | Total Assessment | $1,412,462 CAD |
Property Taxes
Parcel Number
0509-015
Land Assessment
$144,755 CAD
Improvements Assessment
$1,267,707 CAD
Total Assessment
$1,412,462 CAD
Contacts
-
Justin Verner -
Brooks Healy -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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814 Park | 814 Park Ave
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