Flats At Station North

2029-2031 SAINT PAUL ST. | BALTIMORE, MD 21218

Harbor Stone Advisors is pleased to present The Flats at Station North, a fully occupied multifamily asset with value-add opportunity located in Station North. The property is located less than a mile away from the Maryland Institute College of Art (MICA) and University of Baltimore. The Flats at Station North is also a 10-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.

The property features 10 apartments with a unit mix of (2) Studios, (6) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (1) 2 Br-2 Ba. Typical unit features consist of black appliances, wood cabinets, hard surface countertops, and hardwood/carpet/tile flooring. The sale also includes a surface parking lot at 2213 Hargrove St. with 11 spaces. Prior ownership completed a gut renovation down to the studs of the property in 2015 which included apartment upgrades as well as updated electric and plumbing. 

The opportunity exists for a new owner to perform a partial upgrade to all units with a suggested scope of stainless steel appliances, granite countertops, and modern lighting/fixtures. Properties of similar vintage 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 opportunity to actively market the parking lot to non-tenants to increase parking revenue.

Opportunity to Acquire a Fully-Occupied, Well Maintained Asset in Station North

• Features 10 apartments with a unit mix of (2) Studios, (6) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (1) 2 Br-2 Ba
• Typical unit features consist of black appliances, wood cabinets, hard surface countertops, and hardwood/carpet/tile flooring
• Sale also includes a surface parking lot at 2213 Hargrove St. with 11 spaces
• Prior ownership completed a gut renovation down to the studs of the property in 2015 which included apartment upgrades as well as updated electric and plumbing

Ability to Create Value and Increase Rents Via Renovation Program

• Opportunity exists for a new owner to perform a partial upgrade to all units with a suggested scope of stainless steel appliances, granite countertops, and modern lighting/fixtures
• Potential to increase rents at least 15% based on nearby rent comparables
• Ability to actively market the parking lot to non-tenants to increase parking revenue

Located in Station North; Less Than a Mile Away from MICA and University of Baltimore

• Ranked a Walker's Paradise by WalkScore
• 10-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years
• Major area employers/colleges nearby: University of Baltimore, the Johns Hopkins University, MedStar Union Memorial Hospital, the Maryland Institute College of Art (MICA)

VALUE-ADD OPPORTUNITY

Prior ownership completed a gut renovation of the property in 2015 which included unit upgrades. Typical unit features consist of black appliances, hard surface countertops, wood cabinets, and mixed flooring. The opportunity exists for a new owner to further expand upon the interior scopes of all units by adding stainless steel appliances, granite countertops, and modern lighting/fixtures. Comparable properties nearby are currently achieving rents at least 15% higher on average than the Subject property. There is also an opportunity to actively market the parking lot to non-tenants to increase parking revenue.

CURRENT INTERIOR SCOPE

SUGGESTED UPGRADES

Flats at Station North is located within the Station North neighborhood of Baltimore City, the heart of the arts and entertainment district. This central location within the city provides walkability to restaurants and cafes, such as Guilford Hall Brewery and Clavel. There are numerous entertainment options around Station North, such as The Lyric Baltimore, The Charles Theater, The Baltimore Symphony Orchestra, etc.

The subject property is less than a 5-minute drive to the prestigious Johns Hopkins University’s undergraduate campus. JHU is the top employer in Baltimore City with over 50,000 employees. It is home to more than 7,000 undergrads and nearly 2,000 graduate students.

Other nearby top colleges and universities include the Maryland Institute College of Art (MICA), one of the country’s premier art schools. For 2024-2025, there is around 1,400 students and around 1,100 employees at MICA. In addition, the University of Baltimore has over 6,500 students and about 500 employees. 

The property is within minutes of Baltimore’s historic Penn Station, which is set to receive $150 million in renovations in the coming years. Penn Station offers convenient access to public transportation, with access to Amtrak trains and the MARC commuter train to Washington, D.C. 

Station North is sandwiched between Baltimore City’s historic Mount Vernon and Old Goucher neighborhoods. Mount Vernon is home to an excess of retail and entertainment featuring attractions like the Washington Monument, Walters Art Museum, the George Peabody Library, and top eateries like Restaurante Tio Pepe and Sotto Sopra. Old Goucher provides residents high-end restaurants and bars, including Clavel, Fadensonnen, and Dutch Courage.

MAJOR AREA COLLEGES

$150 MILLION PENN STATION REDEVELOPMENT

Flats At Station North is a few blocks away from Penn Station, Baltimore’s premier transit hub, with Amtrak, MARC, light rail, and bus lines. The station is the eighth busiest in the country, with more than three million passengers annually. 

Penn Station, built 111 years ago, is set to receive $150 million worth of renovations over the next several years. Plans include modernizing the original building, a new glass-encased concourse for the trains, and two new mixed-use buildings consisting of retail, offices, and apartments. The plan is to restore the existing building while expanding the station in anticipation of increased ridership by 2040.