Opportunity to Acquire 8 Renovated, Contiguous Properties in Old Goucher

2422-2436 N Calvert St. | Baltimore, MD 21218

Harbor Stone Advisors is pleased to present the Calvert Collection, 8 contiguous buildings in the Old Goucher neighborhood of Baltimore City. Old Goucher has attracted an abundance of residential development over the past few years, making it one of the fastest-growing neighborhoods in the city and aiding the progression of rent growth in the area.

The Calvert Collection features 39 apartments with a unit mix of (36) 1 Br-1 Ba and (3) 2 Br-1 Ba, as well as (1) office space. There is surface parking behind the buildings with space for 20 cars. Most of the units (95%) are leased to voucher tenants, providing certainty of rental income. Current ownership completed a renovation of the property in 2021 which included apartment upgrades. Typical unit features include black/white/stainless steel appliances, granite countertops, wood cabinets, vinyl plank/tile flooring, and in-unit washer/dryers. In addition to apartment renovations, current ownership completed numerous capital projects including updating the electric and plumbing, roof replacements, and installation of new HVAC and hot water heaters.

With minimal deferred maintenance, the opportunity exists for a new owner to focus on increasing the existing voucher rents. Other value-add opportunities include implementing a water reimbursement program upon renewal and/or new lease and charging for parking. 

INVESTMENT HIGHLIGHTS

• Features 39 apartments with a unit mix of (36) 1 Br-1 Ba and (3) 2 Br-1 Ba and (1) office space
• Surface parking behind the buildings with space for 20 cars
• Most of the units (95%) are leased to subsidized tenants, providing certainty of rental income
• Current ownership completed a renovation of the property in 2021 which included apartment upgrades, updating the electric and plumbing, roof replacements, and installation of new HVAC and hot water heaters

• With minimal deferred maintenance, the opportunity exists for a new owner to focus on increasing the existing voucher rents
• Implementation of a water reimbursement program upon renewal and/or new lease and charging for parking

• Known as Baltimore’s “Design District” and is one of the fastest-growing neighborhoods in Baltimore City
• Ranked a Walker’s Paradise by WalkScore, just a short walk away from dining and retail
• 5 minute drive from Penn Station; blocks away from Charles Village and Station North and easy access to Downtown Baltimore
• Major area colleges nearby: Johns Hopkins University, Maryland Institute College of Art (MICA), University of Baltimore

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