3814 West Cold Spring
3814 West Cold Spring
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
3814 West Cold Spring Ln. | Baltimore, MD 21215
Harbor Stone Advisors is pleased to present 3814 W Cold Spring, a multifamily asset with significant value add opportunity in Northwest Baltimore City. 3814 W Cold Spring was constructed in 1910 and features (4) 2 Br-1 Ba and (1) 3 Br-2 Ba units. Typical unit features consist of black and stainless steel appliances, wood cabinets, formica countertops, and hardwood/LVT/laminate flooring. Units are separately metered for gas and electric, and the property boasts a large shared yard.
The opportunity exists for a new owner to renovate all of the units at 3814 W Cold Spring, with a suggested scope of resurfaced countertops, updated bathrooms, LVT flooring throughout and in-unit washer/dryers. Based on comparable properties nearby that have undergone renovations of a similar scope, the Subject property can achieve rents of at least $1,300-$1,500 post renovation. 3814 W Cold Spring is a vacant property, and there is a significant opportunity for management upside and leasing up the property to Section 8 and voucher tenants to generate additional rental premiums and certainty of rental income.
INVESTMENT HIGHLIGHTS
Prime Value-Add Opportunity in Northwest Baltimore City
• Typical unit features consist of black and stainless steel appliances, wood cabinets, formica countertops, and hardwood/LVT/laminate flooring
• Units are separately metered for gas and electric, and has a shared yard
Significant Ability to Increase Rents Via Renovation Program
Convenient Location in Northwest Baltimore City With Easy Access to Downtown Baltimore
• Easy access to major highways and multiple bus and metro stops are located near the property
• Easy access to Downtown Baltimore and Inner Harbor
• Major area employers/colleges nearby: Sinai Hospital, Coppin State University, Social Security Administration, Baltimore City Community College
VALUE-ADD OPPORTUNITY
The opportunity exists for a new owner to renovate all of the units at 3814 W Cold Spring, with a suggested scope of resurfaced countertops, updated bathrooms, LVT flooring throughout and in-unit washer/dryers. Based on comparable properties nearby that have undergone renovations of a similar scope, the Subject property can achieve rents of at least $1,300-$1,500 post renovation. A new owner can also focus on leasing to voucher tenants to generate additional rental premiums and have certainty of rental income.
CURRENT INTERIOR SCOPE:
- Stainless Steel / Black Appliances
- Brown Wood Cabinets
- Formica Countertops
- Hardwood/Vinyl/Tile Flooring
SUGGESTED UPGRADES:
- Resurfaced Countertops
- Updated Bathrooms
- Installation of In-Unit Washer / Dryers
- LVT / Resurfaced Hardwood Flooring Throughout
NEIGHBORHOOD SPOTLIGHT: NORTHWEST BALTIMORE CITY
3814 West Cold Spring is situated in Northwest Baltimore City, conveniently located near some of the state’s top employers and universities, including Sinai Hospital, Loyola University Maryland, and Coppin State University. Residents have easy access to nearby attractions such as Forest Park Golf Course, one of Baltimore City’s premier public golf courses, the Maryland Zoo, Pimlico Race Track, and the Cylburn Arboretum.
Several higher education institutions are close by, including Coppin State University, with 2,006 students, Loyola University Maryland, with 1,360 students, and Baltimore City Community College, serving 7,160 students. Additionally, Johns Hopkins University’s undergraduate campus is about 10-15 minutes away from 3814 West Cold Spring. As the city’s largest employer, Johns Hopkins University employs over 25,000 people and is home to more than 7,000 undergraduates and nearly 2,000 graduate students.
Other major employers nearby include Sinai Hospital, part of the LifeBridge Health system, one of the area’s largest hospitals. Sinai Hospital employs over 5,300 staff members, including medical professionals, nurses, and administrative and support personnel.
Significant development is underway in the surrounding neighborhoods, including the $25 million redevelopment of Mondawmin Mall, known as The Village at Mondawmin. This project, led by Whiting-Turner Contracting Company, is transforming the former Target building into a 122,000-square-foot community hub. Tenants include CareFirst BlueCross BlueShield, which will offer wellness activities and workforce training, and the University of Maryland, which will provide healthcare services.
Located about a 15 minute drive from Downtown Baltimore, the 3814 West Cold Spring provides convenient access to public transportation. Several city bus stops are directly accessible, and the nearest Metro station is less than a a 5-minute drive away. The property also offers easy access to major highways, including I-695, I-70, and I-83.
LOCAL AREA DEVELOPMENT:
$25M Redevelopment: The Village at Mondawmin
2.5 Mi from 3814 West Cold Spring
3814 West Cold Spring is about a 10 minute drive from the Village Mondawmin, a major redevelopment of the former Target space at the Mondawmin Mall began in December 2022. The building has been vacant since 2018 and has since been demolished and will be transformed into a community center. The center will include a 13,000-square-foot Program of All-Inclusive Care for the Elderly (PACE) senior medical and social services center, workforce training, a call center, and an expansion of the nonprofit TouchPoint Empowerment Center, a collection of nonprofit groups founded in 2016. Whiting-Turner will also occupy office space at the hub.
In 2024, CareFirst BlueCross BlueShield signed a 20,000 square foot lease at the upcoming The Village at Mondawmin facility to host workforce development training, employee offices and community engagement initiatives.
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