NORTH COMMONS
1808-1812, 1816 Saint Paul St.
Baltimore, MD 21202
Opportunity to Acquire a Well Maintained Asset in Station North
1808-1812, 1816 Saint Paul St. | Baltimore, MD 21202
Harbor Stone Advisors is pleased to present North Commons, a well-maintained multifamily asset with value-add opportunity located in Station North. The property is located less than a mile away from University of Baltimore and the Maryland Institute College of Art (MICA). North Commons is also a 6-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 16 apartments with a unit mix of (3) Studios and (13) 1 Br-1 Ba. Typical unit features consist of black/stainless steel appliances, wood cabinets, hard surface countertops, and LVT/carpet flooring. North Commons also has 8 off street parking spaces located behind the building. Prior ownership completed a gut renovation of the property in 2012 which included apartment upgrades as well as updated electric and plumbing.
The opportunity exists for a new owner to perform a light upgrade to all units with a suggested scope of stainless steel appliances and granite countertops. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $200 higher on average than the Subject property. There is also an opportunity to implement parking fees to tenants as off-street parking is a highly sought after amenity of city living.
PRICE: $1,957,140
PRICE/UNIT: $122,321
# OF UNITS: 16
AVG. RENT: $1,043
PARKING SPACES: 8
LEAD STATUS: Lead Free
NEIGHBORHOOD HIGHLIGHT: STATION NORTH
North Commons 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, as well as a plethora of entertainment, including art galleries, theaters, and a cinema.
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 25,000 employees, and 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, and the University of Baltimore.
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.
PROXIMITY TO PENN STATION
INVESTMENT HIGHLIGHTS
- Features 16 apartments with a unit mix of (3) Studios and (13) 1 Br-1 Ba
- Typical unit features consist of black/stainless steel appliances, wood cabinets, hard surface countertops, and LVT/carpet flooring
- Property also has 8 off street parking spaces located behind the building
- Prior ownership completed a gut renovation of the property in 2012 which included apartment upgrades as well as updated electric and plumbing
- Opportunity exists for a new owner to perform a light upgrade to all units with a suggested scope of stainless steel appliances and granite countertops
- Potential to increase rents at least 20% based on nearby rent comparables
- Ability to implement parking fees to tenants as off-street parking is a highly sought after amenity of city living
- 6-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years
- Ranked a Walker's Paradise by WalkScore
VIRTUAL TOUR
PHOTO GALLERY
Contacts