RevereCRE

O'Donnell Apartments

Deal Type: Acquisition

Risk Profiles: Core Plus

Property Types: Multifamily

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3233 O'Donnell St. | Baltimore, MD 21224

 

Harbor Stone Advisors is pleased to present O'Donnell Apartments, a gut-renovated asset located in Canton, one of Baltimore's premiere neighborhoods. The property is located a short walk away from some of the best retail, dining and nightlife the city has to offer, including Canton Square and Canton Crossing Shopping Center. O'Donnell Apartments is also less than 2 miles away from the Johns Hopkins Medical Center Bayview Campus.

 

The property features 13 expansive units with a mix of (4) 1 Br-1 Ba, (1) 1 Br-2 Ba, (4) 2 Br-2 Ba, and (4) 3 Br-2 Ba. There are also 12 storage units on-site available for tenants to rent. Current ownership completed a gut renovation of the property in 2019 which included converting the former manufacturing building into luxury apartments. Typical apartment unit features include stainless steel appliance packages, quartz countertops, wood cabinets, hardwood/tile flooring, in-unit washer/dryers, and luxury finishes. The current owner also built out the basement commercial space into a residential unit in 2021.

 

With minimal deferred maintenance for a new owner, the opportunity exists to organically increase rents at O'Donnell Apartments. Comparable properties nearby are currently achieving rents 10% higher than the Subject property. There is also an ability to increase the leasing efforts of the storage units or evaluate converting the area to a tenant amenity. O'Donnell Apartments has pre-existing debt that can be assumed. The current balance is $2,865,616 with a 3.875% interest rate. The loan matures in September 2050, with a rate adjustment in September 2027 and every 7 years thereafter. The property also has an existing CHAP Tax Credit in place through the 2028-2029 tax year, offering future savings.

3233 O'Donnell St. | Baltimore, MD 21224

 

Harbor Stone Advisors is pleased to present O'Donnell Apartments, a gut-renovated asset located in Canton, one of Baltimore's premiere neighborhoods. The property is located a short walk away from some of the best retail, dining and nightlife the city has to offer, including Canton Square and Canton Crossing Shopping Center. O'Donnell Apartments is also less than 2 miles away from the Johns Hopkins Medical Center Bayview Campus.

 

The property features 13 expansive units with a mix of (4) 1 Br-1 Ba, (1) 1 Br-2 Ba, (4) 2 Br-2 Ba, and (4) 3 Br-2 Ba. There are also 12 storage units on-site available for tenants to rent. Current ownership completed a gut renovation of the property in 2019 which included converting the former manufacturing building into luxury apartments. Typical apartment unit features include stainless steel appliance packages, quartz countertops, wood cabinets, hardwood/tile flooring, in-unit washer/dryers, and luxury finishes. The current owner also built out the basement commercial space into a residential unit in 2021.

 

With minimal deferred maintenance for a new owner, the opportunity exists to organically increase rents at O'Donnell Apartments. Comparable properties nearby are currently achieving rents 10% higher than the Subject property. There is also an ability to increase the leasing efforts of the storage units or evaluate converting the area to a tenant amenity. O'Donnell Apartments has pre-existing debt that can be assumed. The current balance is $2,865,616 with a 3.875% interest rate. The loan matures in September 2050, with a rate adjustment in September 2027 and every 7 years thereafter. The property also has an existing CHAP Tax Credit in place through the 2028-2029 tax year, offering future savings.

INVESTMENT HIGHLIGHTS

Rare Opportunity to Acquire a Mid-Sized, Gut-Renovated Asset in Canton

 

• Features 13 expansive units with a mix of (4) 1 Br-1 Ba, (1) 1 Br-2 Ba, (4) 2 Br-2 Ba, and (4) 3 Br-2 Ba

 

• Current ownership completed a gut renovation of the property in 2019 which included converting the former manufacturing building into luxury apartments

 

• Typical apartment unit features include stainless steel appliance packages, quartz countertops, wood cabinets, hardwood/tile flooring, in-unit washer/dryers, and luxury finishes

Minimal Deferred Maintenance and Ability to Organically Increase Rents

 

• Opportunity exists for a new owner to focus on organic rent growth as comparable properties nearby are achieving rents 10% higher than the Subject property

 

• There is also an ability to increase the leasing efforts of the storage units or evaluate converting the area to a tenant amenity

 

• Property also has an existing CHAP Tax Credit in place through the 2028-2029 tax year, offering future savings

In-Place, Assumable Debt Below Prevailing Market Rates

 

• Current balance is $2,865,616 with a 3.875% interest rate

 

• Loan matures in September 2050, with a rate adjustment in September 2027 and every 7 years thereafter

Excellent Location in Canton; Less Than 2 Miles Away from Johns Hopkins Bayview Campus

 

• Ranked a Walker's Paradise by WalkScore; a short walk to a variety of retail and dining options

 

• Easy access to major interstates I-895, I-95, I-695, and I-83; convenient access to other neighborhoods such as Fells Point and Harbor East

 

• Major area employers nearby: Johns Hopkins Hospital (Main and Bayview Campuses), Kennedy Krieger Institute, Amazon, Morgan Stanley

 

• Major area colleges nearby: Johns Hopkins University Schools of Medicine, Nursing, Public Health, and Business

NEIGHBORHOOD SPOTLIGHT: CANTON

 

O’Donnell Apartments is ideally situated in the heart of Baltimore’s historic Canton neighborhood, one of the city’s most vibrant and sought-after waterfront communities. Rooted in its industrial maritime past, Canton has transformed into a dynamic urban hub known for its walkability, charming rowhomes, and bustling O’Donnell Square. Residents enjoy access to boutique shops, craft breweries, and award-winning restaurants, such as Di Pasquale’s, Cafe Dear Leon, and Mama’s on the Half Shell.

 

Living at O’Donnell Apartments means being surrounded by some of the best lifestyle amenities Baltimore has to offer. Stroll to Canton Waterfront Park, a scenic green space with walking paths, a fishing pier, and views of Fort McHenry. Nearby Patterson Park, spanning over 130 acres, features athletic fields, a swimming pool, a dog park, and cultural destinations like the Creative Alliance arts center. The Shops at Canton Crossing, a premier retail destination, features Target, Harris Teeter, ULTA, and Old Navy, which offers residents a wide range of everyday essentials and conveniences. Brewer’s Hill, just to the east, is home to over 85 businesses, including cafés, fitness studios, and popular national retailers at The Shops at Canton Crossing.

 

Canton’s location makes commuting and connectivity effortless. The neighborhood is just minutes from I-95 and I-895, providing quick access to downtown Baltimore, Fells Point, and the Inner Harbor. It’s also a short drive to some of the city’s largest employers, including Exelon, Amazon, Under Armour, and Johns Hopkins Hospital, an $8 billion global health enterprise employing more than 40,000 people in Baltimore and ranked among the top hospitals in the U.S.

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