1521 Park

1521 Park Ave. | Baltimore, MD 21217

PROPERTY OVERVIEW

Price: $650,000

# of Units: 5

Avg. Rent: $1,022

Year Built: 1880

Harbor Stone Advisors is pleased to present the opportunity to acquire 1521 Park Avenue, a multifamily asset located in the Bolton Hill neighborhood of Baltimore City. 1521 Park Avenue features 5 units with a mix of (1) Studio and (4) 1 Br-1 Ba. Typical unit features consist of white/black/stainless steel appliances, wood cabinets, hard surface countertops, and hardwood/ceramic tile flooring. Bolton Hill is home to 20 blocks of mostly preserved, historic buildings and numerous monuments and parks. Residents of 1521 Park are just a short walk away from Baltimore Penn Station, Maryland Institute College of Art (MICA), and University of Baltimore.

The opportunity exists for a new owner to renovate all of the units with a suggested scope of stainless steel appliances, updated cabinets, granite countertops, and updated bathrooms. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $200 higher compared to the Subject property.

Opportunity to Acquire a Multifamily Asset in Bolton Hill

• Features 5 units with a mix of (1) Studio, (4) 1 Br-1 Ba.

• Typical unit features consist of white/black/stainless steel appliances, wood cabinets, hard surface countertops, and hardwood/ceramic tile flooring

Ability to Increase Rents Via Renovation Program

• Opportunity exists for a new owner to renovate all of the units with a suggested scope of stainless steel appliances, updated cabinets, granite countertops, and updated bathrooms

• Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $200 higher compared to the Subject property

Excellent Location in Bolton Hill

• Easy access to I-83 and Downtown Baltimore

• Located 1 mile away from Penn Station and surrounded by additonal public transportation options such as the Metro, Lightrail, and CityLink bus stops

• Major area employers/colleges nearby: Maryland Institute College of Art (MICA), University of Baltimore, University of Maryland Medical Center (UMMC) Midtown Campus

1521 Park Ave. is located within the Bolton Hill neighborhood of Baltimore City. Bolton Hill is a historic neighborhood with tree-lined streets, filled with mid to late 19th century townhouses, quaint parks, historic fountains and monuments, and several high end restaurants. Walking distance to a Walgreens, Subway, Save a Lot, and local eateries such as, Cookhouse and On the Hill Cafe.

Adjacent to Maryland Institute College of Art’s campus, one of the oldest art schools in the country.  It enrolls nearly 3,500 undergraduate, graduate, and continuing studies students from 49 states and 52 countries in fine arts, design, electronic media, art education, liberal arts, and professional studies degree and non-credit programs. MICA employs 1,911 people and is the 11th largest employer in Baltimore City.

Blocks to the Reservoir Square Redevelopment, a mixed-use development that will feature up to 380 residences and about 40,000 SF of commercial and office space. Baltimore’s Board of Municipal and Zoning Appeals voted unanimously on July 27th to approve the construction of 120 townhomes in the 800 block of West North Avenue, the first of two key hurdles the developers need to clear before proceeding with construction.

Less than a half mile walk to University of Baltimore, a public undergraduate, graduate, and professional university located in Midtown Baltimore. UB’s various colleges provide education in business, law, public affairs, and the applied arts and sciences. The university enrolls nearly 4,200 students and has a handful of notable alumni such as Peter Angelos, former owner of the Baltimore Orioles, and Bob Parsons, the founder of GoDaddy. 

The property is less than a 5-minute drive from Baltimore’s Penn Station, which is to receive $90M+ worth of renovations. Plans include the modernization of the original building, a new glass-encased concourse for the trains, and two new mixed-use buildings which will consist of retail, offices, and apartments. Construction is expected to begin this summer and set to be completed sometime in 2023. 

Maryland Institute College of Art (MICA), located adjacent to the subject property, is the nation’s oldest continuously degree-granting college of art and design.

The college enrolls nearly 3,500 students (undergraduate, graduate, and open studies) from 49 states and 52 countries, and offers more than 20 majors and minors programs. There are four on-campus residence facilities that cumulatively hold more than 1,000 beds and consist of 2, 3, and 4 bedroom units. MICA currently does not have any plans underway for construction of additional student housing.