HENDRICKSON TOWNHOMES
Rare Opportunity to Acquire a 29-Unit, Value-Add Townhome Community in the Highly Sought After Towson Area, Minutes Away from Towson University.
281 Hendrickson Ln. | Towson, MD 21286
Harbor Stone Advisors is pleased to present Hendrickson Townhomes, a rare value-add opportunity in Baltimore County. Located in the heart of Towson, Hendrickson Townhomes is less than a 10-minute drive away from 3 of the top employers in the county: Towson University, University of Maryland St. Joseph Medical Center, and Greater Baltimore Medical Center (GBMC). The property is also a 5-minute walk away from the Towson Town Center, home to numerous retail shops and restaurants, and Stanley Black and Decker.
Hendrickson Townhomes consists of 29 units with a mix of (6) 2 Br-1 Ba apartments, (20) 3 Br-1.5 Ba townhomes, and (3) 4 Br-1.5 Ba townhomes. Typical unit features include white appliances, wood cabinets, laminate countertops, and carpet/vinyl plank/ceramic tile flooring. The property also has a surface parking lot with 48 spaces. The opportunity exists for a new owner to renovate all of the units at Hendrickson Townhomes with a suggested scope of stainless steel appliances, granite countertops, updated bathrooms, and vinyl plank flooring throughout. Comparable properties nearby are achieving rents at least 25% higher on average than the Subject property. A new owner can also evaluate shifting the tenant base to predominantly market and/or student housing, implement a water reimbursement program upon renewal and/or new lease, reposition management, and cut unnecessary expenses.
| PRICE: | Subject to Offer |
| # OF UNITS: | 29 |
| AVG RENT: | $1,456 |
| YEAR BUILT: |
1982 |
| PARKING SPACES: | 48 |
| LEAD STATUS: | Lead Free |
Area Spotlight: Towson
Hendrickson Townhomes is located in Towson, the largest and most populated city in Baltimore County. The area is renowned for its excellent schools, both public and private for students K-12 and beyond, as well as its bustling nightlife and entertainment scene.
Anchoring the city, is Towson’s largest institution—Towson University. Ranked the #1 public university in the state by U.S. News World & Report in 2023, the institution hosts roughly 20,000 students and 3,000 faculty and staff each year. Several major developments have emerged at the school, including a brand new 320K SF science complex and a recently delivered college of Health Professions building.
Health professionals and government employees make up a large percentage of those who live in Towson. Greater Baltimore Medical Center (GBMC), University of Maryland St. Joseph Medical Center, and Sheppard Pratt Health Solutions are just a few of the major medical institutions in the area. District offices for both the county court system and Baltimore County Public schools are also located within the city.
In addition to the vast employment and education opportunities in the area, residents of the property enjoy easy access to a plethora of retail options. Retail shopping centers nearby include Towson Town Center Mall (150+ shops and restaurants, including Apple, Nordstrom, Lululemon, and Sephora) and The Shops at Kenilworth (Trader Joe’s, J. Crew, Atwater’s, and more).
Residents of the property are within minutes of major throughfares, including I-83 and I-695. This provides seamless travel beyond Towson to other major retail and employment hubs such as White Marsh, Owings Mills, Lutherville-Timonium, and Baltimore City
AERIAL MAP
INVESTMENT HIGHLIGHTS
- Consists of 29 units with a mix of (6) 2 Br-1 Ba apartments, (20) 3 Br-1.5 Ba townhomes, and (3) 4 Br-1.5 Ba townhomes
- Typical unit features include white appliances, wood cabinets, laminate countertops, and carpet/vinyl plank/ceramic tile flooring
- Property also has a surface parking lot with 48 spaces
- Opportunity exists for a new owner to renovate all of the units at Hendrickson Townhomes with a suggested scope of stainless steel appliances, granite countertops, updated bathrooms, and vinyl plank flooring throughout
- Comparable properties nearby are achieving rents at least 25% higher on average than the Subject property
- A new owner can evaluate shifting the tenant base to predominantly market and/or student housing
- There is also an ability to implement a water reimbursement program upon renewal and/or new lease, reposition management, and cut unnecessary expenses
- Suburban location with easy access to I-695 and proximity to Towson Town Center
- Major area employers nearby: Stanley Black and Decker, GBMC, University of Maryland St. Joseph Medical Center, Sheppard Pratt
- Major area colleges nearby: Towson University, Goucher College, Loyola University of Maryland
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