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PEABODY APARTMENTS

18-22 W 27th St. | Baltimore, MD 21218

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Opportunity to Acquire 22 Apartments with High Rent Growth Potential in Charles Village 

18-22 W 27th St. | Baltimore, MD 21218

 

Harbor Stone Advisors is pleased to present the Peabody Apartments, a well-maintained multifamily asset with value-add opportunity located in Charles Village. The property is located just blocks away from the John Hopkins University, one of the most prestigious universities in the country. Peabody Apartments is also a short walk away from multiple JHU shuttle stops. The JHU Shuttle not only makes stops at the main university campus, but also stops at Penn Station, Johns Hopkins Hospital, and the Peabody Institute of the Johns Hopkins University.

 

The property features 22 spacious units, with a mix of (3) Studios and (19) 1 Br-1 Ba. Typical unit features include white appliances, wood cabinets, formica countertops, and vinyl/LVT flooring. Peabody Apartments also has a surface lot with 13 parking spaces and 2 garages. The property was previously gut renovated and has all new mechanical systems. All of the units at the Peabody Apartments are in-service under the Low Income Housing Tax Credit (LIHTC) program through January 1, 2033.

 

Current ownership renovated 9 units in 2024 with a scope of updated appliances, new cabinets, resurfaced countertops and LVT flooring. The opportunity exists for a new owner to continue that renovation on the remaining 13 units, as well as add in-unit washer/dryers to all units. A new owner can also lease more units to voucher tenants in order to achieve higher rent premiums. Currently, there are 3 units leased to voucher tenants at an average rent of $1,410. There is also an ability to develop an additional 38 units on site.

INVESTMENT HIGHLIGHTS

Opportunity to Acquire a Well Maintained Asset in Charles Village

 
• Features 22 spacious units, with a mix of (3) Studios and (19) 1 Br-1 Ba

• Typical unit features include white appliances, wood cabinets, formica countertops, and vinyl/LVT flooring

• Property also has 13 surface parking spaces and 2 garages
 
• Previously gut renovated and has all new mechanical systems
 
• 100% of units in-service under LIHTC program through January 1, 2033

Ability to Create Value and Increase Rents Via Renovation Program

 
• Current ownership renovated 9 units in 2024 with a scope of updated appliances, new cabinets, resurfaced countertops and LVT flooring

• Opportunity exists for a new owner to continue that renovation on the remaining 13 units and and washer/dryers to all units

• A new owner can also lease more units to voucher tenants in order to achieve higher rent premiums

 

• There is also an ability to develop an additional 38 units on site

Half Mile Away from Johns Hopkins University and MedStar Union Memorial Hospital

 
• Short walk away from multiple JHU shuttle stops which makes stops at the main university campus, but also stops at Penn Station, Johns Hopkins Hospital, and the Peabody Institute of the Johns Hopkins University.

• Close proximity to neighboring areas such as Old Goucher, Hampden and Station North

• Major area employers/colleges nearby: JHU, MedStar Union Memorial Hospital, Loyola University of Maryland, Morgan State University, University of Baltimore

NEIGHBORHOOD SPOTLIGHT: CHARLES VILLAGE

Peabody Apartments is located within the historic and vibrant Charles Village neighborhood of Baltimore City, less than 5 minutes from the campus of Johns Hopkins University. The area is known for its unique architecture and colorful Victorian homes and is home to some of the city’s top attractions, such as the Baltimore Museum of Art.

The subject property is a few blocks from one of the most prestigious universities in the world, Johns Hopkins. The university is the leading employer in the city, with over 25,000 employees, and is home to more than 20,000 students.

Other major nearby colleges include the University of Baltimore, with 5,565 students, and Maryland Institute College of Art, with 3,500 students. MedStar Union Memorial Hospital is also just a 5-minute walk from the subject property, which employs more than 2,500.

The property is located nearby Wyman Park, a scenic, 16-acre urban park designed by the Olmsted brothers, the sons of the designer of NYC’s Central Park.  A short walk to a student- oriented retailstrip that includes multiple cafes and restaurants, several grocery stores, Barnes & Noble, Starbucks, and Chipotle.

Charles Village is nearby Hampden and Remington, a growing, artsy neighborhood known for its boutiques and restaurant scene. R. House, a modern food hall with nine food vendors, a cocktail bar, and an upstairs wellness center with two fitness studios and acupuncture/massage services, is located within a 5-minute drive. The Rotunda is also a short drive away, featuring a movie theater, yoga studio, organic grocery store, and several restaurants.

Peabody Apartments has convenient access to I-83 and 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. Johns Hopkins University shuttle also runs throughout the area.

PROXIMITY TO THE JOHNS HOPKINS UNIVERSITY

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