Nottingham South
Opportunity to Acquire a Renovated Garden Apartment Community (84 Residential Units, 1 Commercial) with Further Value-Add Potential.
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
707 Nottingham Rd. | Baltimore, MD 21229
Opportunity to Acquire a Renovated Garden Apartment Community (84 Residential Units, 1 Commercial) with Further Value-Add Potential.
Harbor Stone Advisors is pleased to present Nottingham South, a well-maintained garden apartment community located in Southwest Baltimore City. This exceptional property offers a strategic location, bordering the Baltimore County line and providing seamless access to major transportation arteries including I-70, I-695, and Route 40, ensuring convenient connectivity for residents.
The property features 84 apartment units with a mix of (32) Studios, (40) 1 Br- 1 Ba, (11) 2 Br-1 Ba, and (1) 2 Br-2 Ba. In addition to the residential offerings, Nottingham South also features a valuable commercial space, currently leased to a nail salon until February 2028, providing a stable income stream. Residents benefit from an array of on-site amenities designed to enhance their living experience, including a family-friendly playground, ample surface parking, and convenient on-site laundry facilities. Current ownership has completed numerous capital projects over the years including unit renovations, leaving minimal deferred maintenance for a new owner. Typical apartment unit features include white appliances, wood cabinets, formica countertops, updated bathrooms, and hardwood flooring throughout. Beyond individual unit enhancements, the current owner has also invested significantly in the property’s infrastructure, replacing all windows, comprehensively overhauling all six boilers, modernizing common areas, and executing essential roof work, among other critical projects.
A compelling opportunity exists for a new owner to further elevate the property’s appeal and financial performance through strategic interior upgrades. By introducing premium features such as stainless steel appliances, granite countertops, and contemporary hardware and fixtures, a new owner can significantly enhance the resident experience and command higher rental rates. The local market has demonstrated a strong appetite for higher-end renovations, with comparable properties in the vicinity currently achieving rents at least 20% higher on average than Nottingham South. Furthermore, there is an immediate opportunity to optimize utility reimbursements by increasing monthly charges to tenants to more fully cover gas and water expenses. Alternatively, a new owner could explore the installation of individual submeters.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Well-Maintained Garden Asset in SW Baltimore City
- Features 84 units with a mix of (32) Studios, (40) 1 Br- 1 Ba, (11) 2 Br-1 Ba, and (1) 2 Br-2 Ba, as well as (1) commercial space
- Commercial space is leased to a nail salon through February 2028
- Typical apartment unit features include white appliances, wood cabinets, formica countertops, updated bathrooms, and hardwood flooring throughout
- Property amenities include a playground, surface parking lot, and on-site laundry facilities
Ability to Increase Rents at Least 20% Via Light Renovation
- Current ownership has completed numerous capital projects over the years including unit renovations, replacement of all windows, overhaul of all 6 boilers, updated the common areas, and completed roof work among other projects.
- Opportunity exists for a new owner to further expand upon the interior scopes of all units by adding stainless steel appliances, granite countertops, and adding modern hardware/fixtures
- Comparable properties nearby are currently achieving rents at least 20% higher on average than the Subject property
- There is also an ability to increase the monthly utility reimbursements to tenants to cover the gas and water expenses or evaluate the installation of submeters
Excellent Suburban Location Near Baltimore County Line
- Conveniently located near I-70, I-695, and Route 40
- Close proximity to multiple shopping centers and restaurants, as well as parks and hiking trails
- Major area employers/colleges nearby: U.S. Social Security Administration, University of Maryland Baltimore County (UMBC), Ascension St. Agnes Hospital, CCBC Catonsville, University of Maryland Rehabilitation and Orthopaedic Institute
LOCATION HIGHLIGHTS
Nottigham South is located in Southwest Baltimore, just east of Catonsville, within the suburban neighborhood of Hunting Ridge. The property is roughly 10 minutes from Downtown Baltimore and minutes from the Baltimore County Line. The property benefits from a prime location near I-95, I-695, I-70, I-83, and US Route 40. These major thoroughfares lead to major employment hubs throughout the region, such as the Federal Center at Woodlawn (16,000 federal employees), UMBC (13,600 students/ 2,100 employees), and St. Agnes Hospital (4,000+ employees).
The subject property is also located within proximity to several other community colleges. The Community College of Baltimore County (CCBC) is located just 10 minutes away and enrolled a collective of more than 45,000 students at its three locations. Residents have access to many lifestyle amenities, shopping, and entertainment. Within 2 miles of the property, there is over 2 million square feet of retail , featuring prominent shopping centers like Edmondson Village, Catonsville Plaza, and the Westview Mall, which features a Lowe’s Home Improvement, Sam’s Club, and Marshall’s. The property is within a 5-minute drive of various grocery stores, including Aldi, Giant, HMart, and Safeway. Additionally, residents are within a short drive of Frederick Road in Catonsville, a walkable corridor peppered with independent cafes, restaurants, and shops.
VALUE ADD
Current ownership updated the majority of residential units by adding new appliances, cabinets, resurfaced countertops, updated bathrooms, and hardwood flooring throughout.
The opportunity exists for a new owner to further expand upon the interior scopes of all units by adding stainless steel appliances, granite countertops, and adding modern hardware/fixtures. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents at least 20% higher on average than the Subject property.
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