2300 North Calvert
2300 North Calvert
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
2300 N Calvert St. | Baltimore, MD 21218
Harbor Stone Advisors is pleased to present 2300 North Calvert Apartments, a well-maintained multifamily asset located in the Old Goucher neighborhood of Baltimore City. The property is located one mile away from the John Hopkins University, one of the most prestigious universities in the country. 2300 North Calvert 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 15 spacious apartments with a unit mix of (4) 1 Br-1 Ba and (11) 2 Br-2 Ba. The property underwent a gut renovation in 2013 and were originally created as condos. Typical unit features consist of white appliances, wood cabinets, formica countertops, carpet/tile flooring, and in-unit washer/dryers. 2300 North Calvert Apartments also has 14 surface parking spaces.
The opportunity exists for a new owner to renovate all of the units at 2300 North Calvert with a suggested scope of stainless steel appliances, granite countertops, updated bathrooms, and LVT flooring. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents at least 15% higher on average than the Subject property. A new owner can also implement a charge for parking as it is currently not monetized.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Previously Gut-Renovated Asset in Old Goucher
• Typical unit features consist of white appliances, wood cabinets, formica countertops, carpet/tile flooring, and in-unit washer/dryers
• Property also has 14 surface parking spaces
• Previously gut renovated in 2013 and were originally created as condos
Ability to Create Value and Increase Rents Via Renovation Program
Excellent Location in Old Goucher; 1 Mile Away from the Johns Hopkins University
• Ranked a Walker's Paradise by Walk Score, just steps away from dining, retail and nightlife
• 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.
• Easy access to surrounding neighborhoods such as Charles Village, Station North, and Hampden
• Major area employers/colleges nearby: JHU, Medstar Union Memorial Hospital, University of Baltimore, Loyola University of Maryland, Morgan State University
FLOOR PLANS
NEIGHBORHOOD SPOTLIGHT: OLD GOUCHER
Located in the heart of the historic Old Goucher neighborhood, 2300 North Calvert offers a prime location in North Baltimore. This vibrant community is named after Goucher College, whose original campus lies at its center. The property is just a short 7-minute drive from Johns Hopkins University’s undergraduate campus, the city’s largest employer with over 25,000 staff and more than 9,000 students across undergraduate and graduate programs. Other nearby academic institutions include the University of Baltimore (5,565 students) and Maryland Institute College of Art (3,500 students). MedStar Union Memorial Hospital, a major medical facility with over 2,800 employees, is also only 7 minutes away.
The area is a food lover’s haven, with high-end dining options such as Clavel (Mexican cuisine), Fadensonnen (German beer garden), and Dutch Courage (gin-focused bar) just steps away. A few minutes’ walk brings you to R. House, a modern food hall featuring nine vendors, a cocktail bar, and wellness facilities offering fitness and acupuncture services. For daily conveniences, Safeway, complete with an in-store Starbucks, is only a few blocks away that is alongside numerous casual eateries. A short walk brings you to the 32nd Street Farmer’s Market, a year-round market featuring over 50 vendors each week. With a Walk Score of 94, the property is rated as a Walker’s Paradise, ideal for those who enjoy the convenience of having amenities within easy reach.
The property is located near Charles Village, which has a student-oriented retailstrip that includes Barnes & Noble, several grocery stores, and numerous cafes and restaurants, such as Bird In Hand, Starbucks, Kajikan, and Charles Village Pub. The property is near Hampden, which is a growing artsy neighborhood known for its boutiques and restaurant scene, such as Double Dutch Boutique, Cloud 9 Clothing, Common Ground, and The Charmery. The Rotunda is also a short drive away, featuring a movie theater, yoga studio, MOM’s organic grocery store, and several restaurants. 2300 North Calvert 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.
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