RevereCRE

Maine Apartments

Maine Apartments

Deal Type: Acquisition

Risk Profiles: Core Plus

Property Types: Multifamily

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3921 Maine Ave. | Baltimore, MD 21207

 

Harbor Stone Advisors is pleased to present the opportunity to acquire Maine Apartments, a well-maintained multifamily asset located in Northwest Baltimore City. The property consists of 8 spacious units, with a mix of (6) 1 Br-1 Ba and (2) 2 Br-1 Ba. Current ownership renovated all but two units between 2020 and 2021 with a scope of new appliances, updated cabinets and countertops, refreshed bathrooms, and vinyl flooring.

 

The opportunity exists for a new owner to continue the existing renovation scope on the two remaining classic units, while also organically increasing rents. Comparable properties in the area are achieving rents $200 higher on average than the Subject property.

INVESTMENT HIGHLIGHTS

Opportunity to Acquire a Well-Maintained Multifamily Asset in Northwest Baltimore City

 

• Consists of 8 spacious units, with a mix of (6) 1 Br-1 Ba and (2) 2 Br-1 Ba


• Current ownership renovated all but two units between 2020 and 2021 with a scope of new appliances, updated cabinets and countertops, refreshed bathrooms, and vinyl flooring

• All but one tenant reimburses for water

Value Add Potential Via Rent Growth and Renovation Two Remaining Classic Units

 

• Opportunity exists for a new owner to continue the existing renovation scope on the two remaining classic units


• Ability for organic rent growth as rents are under market

• Comparable properties in the area are achieving rents $200 higher on average than the Subject property

 

Located in Central Forest Park Area of NW Baltimore City

 

• Numerous public transit options are located nearby including bus stops and Metro SubwayLink stop at Mondawmin Mall


• Easy access to Downtown Baltimore and Inner Harbor

• Major area employers nearby: Coppin State University, Sinai Hospital, Baltimore City Community College

 

• Major area colleges nearby: Coppin State University, Baltimore City Community College

NEIGHBORHOOD SPOTLIGHT: NORTHWEST BALTIMORE CITY

Maine Apartments, 3921 Maine Ave., is situated in Northwest Baltimore City, conveniently located near some of the state’s top employers and universities, including Sinai Hospital, Loyola University Maryland, and Coppin State University. Residents have easy access to nearby attractions such as Forest Park Golf Course, one of Baltimore City’s premier public golf courses, the Maryland Zoo, Pimlico Race Track, and the Cylburn Arboretum.

 

Several higher education institutions are close by, including Coppin State  University with 2,006 students, Loyola University Maryland with 1,360  students, and Baltimore City Community College serving 7,160 students.  Additionally, Johns Hopkins University’s undergraduate campus is about 15-20 minutes away from Maine Apartments. As the city’s largest employer, Johns Hopkins University employs over 25,000 people and is home to more than 7,000 undergraduates and nearly 2,000 graduate students. Other major employers nearby include Sinai Hospital, part of the LifeBridge Health system, one of the area’s largest hospitals. Sinai Hospital employs over 5,300 staff members, including medical professionals, nurses, and  administrative and support personnel.

 

Significant development is underway in the surrounding neighborhoods, including the $25 million redevelopment of Mondawmin Mall, known as The Village at Mondawmin. This project, led by Whiting-Turner Contracting  Company, is transforming the former Target building into a 122,000-square-foot community hub. Tenants include CareFirst BlueCross BlueShield, which will offer wellness activities and workforce training, and the University of Maryland, which will provide healthcare services.

 

Located about a 15 minute drive from Downtown Baltimore, Maine Apartments provides convenient access to public transportation. Several city bus stops are directly accessible, and the nearest Metro station is less than a a 5-minute drive away. The property also offers easy access to  major highways, including I-695, I-70, and I-83.

NEIGHBORHOOD SPOTLIGHT: NORTHWEST BALTIMORE CITY

Maine Apartments, 3921 Maine Ave., is situated in Northwest Baltimore City, conveniently located near some of the state’s top employers and universities, including Sinai Hospital, Loyola University Maryland, and Coppin State University. Residents have easy access to nearby attractions such as Forest Park Golf Course, one of Baltimore City’s premier public golf courses, the Maryland Zoo, Pimlico Race Track, and the Cylburn Arboretum.

 

Several higher education institutions are close by, including Coppin State  University with 2,006 students, Loyola University Maryland with 1,360  students, and Baltimore City Community College serving 7,160 students.  Additionally, Johns Hopkins University’s undergraduate campus is about 15-20 minutes away from Maine Apartments. As the city’s largest employer, Johns Hopkins University employs over 25,000 people and is home to more than 7,000 undergraduates and nearly 2,000 graduate students. Other major employers nearby include Sinai Hospital, part of the LifeBridge Health system, one of the area’s largest hospitals. Sinai Hospital employs over 5,300 staff members, including medical professionals, nurses, and  administrative and support personnel.

 

Significant development is underway in the surrounding neighborhoods, including the $25 million redevelopment of Mondawmin Mall, known as The Village at Mondawmin. This project, led by Whiting-Turner Contracting  Company, is transforming the former Target building into a 122,000-square-foot community hub. Tenants include CareFirst BlueCross BlueShield, which will offer wellness activities and workforce training, and the University of Maryland, which will provide healthcare services.

 

Located about a 15 minute drive from Downtown Baltimore, Maine Apartments provides convenient access to public transportation. Several city bus stops are directly accessible, and the nearest Metro station is less than a a 5-minute drive away. The property also offers easy access to  major highways, including I-695, I-70, and I-83.

LOCATION MAP

LOCAL AREA DEVELOPMENT:

$25M Redevelopment: The Village at Mondawmin

1.9 Mi. Away from

Maine Apartments

 

Maine Apartments is about a 10 minute drive from the Village Mondawmin, a major redevelopment of the former Target space at the Mondawmin Mall began in December 2022. The building has been vacant since 2018 and has since been demolished and will be transformed into a community center. 

 

 The center will include a 13,000-square-foot Program of All-Inclusive Care for the Elderly (PACE) senior medical and social services center, workforce training, a call center, and an expansion of the nonprofit TouchPoint Empowerment Center, a collection of nonprofit groups founded in 2016. Whiting-Turner will also occupy office space at the hub. In 2024, CareFirst BlueCross BlueShield signed a 20,000 square foot lease at the upcoming The Village at Mondawmin facility to host workforce development training, employee offices and community engagement initiatives.

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