Earl Court
Earl Court
Deal Type: Acquisition
Risk Profiles: Core, Value-Add
Property Types: Multifamily
1301 Saint Paul St. | Baltimore, MD 21202
Harbor Stone Advisors is pleased to present Earl Court, a meticulously maintained multifamily property situated in the historic Mount Vernon neighborhood. Its prime location offers residents unparalleled convenience, being just a three-minute walk from The University of Baltimore Campus. Additionally, the property is less than a 15-minute walk to major employment centers, including the Social Security Administration and Maryland State Government offices. Earl Court also benefits from its proximity to Penn Station, a mere six-minute walk away, which is currently undergoing a $150 million renovation project slated for completion over the next several years.
The property boasts 47 condo units, comprising (32) 1 Br-1 Ba, (14) 2 Br-1 Ba, and (1) 3 Br-1 Ba. Since acquiring the property, the current owner has invested significantly in capital improvements. In 2019, 90% of the units underwent extensive renovations, now featuring stainless steel appliances, granite countertops, wood cabinets, updated bathrooms LVT flooring, and in-unit washer/dryers in select units. Beyond unit upgrades, the owner has also replaced the roof, central hot water heater, and elevator, and has installed a package locker system. They also updated the building and unit electric to all new 125 amp service with new window mini-split HVAC systems.
A new owner has the opportunity to enhance Earl Court by renovating the remaining four classic units and installing washer/dryers in units currently lacking them. Units with washer/dryers are achieving rental premiums $100 higher on average than units without. The basement area, currently utilized as a maintenance zone, represents another significant opportunity for value creation. This expansive space can be transformed into a valuable tenant amenity, such as a state-of-the-art resident gym, offering a convenient and attractive feature for tenants. Alternatively, it could be converted into secure storage lockers, providing a potential additional revenue stream.
INVESTMENT HIGHLIGHTS
Prime Investment Opportunity in Historic Mount Vernon
• Current owner has renovated 90% of units with a scope of stainless steel appliances, granite countertops, new cabinets, updated bathrooms, LVT flooring, and washer/dryers in some units.
• Beyond unit upgrades, the owner has also replaced the roof, central hot water heater, and elevator, and has installed a package locker system. They also updated the building and unit electric to all new 125 amp service with new window mini-split HVAC systems.
Ability to Renovate Units and Increase Rents
Located in Historic Mount Vernon; 3 Minute Walk to University of Baltimore
• Ranked a Walker's Paradise by WalkScore; proximity to multiple modes of public transportation.
• 6-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
• Major area employers nearby: UMMC, Maryland State Offices, and Social Security Administration.
• Major area colleges nearby: University of Baltimore, Peabody Institute of The Johns Hopkins University, MICA
VALUE-ADD OPPORTUNITY
Since acquiring the property, the current owner has undertaken significant capital improvements, with 90% of the units undergoing comprehensive renovations in 2019. These upgrades have substantially enhanced the appeal and functionality of the apartments, featuring premium finishes such as stainless steel appliances, elegant granite countertops, and modern cabinetry. Bathrooms have been fully updated, and durable LVT flooring has been installed throughout the renovated units. A key improvement for tenant convenience is the inclusion of in-unit washer/dryers in a portion of these revitalized units.
For a new owner, compelling opportunities exist to further enhance the property's value and revenue potential:
- Complete Remaining Unit Renovations: Complete Remaining Unit Renovations: There are 4 classic units that have not yet been updated. A new owner can complete these renovations to match the high standard of the previously upgraded units, thereby maximizing rental income across the entire property and ensuring consistency in tenant experience.
- Expand In-Unit Laundry Facilities: Strategic addition of washer/dryers to units currently lacking them would significantly increase tenant satisfaction and justify higher rental rates, appealing to a broader demographic seeking modern amenities. Currently, units with washer/dryers are achieving rental premiums $100 higher on average than units without.
- Develop Basement Amenities: The underutilized basement maintenance area can be reimagined as a valuable tenant amenity. Options include developing a resident gym, providing a significant draw for potential renters, or installing secure storage lockers, offering an additional revenue stream and convenience for tenants.
CURRENT INTERIOR SCOPE:
- White Appliances
- White/Brown Cabinets
- Formica Countertops
- Hardwood Flooring
SUGGESTED UPGRADES:
- Stainless Steel Appliances
- Updated Cabinets
- Granite Countertops
- LVT Flooring
- Updated Bathrooms
NEIGHBORHOOD SPOTLIGHT: MOUNT VERNON
Earl Court, located at 1301 Saint Paul, is situated within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theaters, and libraries, as well as boutique shops and cafes. The subject properties are nearby top colleges and universities, including Maryland Institute College of Art (MICA), one of the country’s premier art schools, and Johns Hopkins University.
Walkability is the name of the game, and the property is within walking distance of a plethora of retail and entertainment. This historic neighborhood features attractions like the Washington Monument, Walters Art Museum, the George Peabody Library, and top eateries like Restaurante Tio Pepe and Sotto Sopra. Minutes to the historic Bolton Hill neighborhood, which features significant landmarks such as MICA, the former home of author F. Scott Fitzgerald, and the Francis Scott Key monument.
The property is a 5-minute walk from Baltimore’s historic 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. Additionally, the property is less than a half-mile from the nearest LightRail Station, which provides direct access north to Hunt Valley and south to BWI Airport. The nearest Subway Station, which provides direct access to Johns Hopkins Hospital (30,000 employees), is less than one mile away.
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