38-50 W Biddle Street
38-50 W Biddle St.
Baltimore, MD 21201
Value Add Opportunity in Historic Mount Vernon
38-50 W Biddle St. | Baltimore, MD 21201
Harbor Stone Advisors is pleased to present 38-50 W Biddle, a well-maintained multifamily asset located in Historic Mount Vernon. The property is a 3 minute walk away from The University of Baltimore Campus and the Social Security Administration and just a 6 minute walk away from UMMC Midtown Campus and MICA (Maryland Institute College of Art). 38-50 W Biddle is also less than half mile away from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property features 36 units with a mix of (9) Studios, (16) 1 Br-1 Ba, (9) 2 Bedrooms and (1) 3 Br-2 Ba, as well as 1 commercial space. The commercial space is leased to a long term commercial tenant through March 2026. Typical unit features consist of white/stainless steel appliances, wood cabinets, formica countertops, and hardwood/plank/carpet flooring. The property also has a surface parking lot behind the building with 12 spaces. Current ownership renovated 8 units between 2017 and 2024 and completed a handful of capital improvements such as some roof and hot water heater replacements, updated the electric, installed Central HVAC in 5 units, and installed washer/dryers in 23 units.
The opportunity exists for a new owner to renovate the remaining 27 classic units at 38-50 W Biddle with a suggested scope of stainless steel appliances, resurfaced countertops, new cabinets, and updated bathrooms. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 20% higher on average than the Subject property. 38-50 W Biddle has pre-existing debt that can be assumed. The current balance is $3,320,550 with a 4.07% interest rate and a maturity date of October 2027.
PRICE: Subject to Offer
# OF RES. UNITS: 35
# OF COMM. UNITS: 1
AVG. RENT: $1,248
PARKING SPACES: 12
OCCUPANCY: 100% Leased
INVESTMENT HIGHLIGHTS
Value-Add Opportunity in Historic Mount Vernon
- Features 36 units with a mix of (9) Studios, (16) 1 Br-1 Ba, (9) 2 Bedrooms and (1) 3 Br-2 Ba, as well as 1 commercial space.
-
Commercial space is leased to a long term commercial tenant through March 2026.
-
Typical unit features consist of white/stainless steel appliances, wood cabinets, formica countertops, and hardwood/plank/carpet flooring.
-
Current ownership renovated 8 units between 2017 and 2024 and completed a handful of capital improvements such as some roof and hot water heater replacements, updated the electric, installed Central HVAC in 5 units, and installed washer/dryers in 23 units.
-
Opportunity exists for a new owner to renovate the remaining 27 classic units with a suggested scope of stainless steel appliances, resurfaced countertops, new cabinets, and updated bathrooms.
-
Potential to increase rents at least 20% based on nearby rent comparables.
-
38-50 W Biddle has pre-existing debt that can be assumed. The current balance is $3,320,550 with a 4.07% interest rate and a maturity date of October 2027.
- 38-50 W Biddle has pre-existing debt that can be assumed. The current balance is $3,320,550 with a 4.07% interest rate and a maturity date of October 2027.
-
Ranked a Walker’s Paradise by WalkScore; proximity to multiple modes of public transportation.
-
Half mile 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
NEIGHBORHOOD HIGHLIGHT: MOUNT VERNON
38-50 W Biddle is located within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theatres, 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.
AERIAL VIEW
PHOTO GALLERY
Contacts
