Lane Apartments

LANE APARTMENTS

2900-2938 W Coldspring Ln. | Baltimore, MD 21215

ONLINE AUCTION ONLY: to be held on the auctioneers website

• Registration and Bidding Begins: Thursday, November 13 at 11am
• Guided Tour Opportunity: Thursday, November 13 at 12pm
• Timed Auction Closes: Tuesday, November 18 at 11am

Price: Auction Sale

# of Units: 96

Avg. Rent: $1,000

Year Built: 1966

Harbor Stone Advisors, in collaboration with Alex Cooper Auctioneers, is pleased to introduce Lane Apartments, a compelling investment opportunity located in NW Baltimore City. This garden apartment community, boasting significant value-add potential, is being offered to the market for the first time after being proudly owned and managed by two generations of the same family.

Lane Apartments benefits immensely from its strategic location, offering residents unparalleled connectivity and convenience. Situated near numerous public transportation options, including Metro and bus stops, the property provides easy access to downtown Baltimore, major employment centers, and surrounding neighborhoods. Furthermore, the complex is ideally positioned with immediate access to a variety of shopping centers, providing residents with an abundance of retail, dining, and service options just moments away.

The property features 96 spacious units, with a mix of (3) 1 Br-1 Ba, and (93) 2 Br-1 Ba. Property amenities include a surface parking lot and an on-site laundry facility. Typical unit features consist of white appliances, formica countertops, wood cabinets, and parquet/hardwood flooring. Current ownership has performed numerous capital improvements over the years, including the update of 48 electric panels and replacement of the majority of roofs.

The opportunity exists for a new owner to renovate all of the units at Lane Apartments with a suggested scope of black/stainless steel appliances, updated cabinets, resurfaced countertops, and updated bathrooms. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents at least 20% higher than the Subject property. There is also an ability to implement a water reimbursement program upon renewal and/or new lease.  

Opportunity to Acquire a Garden Apartment Community in NW Baltimore City

• Features 96 spacious units, with a mix of (3) 1 Br-1 Ba, and (93) 2 Br-1 Ba.
• Property amenities include a surface parking lot and an on-site laundry facility.
• Typical unit features consist of white appliances, formica countertops, wood cabinets, and parquet/hardwood flooring.

• Current ownership has performed numerous capital improvements over the years, including the update of 48 electric panels and replacement of the majority of roofs.

Ability to Create Additional Value and Increase Rents Via Renovation Program

• Opportunity exists for a new owner to renovate all of the units with a suggested scope of black/stainless steel appliances, updated cabinets, resurfaced countertops, and updated bathrooms.
• Comparable properties nearby are currently achieving rents at least 20% higher on average than the Subject property.
• A new owner can also implement a water reimbursement program upon renewal and/or new lease.

Excellent Location in NW Baltimore

• Easy access to I-695; multiple public transportation options nearby such as bus stops and the West Cold Spring metro station

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

Lane Apartments are located in suburban northwest Baltimore. The property is just minutes from the Baltimore County line and within a short distance of the Baltimore Metro System.

Reisterstown Plaza, which is home to notable retailers including Giant, Home Depot, and Marshall’s, is within a short distance of the property. A short drive away are the shops at Festival at Woodholme, which is packed with boutiques, a spa, restaurants, Trader Joes, Barnes & Noble, and a Starbucks.

Sinai Hospital A LifeBridge Health Center is in close proximity to the properties. With 483 beds, Sinai is the largest community hospital in Maryland. Additionally, multiple federal and state offices are located within the general area, including the social security administration and the Maryland Transit Adminstration (MTA) NW Division.

Two reputable country clubs with golf courses are located nearby. The Suburban Club offers 130 beautiful acres of golf, racquet sports, swimming, and relaxation. The Woodholme Country Club has a renovated Clubhouse that boasts classical elegance and modern conveniences and a championship golf course is rated among the finest in the State and has hosted a multitude of local and regional tournaments.

Johns Hopkins At Mt. Washington conference center is just an 11 minute drive away. Perfect for meetings, conferences, and social events, on can discover an inviting meeting and event space, a hospitality-trained staff, impeccable cuisine and newly renovated guest rooms which each include a private balcony with spectacular views of the campus.