RevereCRE

Stricker Towns

Deal Type: Acquisition

Risk Profiles: Value-Add

Property Types: Multifamily

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STRICKER TOWNS

1301 N STRICKER ST.

BALTIMORE, MD 21217

ACCESS DATA ROOM

Opportunity to Acquire 11 Townhome-Style Units with Value-Add Potential

Price: $660,000

Price/Unit: $60,000

# of Units: 11

Year Built: 1990

Lead Status: Lead Free

1301 N STRICKER ST. | BALTIMORE, MD 21217

 

Harbor Stone Advisors is pleased to present Stricker Towns, a multifamily asset with significant value add opportunity in West Baltimore. Stricker Towns was constructed in 1990 and features (11) 3 Br-1 Ba townhome units, and typical unit features consist of white appliances, wood cabinets, formica countertops, and LVT/laminate/carpet flooring. Units are separately metered for gas and electric, and every unit has a small, fenced in backyard.

 

The opportunity exists for a new owner to renovate all the units at Stricker Towns, with a suggested scope of black appliances, resurfaced countertops, updated bathrooms, LVT flooring throughout and in-unit washer/dryers. Based on comparable properties nearby that have undergone renovations of a similar scope, the Subject property can achieve rents of at least $1,500 post renovation. Stricker Towns is a high vacancy property, and there is a significant opportunity for management upside and leasing up the property to Section 8 and voucher tenants to generate additional rental premiums and certainty of rental income.

INVESTMENT HIGHLIGHTS

Prime Value-Add Opportunity in West Baltimore City

  • Constructed in 1990 and features (11) 3 Br-1 Ba townhome units
  • Typical unit features consist of white appliances, wood cabinets, formica countertops, and LVT/laminate/carpet flooring
  • Units are separately metered for gas and electric, and every unit has a small, fenced in backyard

Significant Ability to Increase Rents Via Renovation Program

  • Opportunity exists for a new owner to renovate all the units at Stricker Towns, with a suggested scope of black appliances, resurfaced countertops, updated bathrooms, LVT flooring throughout and in-unit washer/dryers
  • Based on comparable properties nearby that have undergone renovations of a similar scope, the Subject property can achieve rents of at least $1,500 post renovation
  • Stricker Towns is a high vacancy property, and there is a significant opportunity for management upside and leasing up the property to Section 8 and voucher tenants to generate additional rental premiums and certainty of rental income

Convenient Location in Baltimore City With Easy Access to Downtown Baltimore

  • Numerous public transit options are located nearby including the CityLink Bus and Metro SubwayLink stops at Upton and Penn-North
  • Located near major redevelopments prompting economic growth in the area
  • Major area employers/colleges nearby: Coppin State University, Baltimore City Community College, Social Security Administration, University of Baltimore, Maryland Institute College of Art (MICA)

AREA OVERVIEW

 

Stricker Towns is located in a residential area of Baltimore City, directly adjacent to the historic Bolton Hill and Mount Vernon neighborhoods.

 

The property is a short walk to several local amenities, including a Metro SubwayLink Station, which provides residents with direct access to Downtown Baltimore and Johns Hopkins Medical Center (Baltimore’s largest employer). Carver Technical High School, one of the top ranking public high schools in the city, is also just a few blocks away.

 

Several major developments are taking place within a short distance of the property. Mondawmin Mall, and Druid Hill Park are both set to undergo multi-million dollar investment in the near future. Nearby university, Coppin State, has also received significant recent investment as part of an on-going revitalization effort.

 

Ample public transportation exists nearby, and residents of the property are within a short drive of North Avenue, the city’s main east-west thoroughfare and a growing retail hub.

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