RevereCRE

201 S Conkling St. Baltimore, MD 21224

THE IMPERIAL AT CONKLING

Unique Opportunity to Acquire 27 Gut-Renovated Apartments in Highlandtown

201 S Conkling St. Baltimore, MD 21224

 

Harbor Stone Advisors is pleased to present the unique opportunity to acquire Imperial at Conkling, a gut-renovated asset located in the Highlandtown neighborhood of Baltimore City. The property is located a mile away from some of the best retail, dining and nightlife the city has to offer, including Mobtown Brewing Company, Canton Crossing Shopping Center, and O'Donnell Square. Imperial at Conkling is also just a 6 minute drive from the Johns Hopkins Medical Center Bayview Campus.

 

Imperial at Conkling features 27 units with a mix of (1) Studio, (21) 1 Br-1 Ba, and (5) 2 Br-2 Ba. The property also has gated parking, a media club room, a pet washing station, and controlled access. Prior ownership completed a gut renovation of the property in 2017 which included converting the former schoolhouse into luxury apartments. Typical unit features consist of stainless steel appliances, granite countertops, hardwood/ceramic tile flooring, in-unit washer/dryers, and high-end finishes. Prior ownership also updated all of the mechanical systems.

 

The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least 20% higher on average. Imperial at Conkling also has an existing CHAP Tax Credit that runs through the 2026-2027 tax year.

201 S Conkling St. Baltimore, MD 21224

 

Harbor Stone Advisors is pleased to present the unique opportunity to acquire Imperial at Conkling, a gut-renovated asset located in the Highlandtown neighborhood of Baltimore City. The property is located a mile away from some of the best retail, dining and nightlife the city has to offer, including Mobtown Brewing Company, Canton Crossing Shopping Center, and O'Donnell Square. Imperial at Conkling is also just a 6 minute drive from the Johns Hopkins Medical Center Bayview Campus.

 

Imperial at Conkling features 27 units with a mix of (1) Studio, (21) 1 Br-1 Ba, and (5) 2 Br-2 Ba. The property also has gated parking, a media club room, a pet washing station, and controlled access. Prior ownership completed a gut renovation of the property in 2017 which included converting the former schoolhouse into luxury apartments. Typical unit features consist of stainless steel appliances, granite countertops, hardwood/ceramic tile flooring, in-unit washer/dryers, and high-end finishes. Prior ownership also updated all of the mechanical systems.

 

The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least 20% higher on average. Imperial at Conkling also has an existing CHAP Tax Credit that runs through the 2026-2027 tax year.

INVESTMENT HIGHLIGHTS

Unique Opportunity to Acquire a Gut-Renovated Asset in Highlandtown

 

• Features 27 units with a mix of (1) Studio, (21) 1 Br-1 Ba, and (5) 2 Br-2 Ba

 

 • Property also has gated parking, a media club room, a pet washing station, and controlled access

 

• Typical unit features consist of stainless steel appliances, granite countertops, hardwood/ceramic tile flooring, in-unit washer/dryers, and high-end finishes

 Minimal Deferred Maintenance for a New Owner

 

• Prior ownership completed a gut renovation of the property in 2017 which included converting the former schoolhouse into luxury apartments and updating all mechanical systems

 

• New owner can focus on organically increasing rents at least 20%

 

• Property has an existing CHAP Tax Credit that runs through the 2026-2027 tax year

Excellent Location in East Baltimore; 6 Minute Drive to Johns Hopkins Bayview Campus

 

• Ranked a Walker's Paradise by WalkScore; a short walk to a variety of retail and dining options

 

• Easy access to major interstates I-895, I-95, and I-695; convenient access to other neighborhoods such as Canton and Fells Point

 

• Major area employers nearby: Johns Hopkins Hospital (Main and Bayview Campuses), Kennedy Krieger Institute, Amazon, Morgan Stanle

 

• Major area colleges nearby: Johns Hopkins University Schools of Medicine, Nursing, Public Health, and Business

NEIGHBORHOOD SPOTLIGHT: HIGHLANDTOWN

 

The Imperial at Conkling is conveniently located in Highlandtown, a growing, tightly-knit community with increased multifamily development. The neighborhood is home to a variety of walks of life, ranging from longtime family residents to newcoming young professionals. Boasting a Walk Score of 96, the neighborhood is within steps of dining, entertainment, cultural centers, and green space.

 

Centrally located mere blocks from Baltimore’s waterfront and Patterson Park, residents of the property enjoy access to the city’s natural splendor as well as easy commutes to some of its largest employers, including Johns Hopkins’ Medical Center (30,000 employees) and Johns Hopkins Bayview Medical Center (3,600 employees). Patterson Park, 15-acres of green space named one of the top 10 urban parks by Forbes Magazine, is less than one-half mile away from the property.

 

Highlandtown borders both the Brewer’s Hill and Canton neighborhoods. Brewer’s Hill is a revived community with over 30 acres of office, residential, and retail space, featuring over 85 businesses. Canton is one of the city’s premire waterfront communities, featuring an expansive array of restaurants and pubs as well as expansive retail options such as Target and Harris Teeter.

Highlandtown is an easy car commute or bus ride away from Baltimore’s Central Business District (10-minutes). Major employers include T. Rowe Price, Morgan Stanley, and University of Maryland Baltimore.

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