1214 Eutaw Place
1214 Eutaw Place
Deal Type: Acquisition
Risk Profiles: Core
Property Types: Multifamily, Mixed Use
1214 Eutaw
1214 Eutaw Pl. | Baltimore, MD 21217
Unique Opportunity to Acquire a Gut Renovated Asset in Bolton Hill
1214 EUTAW PL. | BALTIMORE, MD 21217
Harbor Stone Advisors is pleased to present 1214 Eutaw, a gut renovated asset located in the historic Bolton Hill neighborhood of Baltimore City. Bolton Hill is home to 20 blocks of mostly preserved, historic buildings and numerous monument and parks. Residents of 1214 Eutaw are just a short walk away from University of Maryland Medical Center (UMMC) Midtown Campus, Maryland State Government offices, University of Baltimore, and the Maryland Institute College of Art (MICA).
The property features 26 units with a mix of (5) Studios, (16) 1 Br-1 Ba and (3) 2 Br-2 Ba, as well as (2) commercial spaces. The commercial spaces are leased to a spa and hair salon through May 2026 and September 2026 respectively. There is also a surface lot behind the building with six parking spaces. Current ownership completed a comprehensive gut renovation of the property in 2020, leaving minimal deferred maintenance for a new owner. Typical apartment unit features include stainless steel appliance packages, granite countertops, wood cabinets, hardwood flooring, in-unit washer/dryers, and luxury finishes.
The opportunity exists for a new owner to organically increase rents at 1214 Eutaw, as well as implement a water reimbursement program upon renewal and/or new lease. The property also has an existing CHAP Tax Credit in-place through the 2030-2031 tax year, offering future savings. 1214 Eutaw has pre-existing debt that can be assumed. The current balance is $3,114,000 with a 3.875% interest rate. The loan matures in July 2050, with rate adjustments in 2030 and 2040.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Gut Renovated Asset in Bolton Hill
• Typical apartment unit features include stainless steel appliance packages, granite countertops, wood cabinets, hardwood flooring, in-unit washer/dryers, and luxury finishes.
In-Place Assumable Debt Below Prevailing Market Rates
• Current balance is $3,114,000 with a 3.875% interest rate.
• Loan matures in July 2050, with a rate adjustments in 2030 and 2040.
Ability to Further Increase Rental Revenue
• Opportunity exists for a new owner to organically increase rents based on nearby comparables.
• Ability to implement a water reimbursement program upon renewal and/or new lease.
• Property has an existing CHAP Tax Credit in-place through the 2030-2031 tax year, offering future savings.
Excellent Location in Bolton Hill Near Some of Baltimore City's Top Employers
• Conveniently located near various modes of public transportation including bus stops, light rail stations, metro stations and Baltimore Penn Station
• Major area employers nearby: UMMC Midtown Campus, Maryland State Government offices, Social Security Administration
• Major area colleges nearby: University of Baltimore, MICA, Peabody Institute of Johns Hopkins University, Coppin State University
NEIGHBORHOOD SPOTLIGHT: BOLTON HILL
1214 Eutaw is located in the historic Bolton Hill neighborhood of Baltimore City, which is known for its tree-lined streets, 19th-century townhouses, quaint parks, and historic landmarks. The neighborhood offers walkability to cafes, shops, and public transportation access to Metro Subway, LightRail, and bus routes, which makes it a prime location for residents and visitors.
The property is just a few blocks from the Maryland Institute College of Art (MICA), one of the nation’s oldest and most prestigious art schools - enrolling 3,500 students and employing 1,911 people. MICA is the 11th largest employer in Baltimore. Other top institutions nearby include Johns Hopkins University, University of Maryland Baltimore Medical Center, and the University of Baltimore (UB). UB enrolls 4,200 students across business, law, public affairs, and the arts. UB’s notable alumni include Peter Angelos, owner of the Baltimore Orioles, and Bob Parsons, founder of GoDaddy.
Bolton Hill is rich in history and culture, featuring landmarks like the former home of F. Scott Fitzgerald and the Francis Scott Key Monument. Nearby dining options include Cookhouse, On The Hill Cafe and Market, and The Owl Bar. Entertainment venues include The Walters Art Museum, The Lyric , and the Baltimore Symphony Orchestra.
The area is undergoing major redevelopment, including the Reservoir Square Redevelopment that is bringing 380 residences and 40,000 square feet of commercial and office space. Additionally, Baltimore’s zoning board approved 120 new townhomes on the 800th block on West North Avenue.
Just minutes away, Baltimore’s Penn Station is set for a $150 million renovation, an increase from the previously planned $90 million investment. The project includes modernizing the original station, constructing a new glass-encased concourse, and developing two mix-use buildings featuring retail, office space, and apartments. Penn Station provides Amtrak and MARC commuter train access to Washington, D.C., Philadelphia, and beyond.
For outdoor enthusiasts, Bolton Hill is adjacent to Druid Hill Park, one of Baltimore’s largest green spaces, spanning 745 acres. The park offers athletic fields, picnic areas, pavilions, historical monuments, a 1.5-mile walking loop, and a disc golf course. A $250 million revitalization plan is in the works to enhance the park’s amenities and preserve its historic significance.
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