W Monument Street Apartments
Opportunity to Acquire 34 Apartments in Historic Mount Vernon
Deal Type: Acquisition
Risk Profiles: Core
Property Types: Multifamily
W Monument Street
Apartments
107, 109, and 115 W Monument St.
Baltimore, MD 21201
Opportunity to Acquire 34 Apartments in Historic Mount Vernon
Harbor Stone Advisors is pleased to present W Monument Street Apartments, a renovated multifamily asset located in Historic Mount Vernon. The property is less than a 5 minute walk away from the Peabody Institute of the Johns Hopkins University and University of Maryland Medical Center (UMMC) Midtown Campus.
W Monument Street Apartments features 34 units with a mix of (2) Studios, (30) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (1) 2 Br-2 Ba. Typical unit features consist of white/stainless steel appliances, wood cabinets, granite countertops, and hardwood/LVT/carpet flooring. Current ownership renovated all but 2 units between 2018 and 2024 and completed a handful of capital improvements such as full and partial roof replacements an a central hot water heater replacement.
The opportunity exists for a new owner to organically increase rents at W Monument Street Apartments, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least 10% higher on average than the Subject property. There is also an ability for a new owner to renovate the 2 remaining classic units.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Renovated Asset in Historic Mount Vernon
- Features 34 units with a mix of (2) Studios, (30) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (1) 2 Br-2 Ba
- Typical unit features consist of white/stainless steel appliances, wood cabinets, granite countertops, and hardwood/LVT/carpet flooring
- Current ownership renovated all but 2 units between 2018 and 2024 and completed a handful of capital improvements such as full and partial roof replacements an a central hot water heater replacement
Ability to Organically Increase Rents
- Opportunity exists for a new owner to organically increase rents and renovate the 2 remaining classic units
- Potential to increase rents at least 10% based on nearby rent comparables
- Ability to convert rear courtyard at 107 W Monument to an amenity space
Located in Historic Mount Vernon; Less Than a 5 minute Walk to the Peabody Institute of the Johns Hopkins University and UMMC Midtown Campus
- Ranked a Walker’s Paradise by WalkScore
- Major area employers nearby: UMMC Midtown Campus, Maryland State Offices, and Mercy Medical Center
- Major area colleges nearby: Peabody Institute of The Johns Hopkins University, University of Baltimore (UB), Maryland Institute College of Art (MICA), University of Maryland, Baltimore
NEIGHBORHOOD HIGHLIGHTS
Proximity to the Peabody Institute of the Johns Hopkins University
The Peabody Institute of The Johns Hopkins University is a private conservatory and preparatory school in Baltimore, Maryland. Nearly 1,000 students (half undergrad, half graduate) attend the institution. In the past seven years, enrollment has increased over 40%.
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