The Druid Apartments

2028 Mt. Royal Terrace , Baltimore, MD 21217

View Executive Summary

2028 Mt Royal Terrace | Baltimore, MD 21217

Harbor Stone Advisors is pleased to present the opportunity to acquire The Druid Apartments, a unique multifamily asset with value-add potential. Located in Reservoir Hill, the property is less than a 15-minute walk away from the Maryland Institute College of Art (MICA) and University of Baltimore. The Druid Apartments features (11) 1 Br-1 Ba, (1) 1 Br-1.5 Ba, (4) 2 Br-1 Ba, (2) 2 Br-1.5 Ba, and (3) 3 Br-2 Ba. Typical unit features consist of white appliances, wood cabinets, laminate countertops, engineered bamboo/carpet/ceramic tile flooring, and in-unit washer/dryers in some units. Current ownership completed an extensive renovation of the property in 2012 which included apartment upgrades, new roof and awning, refurbished lobby and corridors, replacement of 50% of the hot water heaters and 90% of heat pumps, and other projects.

Recently, the seller renovated two units with stainless steel appliances, new cabinets, granite countertops, and updated bathrooms. The opportunity exists to continue this renovation program on the remaining 19 units. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $200 higher on average than the Subject property. Other value add opportunities include implementing a water reimbursement program upon renewal and/or new lease and monetizing the storage area in the basement. There are currently small storage lockers in the basement that are not utilized by current tenants. A new owner could convert that area into two or three large storage rooms, which would be more desirable to tenants.

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Highlights

  • Opportunity to Acquire a Multifamily Asset with Minimal Deferred Maintenance in Reservoir Hill
  • - Unit mix consists of (11) 1 Br-1 Ba, (1) 1 Br-1.5 Ba, (4) 2 Br-1 Ba, (2) 2 Br-1.5 Ba, and (3) 3 Br-2 Ba
  • - Typical unit features include white appliances, wood cabinets, laminate countertops, engineered bamboo/carpet/ceramic tile flooring, and in-unit washer/dryers in some units
  • - Current ownership completed an extensive renovation of the property in 2012 which included apartment upgrades, new roof and awning, refurbished lobby and corridors, replacement of 50% of the hot water heaters and 90% of heat pumps, and other projects
  • Ability to Create Value and Increase Rents Via Renovation Program
  • - Recently, the seller renovated two units with stainless steel appliances, new cabinets, granite countertops, and updated bathrooms; the opportunity exists to continue this renovation program on the remaining 19 units
  • - Potential to increase rents at least 15% based on nearby rent comparables
  • - Implement a water reimbursement program upon renewal and/or new lease
  • - Monetize the storage area in the basement by creating two or three larger storage rooms
  • Excellent Location in Reservoir Hill Near I-83; Less Than a 15 Minute Walk Away from MICA and UB
  • - Ranked a Walker's Paradise by WalkScore; various modes of public transportation are located less than a half mile away from property including the Light Rail and CityLink bus stops
  • - Located 1 mile away from Druid Hill Park, one of the largest green spaces in Baltimore City
  • - Major area employers nearby: Johns Hopkins University, Maryland Institute College of Art (MICA), University System of Maryland, University of Maryland Medical Center (UMMC) Midtown Campus
  • - Major area colleges nearby: MICA, University of Baltimore (UB), Coppin State University, Johns Hopkins University

Contacts

broker

Justin Verner

Harbor Stone Advisors

(410) 960-3962

broker

Brooks Healy

Harbor Stone Advisors

(443) 523-6865

broker

Tom Wohlgemuth

Harbor Stone Advisors

(240) 444-4656

broker

Shana Callahan

Harbor Stone Advisors

broker

Todd Galvin

Harbor Stone Advisors

Location

Getting Around

  • Walk Score ®

    86/100 Very Walkable

  • Transit Score ®

    88/100 Excellent Transit

  • Bike Score ®

    73/100 Very Bikeable
Powered by Walk Score ®
  • City Baltimore, MD
  • Neighborhood Bolton Hill
  • Zip Code 21217
  • Market Baltimore

Points of Interest

  • North Avenue

    0.32 miles

  • Mount Royal / University of Baltimore

    0.49 miles

  • Upton

    0.60 miles

  • Cultural Center

    0.62 miles

  • State Center

    0.66 miles

  • Baltimore Penn Station

    0.69 miles

  • Penn–North

    0.75 miles

  • Centre Street

    1.03 miles

  • Lexington Market

    1.27 miles

  • Lexington Market

    1.33 miles

  • Crown

    0.36 miles

  • Clark

    0.44 miles

  • Oceanic

    0.48 miles

  • Sunoco

    0.57 miles

  • Marathon

    0.64 miles

  • Carroll Motor Fuels

    0.65 miles

  • American Fuel

    0.66 miles

  • Exxon

    0.69 miles

  • eVgo

    0.79 miles

  • BP

    0.80 miles

  • Guest Parking

    0.51 miles

  • Fitzgerald Garage

    0.52 miles

  • Theatre Parking

    0.61 miles

  • Symphony Center Parking

    0.67 miles

  • Penn Station Parking Garage

    0.73 miles

  • Brown Rice Parking

    0.73 miles

  • 1205 Maryland Avenue Public Parking Lot

    0.74 miles

  • Maryland Avenue Garage

    0.75 miles

  • Area D

    0.77 miles

  • PNC Bank

    0.83 miles

  • Motel 6

    0.52 miles

  • Downtown Hotel

    0.74 miles

  • Hotel Brexton

    0.81 miles

  • Belvedere

    0.89 miles

  • The Ivy Hotel

    0.95 miles

  • Biltmore Suites Hotel - Main Building

    0.97 miles

  • Biltmore Suites Hotel - Park Avenue Building

    0.98 miles

  • Revival Baltimore

    1.08 miles

  • Hotel Indigo

    1.22 miles

  • La Quinta

    1.28 miles

  • CookHouse

    0.25 miles

  • The Tilted Row Pub

    0.28 miles

  • Popeyes

    0.46 miles

  • Burger King

    0.49 miles

  • Sutton Sandwich Shop

    0.50 miles

  • Thomas Brown Restaurant

    0.50 miles

  • Dunkin'

    0.52 miles

  • New York Fried Chicken

    0.52 miles

  • Be-One

    0.52 miles

  • Clavel

    0.53 miles

  • Baltimore School of the Bible

    0.07 miles

  • Mount Royal Elementary-Middle School

    0.23 miles

  • Dorothy I. Height Elementary School

    0.27 miles

  • Eutaw-Marshburn Elementary School

    0.32 miles

  • Midtown Academy

    0.33 miles

  • Maryland Institute College of Art

    0.34 miles

  • Renaissance Academy

    0.49 miles

  • Booker T. Washington Middle School

    0.50 miles

  • Renaissance Academy Booker T. Washington Campus

    0.52 miles

  • Bethel Christian School

    0.59 miles

  • Bolton Hill Nursery

    0.39 miles

  • Homewood Early Learning Center

    1.13 miles

  • All My Children Child Care Center

    1.15 miles

  • Downtown Baltimore Child Care, Inc.

    1.27 miles

  • Charles Plaza Child Care & Development

    1.41 miles

  • Saint Vincent de Paul Head Start

    1.64 miles

  • Headstart, Harford Elementary School Modular

    1.91 miles

  • Bright Stars Learning Center

    2.13 miles

  • Mema's Early Learning Center LLC, License

    2.14 miles

  • Dynamic Deliverance Childcare Center

    2.87 miles

Frequently Asked Questions

What is the lease rate for The Druid Apartments ?

Rental asking rate at The Druid Apartments is $1,350,000.00/YR.

When was this property built?

The Druid Apartments was built in 1930.

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