The Residences at Maryland Ave

Residences at Maryland Ave is located within the historic and vibrant Charles Village neighborhood of Baltimore City, 5 minutes away from the campus of Johns Hopkins University. The area is known for its unique architecture and colorful Victorian homes and is home to some of the city’s top attractions, such as the Baltimore Museum of Art. The subject property is a few blocks from one of the most prestigious universities in the world, Johns Hopkins. The university is the leading employer in the city, with over 18,000 full-time employees and is home to more than 30,000 undergraduate and graduate students. Other major nearby colleges include the University of Baltimore, with 3,168 students, and Maryland Institute College of Art, with 3,600 students. MedStar Union Memorial Hospital is also 7 minutes away from the subject property, which employs more than 1,800+ individuals. The property is located nearby Wyman Park, a scenic, 16-acre urban park designed by the Olmsted brothers, the sons of the designer of NYC’s Central Park. A short walk across the park leads to a student- oriented retailstrip that includes multiple restaurants, retail, and convenience stores, such as Barnes & Noble, Bird In Hand Cafe, THB Bagelry, Chipotle, and Charles Village Pub. Charles Village is nearby Hampden and Remington, a growing, artsy neighborhood known for its boutiques and restaurant scene. R. House, a modern food hall with nine food vendors, a cocktail bar, and an upstairs wellness center with two fitness studios and acupuncture/massage services, is located within a 5-minute drive. The Rotunda is also a short drive away, featuring a movie theater, workout gyms and studios, organic grocery store, and several restaurants. Residences at Maryland Ave. has convenient access to I-83 and Penn Station, which offers convenient access to public transportation, with access to Amtrak trains and the MARC commuter train to Washington, D.C. While Amtrak recently ended its partnership with the private developer originally selected for the station’s broader redevelopment, the rail company has stated that it remains committed to advancing improvements at Penn Station and is currently coordinating with the Federal Railroad Administration on a phased renovation strategy. In addition, Johns Hopkins University shuttle also runs throughout the area.Harbor Stone Advisors is pleased to present the opportunity to acquire The Residences at Maryland Ave., a fully renovated asset located in Charles Village. The property is just blocks away from Johns Hopkins University (JHU) and MedStar Union Memorial Hospital, two of the top employers in Baltimore City. The Residences at Maryland Ave. is also a 4-minute walk away from a JHU shuttle stop. The JHU Shuttle not only makes stops at the main university campus, but also stops at Penn Station, Johns Hopkins Hospital, and the Peabody Institute of the Johns Hopkins University. The property features 6 apartments with a unit mix of (5) 2 Br-1 Ba and (1) 2 Br-2 Ba. A surface parking lot located behind 2617 Maryland Ave. is also included and can fit 6 cars. Prior ownership completed a gut-renovation of the properties in 2018 which consisted of converting two buildings into (6) residential units with high-end finishes and squaring off the top floor. Typical unit features include stainless steel appliances, granite countertops, wood cabinets, vinyl wood flooring, updated bathrooms, and in-unit washer/dryers. The opportunity exists for a new owner to organically increase rents at The Residences at Maryland Ave., 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 opportunity to charge tenants for parking as it is currently included in the the rent and off-street parking is a highly sought after amenity of city living.