The Flats at 29th Street 301 E 29th St 5 Unit Apartment Building $1,174,775 CAD ($234,955 CAD/Unit) 7.21% Cap Rate Baltimore, MD 21218
INVESTMENT HIGHLIGHTS
- Opportunity to Acquire a Renovated Asset in Charles Village
- Half Mile Away from Johns Hopkins University and MedStar Union Memorial Hospital
- Ability to Organically Increase Rents
EXECUTIVE SUMMARY
Harbor Stone Advisors is pleased to present Flats at 29th, a renovated multifamily asset located in Charles Village. The property is a 12 minute walk away from Johns Hopkins University (JHU) and MedStar Union Memorial Hospital, two of the top employers in Baltimore City. Flats at 29th is also a 6-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 5 apartments with a unit mix of (4) 1 Br-1 Ba and (1) 3 Br-2 Ba. Prior ownership completed a renovation of the building in 2015 which included apartment renovations.Typical unit features consist of stainless steel appliances, wood cabinets, granite countertops, hardwood flooring, and in-unit washer/dryers.
The opportunity exists for a new owner to organically increase rents at Flats at 29th, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $180 higher on average than the Subject property. There is also an opportunity to implement a water reimbursement program upon renewal and/or new lease.
The property features 5 apartments with a unit mix of (4) 1 Br-1 Ba and (1) 3 Br-2 Ba. Prior ownership completed a renovation of the building in 2015 which included apartment renovations.Typical unit features consist of stainless steel appliances, wood cabinets, granite countertops, hardwood flooring, and in-unit washer/dryers.
The opportunity exists for a new owner to organically increase rents at Flats at 29th, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $180 higher on average than the Subject property. There is also an opportunity to implement a water reimbursement program upon renewal and/or new lease.
PROPERTY FACTS
| Price | $1,174,775 CAD |
| Price Per Unit | $234,955 CAD |
| Sale Type | Investment |
| Cap Rate | 7.21% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 2,406 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2015 |
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Kitchen
- Granite Countertops
- Hardwood Floors
- Stainless Steel Appliances
1 of 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (73)
Bike Score®
Very Bikeable (82)
ZONING
| Zoning Code | R-7 (residential low density) |
