2422-2436 N Calvert St - Apartments FOR SALE


Baltimore, MD 21218
$4,750,000 USD
410-960-3962
2422-2436 N Calvert St, Baltimore, MD for Sale
$4,750,000 USD
Apartments - FOR SALE
1/10
null | 8.25% Cap Rate

2422-2436 N Calvert St
Baltimore, MD 21218


HIGHLIGHTS

  • Opportunity to Acquire 8 Renovated, Contiguous Properties in Old Goucher
  • Additional Value-Add Potential Exists to Further Increase Revenue
  • Excellent Location in North Baltimore City; One Mile From Johns Hopkins University and MedStar Union Memorial Hospital

OVERVIEW

Harbor Stone Advisors is pleased to present the Calvert Collection, 8 contiguous buildings in the Old Goucher neighborhood of Baltimore City. Old Goucher has attracted an abundance of residential development over the past few years, making it one of the fastest-growing neighborhoods in the city and aiding the progression of rent growth in the area. The Calvert Collection features 39 apartments with a unit mix of (36) 1 Br-1 Ba and (3) 2 Br-1 Ba, as well as (1) office space. There is surface parking behind the buildings with space for 20 cars. Most of the units (95%) are leased to voucher tenants, providing certainty of rental income. Current ownership completed a renovation of the property in 2021 which included apartment upgrades. Typical unit features include black/white/stainless steel appliances, granite countertops, wood cabinets, vinyl plank/tile flooring, and in-unit washer/dryers. In addition to apartment renovations, current ownership completed numerous capital projects including updating the electric and plumbing, roof replacements, and installation of new HVAC and hot water heaters. With minimal deferred maintenance, the opportunity exists for a new owner to focus on increasing the existing voucher rents. Other value-add opportunities include implementing a water reimbursement program upon renewal and/or new lease and charging for parking.

FOR SALE DETAILS

PRICE

$4,750,000 USD

PRICE/SF

$119 USD /SF

# OF UNITS

40

PRICE/UNIT

$118,750

CAP RATE

8.25%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Calvert Collection

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1900

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

R-8

APN/PARCEL ID

3829-032

ASK ABOUT THIS PROPERTY

Justin VernerHarbor Stone AdvisorsMore Info
410-960-3962

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Justin VernerHarbor Stone AdvisorsMore Info
410-960-3962

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.