Baltimore, MD – Harbor Stone Advisors, in cooperation with Alex Cooper Auctioneers, has executed the sale of 2426 and 2428 N Calvert, two adjacent multifamily properties located in Baltimore’s Old Goucher neighborhood. The properties sold via auction sale and boast average rents of $1,450. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, Advisor, Kevin Landolphi, and Matt Cooper of Alex Cooper Auctioneers served as exclusive advisors to the seller.
The properties feature a total of nine units, comprised of (7) 1 BR-1 BA units, (1) 2 BR-1 BA units, and (1) office space. Typical unit specifications include black/white/stainless steel appliances, granite countertops, wood cabinetry, vinyl plank and tile flooring, and in-unit washers and dryers. Capital improvements across the buildings included updated electric and plumbing systems, new HVAC installations, hot water heaters, and full roof replacements. In 2021, former ownership completed a comprehensive renovation of the buildings.
A significant value proposition lies in the fact that a majority of the units are leased to voucher tenants, providing strong rental income stability. With minimal deferred maintenance, the properties present an opportunity for the new owner to increase revenue through voucher rent growth, implementing a water reimbursement program, and monetizing parking.
Located in the heart of Old Goucher, one of Baltimore’s fastest-growing neighborhoods, the properties benefit from a Walk Score of 94 and proximity to highly sought-after retail and dining destinations. The neighborhood is also strategically positioned near some of Baltimore’s most prominent employers and institutions. Johns Hopkins University, MedStar Union Memorial Hospital, Maryland Institute College of Art (MICA), and the University of Baltimore are all within a short distance. In addition, Penn Station is Baltimore’s premier transit hub that is currently undergoing a $150 million redevelopment. The area is supported by strong demographics, with nearly 70% renter occupancy and an average household income of almost $72,000 within one mile.
Verner noted, “We are pleased to announce another successful auction sale in cooperation with Alex Cooper Auctioneers. The winning bidder was seeking to gain additional scale in the area”.
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit: www.harborstoneadvisors.com