Baltimore, MD – Harbor Stone Advisors has orchestrated the sale of 2300 North Calvert, a 15-unit multifamily property located in the historic Old Goucher neighborhood of North Baltimore. This well-maintained, previously gut-renovated asset boasts large units (an average of 1,099 SF) and average rents of $1,659. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi, served as exclusive advisors to the seller.
Originally constructed in 1900 and gut-renovated in 2013, the property features a unit mix of (4) 1 Br-1 Ba units and (11) 2 Br-2 Ba units. Typical unit finishes include white appliances, wood cabinetry, formica countertops, carpet/tile flooring, and in-unit washer/dryers. Additionally, the property includes 14 surface parking spaces.
The opportunity exists for the new owner to execute a comprehensive renovation program, with suggested upgrades including stainless steel appliances, granite countertops, updated bathrooms, and LVT flooring, along with monetizing the parking. Based on nearby renovated comparables, projected rents are at least 15% higher on average than current in-place rents.
2300 North Calvert is ideally situated in a transit-accessible neighborhood with convenient access to I-83 and multiple JHU shuttle stops serving the main Johns Hopkins University campus, Johns Hopkins Hospital, and the Peabody Institute. Further, the property is surrounded by major employers and academic institutions including Johns Hopkins University, MedStar Union Memorial Hospital, the University of Baltimore, Loyola University of Maryland, and the Maryland Institute College of Art. Residents enjoy a Walk Score of 94 and immediate proximity to some of Baltimore’s top dining and retail destinations such as Clavel, Fadensonnen, Dutch Courage, R. House, and the 32nd Street Farmer’s Market.
Wohlgemuth noted, “We are pleased to announce the successful acquisition of a previously gut-renovated asset in the desirable Old Goucher neighborhood, just one mile from Johns Hopkins University. The property, featuring 15 spacious apartments and 14 surface parking spaces, was acquired by a local owner looking to expand their existing holdings 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