Baltimore, MD – Harbor Stone Advisors has been retained to market Parkside Manor, a 45-unit multifamily asset in Northwest Baltimore City. Located directly across from Druid Hill Park, the property offers investors a value-add opportunity through the continuation of an existing unit renovation program. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth, and Advisor Kevin Landolphi are marketing the property.
Parkside Manor features 45 apartments, consisting of (15) 1 Br-1 Ba, (24) 2 Br-1 Ba, and (6) 3 Br-1 Ba units. Approximately 67% of the apartments feature two or three bedrooms, offering larger floor plans that appeal to a range of renters. Typical unit features include white, black, or stainless steel appliances, laminate/granite countertops, wood cabinetry, tile/carpet/vinyl flooring, and in-unit washer/dryers in every apartment, a relatively uncommon amenity in the surrounding market.
Previous ownership renovated the property in 2009, updating the units, plumbing, and electrical systems. Current ownership has since renovated approximately two-thirds of the apartments, with improvements including updated appliances, cabinetry, countertops, bathrooms, and vinyl plank flooring.
The investment offers an opportunity to increase rental income by renovating the remaining units. Comparable properties with similar renovations currently achieve rents at least 18% higher on average than Parkside Manor, providing potential upside as units are upgraded and leases turn over.
Parkside Manor sits directly across from Druid Hill Park, a 745-acre urban park undergoing a $290 million improvement initiative. The park features the Maryland Zoo, cultural landmarks, and extensive recreational amenities. Residents also enjoy walking access to The Village at Mondawmin, a $25 million redevelopment of the former Target at Mondawmin Mall into a center for healthcare, senior services, childcare, and workforce development.
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