814 Park Ave

814 Park Ave is situated in the heart of Mount Vernon, one of Baltimore’s most historic and culturally vibrant neighborhoods. The neighborhood boasts celebrated cultural landmarks such as the Walters Art Museum, the original Washington Monument, and the George Peabody Library. Residents enjoy easy access to boutique shops, cozy cafes, and renowned restaurants like Restaurante Tio Pepe and Dooby’s. Just minutes away, the neighboring Bolton Hill community adds to the historic appeal with sites like the F. Scott Fitzgerald House and the Francis Scott Key Monument. Commuting and connectivity are major highlights. The property is less than a 10 minute drive from Baltimore’s historic Penn Station, which offers convenient access to public transportation, with access to Amtrak trains and the MARC commuter train to Washington, D.C. While Amtrak recently ended its partnership with the private developer originally selected for the station’s broader redevelopment, the rail company has stated that it remains committed to advancing improvements at Penn Station and is currently coordinating with the Federal Railroad Administration on a phased renovation strategy. Additionally, the property is less than a half-mile from the nearest LightRail Station, which provides direct access north to Hunt Valley and south to BWI Airport. The nearest Subway Station, which provides direct access to Johns Hopkins Hospital (30,000 employees), is less than one mile away. 814 Park is also ideally positioned near several of Baltimore’s leading academic institutions. In addition to its high number of employers, Johns Hopkins University serves as a cornerstone in the area with 30,000 students. The Maryland Institute College of Art (MICA), one of the nation’s premier art schools, enrolls 3,600 students and employs 1,100 staff members. Additionally, the University of Baltimore contributes to the neighborhood’s academic vibrancy with 3,100 students and 1,000 faculty and staff.Harbor Stone Advisors is pleased to offer 814 Park, a multifamily asset with value-add opportunity in Historic Mount Vernon. The property is just blocks away from the University of Maryland Medical Center (UMMC) Midtown Campus and a 7 minute walk away from the Peabody Institute of The Johns Hopkins University. 814 Park features 11 units with a mix of (4) Studios and (7) 1 Br-1 Ba. There is also a parking pad with room for 4 cars located behind the building. Typical apartment unit features include white appliances, granite countertops, wood cabinets, and hardwood/ceramic tile/vinyl flooring. The opportunity exists for a new owner to lightly renovate all of the units with a suggested scope of stainless steel appliances, modern hardware/fixtures, and plank flooring throughout. Properties of similar vintage in the area that have undergone renovations of a comparable scope are achieving rents at least 15% higher on average than the Subject property. There is also an ability to cut the central boiler and install HVAC systems, making the gas a direct tenant expense and offering significant expense savings to a new owner. Other value-add opportunities include implementing a water reimbursement program for all units upon renewal and/or new lease and monetizing the parking, as off-street parking is a highly sought after amenity for city living. There is also potential to create 4 additional parking spaces behind the building where a garage was torn down, allowing for an increase of parking income.