St. James Court Apartments

Baltimore, MD

The Offering

Offering Details

List Price $3,650,000
# of Units 25
Avg Rent $1,283
Year Built 1900

1312-1316 Eutaw Pl | Baltimore, MD 21217

Harbor Stone Advisors is pleased to present St. James Court Apartments, a multifamily asset in the Bolton Hill neighborhood of Baltimore City. St. James Court Apartments features 25 large units with a mix of (1) Studio, (6) 1 Br-1 Ba, (14) 2 Br-1 Ba, (2) 3 Br-1 Ba, and (2) carriage homes. There is a landscaped courtyard with secured entry that tenants walk through to reach their units and a shared laundry area. Typical unit features consist of white appliances, wood cabinets, formica countertops, and hardwood/tile flooring.

The opportunity exists for a new owner to renovate all of the units with a suggested scope of stainless steel appliances, updated cabinets, granite countertops, and updated bathrooms. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $350 higher on average compared to the Subject property. Other value add opportunities include evaluating the possibility of implementing a utility reimbursement program upon renewal and/or new lease.

Offering Highlights

Opportunity to Acquire a Multifamily Asset in Bolton Hill

- Features 25 large units with a mix of (1) Studio, (6) 1 Br-1 Ba, (14) 2 Br-1 Ba, (2) 3 Br-1 Ba, and (2) carriage homes

- There is a landscaped courtyard with secured entry that tenants walk through to reach their units and a shared laundry area

- Typical unit features consist of white appliances, wood cabinets, formica countertops, and hardwood/tile flooring

Ability to Increase Rents Via Renovation Program

- Opportunity exists for a new owner to renovate all of the units with a suggested scope of stainless steel appliances, updated cabinets, granite countertops, and updated bathrooms

- Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $350 higher on average compared to the Subject property

- Other value add opportunities include evaluating the possibility of implementing a utility reimbursement program upon renewal and/or new lease

Excellent Location in Bolton Hill

- Easy access to I-83 and Downtown Baltimore

- Less than a mile from Penn Station and only an 8-minute walk to the closest light rail station

- Major area employers/colleges nearby: Maryland Institute College of Art (MICA), University of Baltimore, University of Maryland Medical Center (UMMC) Midtown Campus, Social Security Administration