1312 Guilford Ave, Baltimore, MD 21202 For Sale

Harbor Stone Advisors is pleased to present the opportunity to acquire Printer's Square Apartments, a well-maintained asset with value-add potential located in Historic Mount Vernon. The property is a 5 minute walk away from the University of Baltimore and is less than a half mile from Penn Station, which is undergoing $150 million worth of renovations over the next several years.

Printer's Square Apartments features 60 spacious units with a mix of (42) 1 Br-1 Ba and (18) 2 Bedrooms. Property amenities include laundry facilities, a fitness center, courtyard, elevator, and on-site parking. Printer's Square Apartments was previously a fire house and underwent a conversion to apartments in 2007, and 52% of units were placed in-service under the Section 42 Low Income Housing Tax Credit (LIHTC). Typical unit features include white appliances, wood cabinets, formica countertops, carpet/hardwood/tile flooring, and some in-unit washer dryers. During the conversion, the property also received all new mechanical systems.

Current ownership has updated a handful of units by adding stainless steel appliances, resurfaced countertops, and painted cabinets. The opportunity exists for a new owner to continue this light renovation on the remaining units as well as add in-unit washer/dryers to the units without. Comparable properties nearby are currently achieving rents at least 20% higher than the Subject property. There is also an ability to implement a water reimbursement program upon renewal and/or new lease for market tenants.