Contacts
Justin Verner
Harbor Stone Advisors
Brooks Healy
Harbor Stone Advisors
![broker]( https://cdn.commercialsearch.com/ILSContent/Images/no_broker_photo_sm.png?width=96)
Tom Wohlgemuth
Harbor Stone Advisors
Shana Sabie
Harbor Stone Advisors
![broker]( https://cdn.commercialsearch.com/ILSContent/Images/no_broker_photo_sm.png?width=96)
Todd Galvin
Harbor Stone Advisors
Property Details
- Property Type Other
- Units 124
- Additional Rent Contact for pricing
- Date Updated Sep 5, 2024
- Website pangeapines.sharplaunch.com
6502 McClean Blvd. | Baltimore, MD 21214
Harbor Stone Advisors is pleased to present Pangea Pines, a well-maintained garden asset located in Northeast Baltimore City. The property consists of 124 spacious units with every unit having either a patio or balcony. There are laundry facilities on-site as well as a surface parking lot with 120 spaces. Typical unit features consist of black/white appliances, laminate/granite countertops, wood cabinets, and hardwood/carpet/tile flooring. Current ownership has completed a handful of capital improvements over the years including roof repairs, electrical work, exterior paint and repair, and replacements of HVAC and appliances on turn as needed.
Current ownership gut renovated 46 units in 2014 which included unit renovations. The renovated scope consists of black appliances, granite countertops, updated cabinets, new bathrooms and flooring. The opportunity exists for a new owner to continue this renovation on the remaining 78 classic units and bring to market rents. The market is accepting of higher-end renovations, and comparable properties nearby are achieving rents $300 higher on average than Pangea Pines. There is also an ability to add washer/dryers to the units for additional rental premiums and organically increase the existing renovated units.
Pangea Pines has pre-existing debt that can be assumed. The current loan balance is $7,157,000 with an interest rate of 4.51% and maturity date of 2031.
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Highlights
- Opportunity to Acquire a Well-Maintained Garden Asset in Northeast Baltimore City
- Features 124 spacious units with every unit having either a patio or balcony
- There are laundry facilities on-site as well as a surface parking lot with 120 spaces
- Typical unit features consist of black/white appliances, laminate/granite countertops, wood cabinets, and hardwood/carpet/tile flooring
- Ability to Substantially Increase Rents at Least 20%
- Current ownership gut renovated 46 units in 2014 which included unit renovations, roof replacement, and updated mechanical systems
- Opportunity exists for a new owner to continue this renovation on the remaining 78 classic units and bring to market rents
- There is also an opportunity to add washer/dryers to the units for additional rental premiums and organically increase the existing renovated units
- In-place assumable debt with an interest rate of 4.51% and 7 years remaining
- Pangea Pines has pre-existing debt that can be assumed
- Current loan balance is $7,157,000 with an interest rate of 4.51%
- Loan matures in 2031
- Excellent Location Near Baltimore County Line
- Easy access to to I-695 and neighboring areas such as Parkville and Towson
- Close proximity to Mount Pleasant Park as well as numerous retail and dining options
- Major area colleges/employers nearby: MedStar Good Samaritan Hospital, Loyola University of Maryland, University of Maryland St. Joseph Medical Center, Towson University, Greater Baltimore Medical Center (GBMC), Morgan State University
Attachments
Getting around
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Location
- City Baltimore, MD
- Neighborhood Towson
- Zip Code 21214
- Market Baltimore
Points of Interest
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Falls Road
3.40 miles
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Timonium Business Park
4.30 miles
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Timonium Fairgrounds
5.36 miles
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Mount Royal / University of Baltimore
5.38 miles
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West Cold Spring
5.53 miles
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Upton
5.93 miles
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Centre Street
6.08 miles
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Shot Tower/Market Place
6.36 miles
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Shot Tower
6.38 miles
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Charles Center
6.44 miles
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Ever Green
0.48 miles
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Carroll Motor Fuels
0.58 miles
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BP
0.62 miles
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Exxon
0.89 miles
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Exxon
0.99 miles
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Marathon
1.14 miles
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Rio
1.17 miles
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Exxon
1.20 miles
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Tesla Supercharger
1.22 miles
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Wawa
1.23 miles
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Park here for Herring Run Nursery
0.68 miles
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Glen Garage
1.30 miles
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Lot 26
1.38 miles
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Schwartz Ave Parking Lot
1.41 miles
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Lot 6a
1.46 miles
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Baltimore County Library Parking Garage
1.49 miles
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Lot 6
1.51 miles
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Lot 7a
1.54 miles
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Lot 12
1.54 miles
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Delaware Ave Lot
1.56 miles
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Towson East Motel
1.39 miles
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Best Western Plus
1.62 miles
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The Welcome Inn
1.74 miles
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Comfort Inn
1.81 miles
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Sheraton
1.92 miles
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Express Inn
2.07 miles
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Delta Hotels Marriott
3.68 miles
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Inn at the Collonade
3.69 miles
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Mt. Washington Conference Center
3.75 miles
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Red Roof Inn
4.66 miles
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Aldi
0.50 miles
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Giant
0.68 miles
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Target
0.99 miles
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Weis
1.02 miles
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Marshalls
1.04 miles
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Walmart
1.06 miles
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TJ Maxx
1.10 miles
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Stoneleigh Shopping Center
1.16 miles
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Sprouts Farmers Market
1.18 miles
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Shop Rite
1.32 miles
In-Depth Research Available for this Property
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