Contacts
Justin Verner
Harbor Stone Advisors
(410) 960-3962
Brooks Healy
Harbor Stone Advisors
(443) 523-6865
Tom Wohlgemuth
Harbor Stone Advisors
(240) 444-4656
Shana Callahan
Harbor Stone Advisors
Todd Galvin
Harbor Stone Advisors
(410) 575-1861
Property Details
- Property Type Other
- Property Size 44,000 SF
- Units 88
- Date Updated Apr 26, 2024
- Website pangeasprings.sharplaunch.com
2123 Dundalk Ave. | Dundalk, MD 21222
Harbor Stone Advisors is pleased to present Pangea Springs, a rare middle-market opportunity located in Dundalk, MD. The property consists of (88) 1 Br-1 Ba apartments, and there are laundry facilities on-site as well as a surface parking lot. Typical unit features consist of white appliances, hard surface countertops, wood cabinets, and carpet/vinyl flooring. Current ownership gut renovated Pangea Springs in 2016, which consisted of unit upgrades, new hot water heaters, roof and gutter replacements, and updated furnaces.
The opportunity exisits for a new owner to organically increase rents, as they are under market. Similar properties nearby are achieving rents at least 20% higher on average than Pangea Springs. Additionally, there is an opportunity for a new owner to further expand upon the interior scopes of all units by adding granite countertops, plank flooring, and modern hardware and fixtures to further generate rental premiums. There is also an ability to bring the model unit back online as a rentable unit.
Pangea Springs has pre-existing debt that can be assumed. The current loan balance is $4,500,000 with an interest rate of 4.32%. The loan matures in 2032, with 3 years of I/O remaining.
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Highlights
- Rare Middle-Market Opportunity to Acquire 88 Units in Dundalk
- Unit mix consists of all 1 Br-1 Ba apartments
- There are laundry facilities on-site as well as a surface parking lot
- Typical unit features consist of white appliances, hard surface countertops, wood cabinets, and carpet/vinyl flooring
- Ability to Substantially Increase Rents at Least 20%
- Current ownership gut renovated Pangea Springs in 2016, which consisted of unit upgrades, new hot water heaters, roof and gutter replacements, and updated furnaces
- Opportunity exists for a new owner to organically increase rents
- There is also an opportunity to further expand upon the interior scopes of all units by adding granite countertops, plank flooring, and modern hardware and fixtures to further generate rental premiums
- In-place assumable debt with an interest rate of 4.32% and 8 years remaining
- Pangea Springs has pre-existing debt that can be assumed
- Current loan balance is $4,500,000 with an interest rate of 4.32%
- Loan matures in 2032, with 3 years of I/O remaining
- Excellent Location in Baltimore County
- Adjacent to the industrial and logistics hub of Baltimore
- Easy access to to I-695, I-895, and less than a 20 minute drive to the Inner Harbor
- Major area employers nearby: Amazon, Johns Hopkins Bayview Medical Campus, Port of Baltimore, CCBC Dundalk
Attachments
Getting around
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Location
- City Dundalk, MD
- Neighborhood Dundalk
- Zip Code 21222
- Market Baltimore
Points of Interest
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Johns Hopkins Hospital
4.19 miles
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Shot Tower
4.48 miles
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Shot Tower/Market Place
4.52 miles
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Charles Center
4.88 miles
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Hamburg Street
5.02 miles
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Camden Street
5.06 miles
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Camden Station
5.08 miles
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Convention Center
5.10 miles
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Baltimore Arena
5.16 miles
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Lexington Market
5.25 miles
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Carroll Motor Fuels
0.51 miles
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Royal Farms
0.52 miles
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Royal Farms
0.94 miles
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7-Eleven
0.96 miles
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BP
1.00 miles
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Quick Mart
1.02 miles
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High's
1.15 miles
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TA
1.44 miles
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Crown
1.45 miles
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Exxon
1.52 miles
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Lot 1
0.70 miles
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Lot 2
0.72 miles
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Lot 3
0.84 miles
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Lot 4
0.90 miles
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BWI2 Employee Shuttles
0.98 miles
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BWI2 Fulfillment Center Parking
1.09 miles
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BWI5 Sort Center Parking
1.16 miles
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Employee Parking
1.88 miles
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Parking Garage
1.92 miles
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301 Parking
1.96 miles
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Best Western Plus Hotel & Conference Center
1.42 miles
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Hampton Inn
1.48 miles
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Inn at 2920
2.68 miles
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Deluxe Plaza
2.68 miles
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The Inn at Henderson's Wharf
3.43 miles
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Duke’s Motel
3.59 miles
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Sagamore Pendry Baltimore
3.62 miles
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Admiral Fell Inn
3.71 miles
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Rosedale Motel
3.73 miles
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Regal Inn & Suites
3.79 miles
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Weis Markets
0.76 miles
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Weis Markerts
0.77 miles
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Jalapeños Market
1.15 miles
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Giant
1.40 miles
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Big Lots
1.43 miles
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Aldi
1.55 miles
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Weis
1.66 miles
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Compare Foods
1.67 miles
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Streets Market
1.76 miles
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Walmart
2.05 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.