Prescott Square

4400 Old Court Rd, Pikesville, MD 21208

Harbor Stone Advisors is pleased to present the opportunity to acquire Prescott Square Apartments, a stabilized garden apartment community in Pikesville, MD. The property is an 5 minute walk from the Old Court Metro Station which makes stops up to Owings Mills and down to Johns Hopkins Hospital. There is a pathway on the property that leads to the station which a high percentage of the tenant base uses. Prescott Square Apartments is conveniently located near I-695 and I-795, and there are numerous shopping centers located with a 2 mile radius.

The property features (77) 2 Br-2 Ba units with large, open floor plans and every unit having a patio or balcony. Amenities consist of buzzer entry, playground, dog walk area, laundry facilities in every building, and a surface parking lot with 125 spaces. Additionally, half of the tenants at Prescott Square Apartments are subsidized, providing certainty of rental income. Current ownership has completed numerous capital improvements over the last few years including some light unit upgrades upon turn. Typical unit features consist of stainless steel/black/white appliances, laminate countertops, wood cabinets, vinyl/carpet flooring, and in-unit washer/dryers in some units. Other capital improvements include roof replacements on 3 buildings, recarpeting and painting of entryways and hallways, replacement of some hot water heaters, and new windows and slider doors on a majority of the units.

The opportunity exists for a new owner to increase rents as current rates are under market based on nearby comparables, which are achieving rents at least $300 higher on average. A new owner also has the option to complete a light renovation on all units with a suggested scope of stainless steel appliances and updated flooring to achieve higher premiums.