Pangea Pines

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

Location

Getting Around

• Walk Score ®

  39/100 Car-Dependent

• Transit Score ®

  54/100 Good Transit

• Bike Score ®

  28/100 Somewhat Bikeable

Points of Interest