Pangea Pines

6502 McClean Blvd., Baltimore, MD 21214

  • For Sale Contact for pricing
  • Property Type Other
  • Units 124
  • Additional Rent Contact for pricing
  • Date Updated Nov 4, 2024

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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Attachments

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

Contacts

broker

Justin Verner

Harbor Stone Advisors

broker

Brooks Healy

Harbor Stone Advisors

broker

Tom Wohlgemuth

Harbor Stone Advisors

broker

Shana Sabie

Harbor Stone Advisors

broker

Todd Galvin

Harbor Stone Advisors

Location

Getting Around

  • Walk Score ®

    39/100 Car-Dependent

  • Transit Score ®

    54/100 Good Transit

  • Bike Score ®

    28/100 Somewhat Bikeable
Powered by Walk Score ®
  • City Baltimore, MD
  • Neighborhood Towson
  • Zip Code 21214
  • Market Baltimore

Points of Interest

  • Falls Road

    3.40 miles

  • Mount Washington

    3.62 miles

  • Cold Spring Lane

    4.15 miles

  • Timonium

    4.30 miles

  • Woodberry

    4.59 miles

  • North Avenue

    5.14 miles

  • Baltimore Penn Station

    5.30 miles

  • Fairgrounds

    5.36 miles

  • Mount Royal / MICA

    5.38 miles

  • Cultural Center

    5.63 miles

  • Ever Green

    0.48 miles

  • Carroll Motor Fuels

    0.58 miles

  • BP

    0.62 miles

  • Exxon

    0.89 miles

  • Marathon

    1.14 miles

  • Rio

    1.17 miles

  • Tesla Supercharger

    1.22 miles

  • Wawa

    1.23 miles

  • Mobil

    1.31 miles

  • ChargePoint

    1.39 miles

  • Park here for Herring Run Nursery

    0.68 miles

  • Glen Garage

    1.30 miles

  • Employee Parking Garage

    1.37 miles

  • Lot 11

    1.38 miles

  • Schwartz Ave Parking Lot

    1.41 miles

  • Emergency Department Parking

    1.45 miles

  • Patient/Visitor Parking Garage

    1.45 miles

  • Baltimore County Library Parking Garage

    1.49 miles

  • Lot 6

    1.51 miles

  • Lot 7a

    1.54 miles

  • Towson East Motel

    1.39 miles

  • Hampton Inn Towson

    1.54 miles

  • Home2 Suites Towson

    1.55 miles

  • Holiday Inn Express Towson Baltimore North

    1.62 miles

  • Days Inn

    1.69 miles

  • The Welcome Inn

    1.74 miles

  • Comfort Inn

    1.81 miles

  • Sheraton

    1.92 miles

  • Express Inn

    2.07 miles

  • Delta Hotels Marriott

    3.68 miles

  • Lombardi’s Pizza & Grill

    0.47 miles

  • O’Neals Crabs

    0.50 miles

  • N.Y. Fried Chicken & Seafood

    0.51 miles

  • IHOP

    0.51 miles

  • Subway

    0.51 miles

  • Tomadough Pizza

    0.53 miles

  • McDonald's

    0.53 miles

  • Stoko’s

    0.54 miles

  • America's Best Wings

    0.54 miles

  • Butter Chicken Restaurant

    0.55 miles

  • Stoneleigh Elementary School

    0.60 miles

  • Loch Raven Technical Academy

    0.75 miles

  • Calvert Hall College High School

    0.80 miles

  • Halstead Academy

    0.83 miles

  • Loch Raven Elementary School

    0.89 miles

  • Mercy High School

    0.96 miles

  • Towson High School

    0.99 miles

  • Kiddie Academy of Towson

    1.02 miles

  • Pleasant Plains Elementary School

    1.07 miles

  • Ascension Lutheran Church Nursery

    1.12 miles

  • Fields Preparatory Early Learning Center

    1.75 miles

  • Early Childhood learning Center YMCA

    1.78 miles

  • Trinity Episcopal Preschool

    1.84 miles

  • Creative Expression Childcare

    2.22 miles

  • Scholars in Wonderland Childcare Center

    2.23 miles

  • Mema's Early Learning Center LLC, License

    3.23 miles

  • Bright Stars Learning Center

    3.24 miles

  • Sister II Sister Play & Learn

    3.43 miles

  • Dayspring

    3.49 miles

  • Celebree

    3.54 miles

Frequently Asked Questions

How much does Pangea Pines cost?

The sale price for Pangea Pines is available upon request. Contact the listing broker for more information.

What is the total square footage of Pangea Pines?

Pangea Pines totals 7 square feet.

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