Pangea Springs
2123 Dundalk Ave., Dundalk, MD 21222
The Offering
Summary
- Price $7,400,000
- # of Units 88
- Price/Unit $84,091
- # of Parking Spaces 45
- Year Built 1947
- Year Renovated 2016
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.