2339 North Calvert Street Apartments

2339 North Calvert Street was located in Baltimore City's Old Goucher neighborhood: comprised of 3 - two bedroom/one bath units plus ample basement storage. The asset was well located three blocks from food, drug and bank amenities. It was eight blocks south of Johns Hopkins University and five blocks north of North Avenue, an emerging arts district with restaurants, theaters and art galleries. As such, the asset was poised for strong tenant demand.

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When purchased, the cash flow base was weak with delinquent tenants. The common area and all apartments needed improvement, plus the roof and drainage system were in substandard shape. Archway Capital had the main roof re-sealed and front slate roof and drains replaced. The building's exterior and interior units were re-painted, security bars were installed at street level, heating and AC units were serviced and all necessary plumbing and electrical repairs were completed while rents were brought to above market rates (24% increase). The asset was brought to its highest rental income potential, exceeding that of its competition and sold to a local investor in 2019. 

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Units: 3

Asset Type: Multifamily

Hold Period: 6 years

Ave. Annual Cash on Equity Return: 19%

Equity Multiple: 2.94x

Total Return/Year: 32%

IRR: 26%

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Role: Archway Financed and Managed.

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