Harbor Stone Advisors, a Mid-Atlantic commercial real estate firm specializing in multifamily investment sales, has orchestrated the sale of 411 North Charles Street. The fully occupied, gut renovated asset in Downtown Baltimore has a total of 9 units with an average residential rent of $1,562. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, and Senior Advisor Tom Wohlgemuth served as exclusive advisors to to both the buyer and seller.
411 North Charles Street features (3) 1 Br-1 Ba, (1) 1 Br-1.5 Ba, (4) 2 Br-2 Ba, and (1) commercial space. The commercial space is leased to Lumiere Candle Studio which is one of four locations within the Mid-Atlantic area. There are two surface parking spaces located behind the building as well as a rooftop deck. Previous ownership completed a gut renovation of the building in 2020 which included apartment renovations. Typical unit features consist of stainless steel appliances, granite countertops, wood cabinets, carpet/hardwood flooring, and in-unit washer/dryers. In addition to unit upgrades, previous ownership completed numerous capital improvements including updating plumbing, electric and mechanical systems, installation of new windows, and replacement of the roof.
Healy noted, “411 N Charles represented a gut renovated asset and loan assumption sale. In the current capital markets environment, the debt assumption was a catalyst for this transaction. Our team was able to source a DC based buyer looking to expand their holdings in Downtown Baltimore. ”
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit: www.harborstoneadvisors.com