Harbor Stone Advisors has been awarded the assignment to market The McDowell Building, a fully-occupied asset located in Downtown Baltimore. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property.
The McDowell Building, located 337-341 N Charles St., features ((7) 1 Br-1 Ba, (8) 2 Br-2 Ba, and (2) commercial spaces. The commercial spaces are leased through 2025 to Bella Bridesmaids and Elite Secrets Bridal. Additionally, the property features a parking garage with seven on-site spaces.
Current ownership gut renovated all of the units at 337 N Charles in 2018, and the opportunity exists for a new owner to make cosmetic renovations on all remaining units with the same scope of updated stainless steel appliances, granite countertops, new cabinets, and modern hardware/ fixtures. Comparable properties nearby are achieving rents at least $300 higher than the subject property
In addition to the on-site amenities and completed improvements, the property has pre-existing debt below market rates which can be assumed.
Boasting a walk score of 99 and a transit score of 100, the property is located in the coveted Downtown Baltimore neighborhood. The subject property is ideally located within steps of several major employers and ample public transportation, as well as several retail, dining, and cultural attractions. Of note, the property is within one-half mile of Mercy Medical Center, which hosts over 4,000 daily employees, as well as the newly renovated CFG Bank Arena and Lexington Market. The property is within steps of a LightRail and Baltimore Metro SubwayLink Station, and a 10-minute drive from Baltimore’s historic Penn Station. Penn Station is set to receive $150 million in renovations in the coming years, and offers convenient access to Amtrak trains and the MARC commuter train to Washington, D.C.
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.
