Harbor Stone Advisors is excited to offer The Professional Building, a meticulously renovated historic gem in Downtown Baltimore, for acquisition. This gut renovated historic asset is located in Downtown Baltimore just steps away from the historic Mount Vernon neighborhood. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property.
The Professional Building comprises a diverse range of units, including (20) 1-bedroom, 1-bathroom apartments, (9) 1-bedroom, 1.5-bathroom apartments, (1) 2-bedroom, 2-bathroom apartment, and (2) versatile commercial spaces. Currently, one commercial space is occupied by a thriving nail salon, while the other is owner-occupied. Additionally, the building offers 5 office units available for lease.
Previously, the building underwent a comprehensive gut renovation in 2007, which included upgrading the apartments. These well-appointed units feature top-notch amenities like stainless steel appliances, granite countertops, wood cabinets, hardwood flooring, and in-unit asher/dryers. Recent ownership has made significant enhancements to the property, ncompassing elevator upgrades, HVAC and hot water heater replacements, the installation of energy-efficient LED and motion sensor lighting throughout common areas, refurbishing 6 apartment units, and introducing 5 new apartments.
This offering presents a compelling opportunity for a new owner to strategically increase rental income organically. Comparable properties in the vicinity are achieving rents at least $100 higher. Additionally, there is potential to lease the remaining 5 office units at $300 per unit per month, as 2 are currently leased. Furthermore, the owner-occupied commercial space can be marketed to secure a long-term tenant, further enhancing the property’s income potential.
https://theprofessionalbuilding.sharplaunch.com/
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
