1645 N Calhoun St
- Unique Opportunity to Acquire a Historically Designated Mixed-Use Asset in West Baltimore City
- Multiple Value Add Possibilities for a New Owner
- Located in a Qualified Opportunity Zone
Property Description
Harbor Stone Advisors is pleased to present Frederick Douglass Apartments, a historically significant mixed-use property situated in West Baltimore City. Originally constructed in 1924 as Baltimore City's first high school for African Americans, the building was converted into apartments in 1991 and underwent additional renovations in 2013 by a previous owner. The property benefits from its location in a designated Opportunity Zone and qualifies for two significant tax incentives: Low Income Housing Tax Credits (LIHTC) and New Market Tax Credits (NMTC). The asset includes 83 residential units, comprising a diverse mix of (8) 1 Br-1 Ba, (58) 2 Bedrooms, (11) 3 Bedrooms, (3) 4 Br-2 Ba, and (3) 6 Br-4 Ba. Additionally, the property features three commercial spaces. These spaces are currently leased long-term to a recovery and behavioral health facility and an early childhood development center. Additionally, a letter of intent is in place with a community resource center. The current owner is also negotiating a bulk lease for six residential units in the basement. Typical apartment finishes include white appliances, wood cabinets, laminate countertops, and a combination of carpet, tile, and LVP flooring. The current ownership has completed various capital improvements, such as roof and gutter/downspout replacement, solar panel installation, elevator enhancements, some unit upgrades, and HVAC replacements. Frederick Douglass Apartments presents a significant value-add opportunity for a new owner through comprehensive unit modernizations. A proposed renovation scope—including new cabinets, black appliances, resurfaced countertops, updated bathrooms, and plank flooring throughout—is projected to achieve rent increases of at least $169 on average, aligning with comparable area properties. Further income generation is possible by installing an on-site laundry center. This improvement would qualify the property for an additional $75 increase in voucher rents, a process simplified by the current ownership securing a contract with a laundry service company. Finally, the building is legally licensed for 97 residential units, allowing for the potential creation of additional apartments. The existing 4 and 6 bedroom units were originally configured to accommodate prior non-profit tenants who bulk-leased space for a recovery center and women's shelter. A new owner can split these larger, more difficult-to-lease units back into smaller configurations, thereby generating additional rental revenue.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $5,200,000 |
| No. of Units: | 92 |
| Year Built: | 1924 |
| Lot Size: | 2.96 Acres |
| Opportunity Zone: | No |
| Price per unit: | $56,522 |
| Property Website | Click Here |
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