Lofts at 344 N Charles

• Opportunity to Acquire a Gut Renovated Asset in Downtown Baltimore
• • Features (2) Studios, (12) 1 Br-1 Ba w/Loft, (4) 1 Br-1 Ba, and (1) commercial space
• • Commercial space is leased to BeMore Empowered through 2027
• • Current ownership completed a gut renovation of the building in 2015 which included apartment renovations, updated plumbing, electric and mechanical systems, replacement of the roof, and updated the common areas
• Additional Value-Add Potential Exists to Further Increase Revenue
• • With minimal deferred maintenance, a new owner can focus on organically increasing rents
• • Comparable properties nearby are achieving rents at least $170 higher than the Subject property
• Superior Location in Downtown Baltimore; Less Than a 5-Minute Walk Away from Mercy Medical Center
• • Ranked a Walker's Paradise by WalkScore, just steps away from retail, dining, and cultural attractions
• • Close proximity to Inner Harbor
• • Major area employers nearby: Mercy Medical Center, Agora Financial, University Maryland Medical Center (UMMC) Midtown Campus
• • Major area colleges nearby: Peabody Institute of the Johns Hopkins University, University of Maryland, Baltimore, University of Baltimore (UB)

Property Description

344 N. Charles St. | Baltimore, MD 21201Harbor Stone Advisors is pleased to present the opportunity to acquire The Lofts at 344 N Charles, a gut renovated asset located in Downtown Baltimore. The property is located less than a 5-minute walk away from Mercy Medical Center, one of Baltimore City's top employers, and just steps away from the historic Mt Vernon neighborhood. The Lofts at 344 N Charles features (2) Studios, (12) 1 Br-1 Ba w/Loft, (4) 1 Br-1 Ba, and (1) commercial space. The commercial space is leased to BeMore Empowered through 2027. Current ownership completed a gut renovation of the building in 2015 which included apartment renovations. Typical unit features consist of stainless steel appliances, granite countertops, wood cabinets, vinyl flooring, and in-unit washer/dryers. In addition to unit upgrades, current ownership completed numerous capital improvements including updating plumbing, electric and mechanical systems, replacement of the roof, and updated the common areas.With minimal deferred maintenance, a new owner can focus on organically increasing rents. Comparable properties nearby are achieving rents at least $170 higher than the Subject property.