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Lofts at the Daily Record

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Address: 11 E Saratoga St, Baltimore, MD 21202, USA

Washington DC + Apartment Buildings

Created date: May 29, 2024

Date last updated: September 20, 2024

Opportunity to Acquire a Gut-Renovated, Landmark Asset in Downtown Baltimore
• Features 20 apartments with a mix of (3) Studios, (13) 1 Br-1 Ba, and (4) 2 Br-1 Ba
• Typical apartment unit features include stainless steel appliances, granite countertops, wood cabinets, vinyl plank/tile flooring, and washer/dryers in some units
• Tenants reimburse for water
Minimal Deferred Maintenance and Potential to Increase Rental Revenue
• Prior ownership completed a gut renovation of the property in 2018 which included converting The Daily Record newspaper’s former office to luxury-style apartments
• In addition to the interior renovations, current ownership also updated all mechanical systems and replaced the roof
• Opportunity exists for a new owner to focus on organic rent growth as similar properties nearby are achieving rents at least $200 higher on average
Excellent Location in Downtown Baltimore; Across the Street from Mercy Medical Center
• Minutes away from Downtown staples such as the Inner Harbor, the National Aquarium, and Power Plant Live!
• Abundant transportation options located nearby including the Metro SubwayLink, Light Rail and various bus lines
• Easily walkable to retail, dining, and nightlife; ranked a Walker’s Paradise by WalkScore
• Major area employers/colleges nearby: Mercy Medical Center, City and State Government Offices, University of Maryland, Baltimore, UMMC

Property Description

11 E Saratoga St. | Baltimore, MD 21202Harbor Stone Advisors is pleased to present the opportunity to acquire the Lofts at Daily Record, a gut renovated asset located in Downtown Baltimore. The property is located across the street from Mercy Medical Center and is less than a mile away from the University of Maryland, Baltimore.The Lofts at Daily Record features 20 apartments with a mix of (3) Studios, (13) 1 Br-1 Ba, and (4) 2 Br-1 Ba. Prior ownership completed a gut renovation of the property in 2018 which included converting The Daily Record newspaper’s former office to luxury-style apartments. Typical apartment unit features include stainless steel appliances, granite countertops, wood cabinets, vinyl plank/tile flooring, and washer/dryers in some units. In addition to the interior renovations, current ownership also updated all mechanical systems and replaced the roof, leaving minimal deferred maintenance for a new owner.The opportunity exists for a new owner to focus on organic rent growth at the Lofts at Daily Record. Comparable properties nearby are achieving rents at least $200 higher on average compared to the Subject property.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$2,376,000
No. of Units:	20
Lot Size:	18,360.00 Sq ft
Opportunity Zone:	No
Price per unit:	$118,800
Property Website	Click Here