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Xavier on Broadway

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Address: 313 S Broadway, Baltimore, MD 21231, USA

Washington DC + Apartment Buildings

Created date: September 20, 2024

Date last updated: September 20, 2024

Unique Opportunity to Acquire a Gut-Renovated Asset in Fells Point
• Features 11 expansive units with a mix of (1) 1 Br-1 Ba, (2) 2 Br-1 Ba, (4) 2 Br-2 Ba, (2) 2 Br-2.5 Ba, and (2) 3 Br-3.5 Ba
• Property also has surface parking with room for 8 cars and a courtyard
• Typical unit features consist of stainless steel appliances, granite countertops, hardwood flooring, in-unit washer/dryers, and high-end finishes
Minimal Deferred Maintenance for a New Owner
• Prior ownership completed a gut renovation of the property in 2015 which included unit updates, roof replacement, new windows, and update of all mechanical and electrical systems
• New owner can focus on organically increasing rents at least $150
• There is also an ability to implement a water reimbursement program upon renewal and/or new lease
In-Place Assumable Debt
• Xavier on Broadway has pre-existing debt that can be assumed
• Current loan balance is $1,913,592.77 with an interest rate of 5.22% and a maturity of December 2028
Excellent Location in East Baltimore
• Ranked a Walker's Paradise by WalkScore; a short walk to a variety of retail and dining options
• Convenient access to Downtown Baltimore, Harbor East, and Canton
• Major area employers nearby: Morgan Stanley, Exelon, the Johns Hopkins Hospital, Kennedy Krieger
• Major area colleges nearby: Johns Hopkins University Schools of Medicine, Nursing, Public Health, and Business

Property Description

313 - 315 S. Broadway St. | Baltimore, MD 21231Harbor Stone Advisors is pleased to present the unique opportunity to acquire Xavier on Broadway, a gut-renovated asset located in the Fells Point neighborhood of Baltimore City. The property is less than a 10-minute walk away from the main street in Fells Point, which is home to numerous restaurants, bars, and shops.Xavier on Broadway features 11 expansive units with a mix of (1) 1 Br-1 Ba, (2) 2 Br-1 Ba, (4) 2 Br-2 Ba, (2) 2 Br-2.5 Ba, and (2) 3 Br-3.5 Ba. The property also has surface parking with room for 8 cars and a courtyard. Prior ownership completed a gut renovation of the property in 2015 which included unit updates. Typical unit features consist of stainless steel appliances, granite countertops, hardwood flooring, in-unit washer/dryers, and high-end finishes. Prior ownership also updated all of the mechanical and electrical systems, the roof, and windows.The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least $150 higher on average. There is also an ability to implement a water reimbursement program upon renewal and/or new lease. Xavier on Broadway has pre-existing debt that can be assumed. The current loan balance is $1,913,592.77 with an interest rate of 5.22% and a maturity of December 2028.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	11
Lot Size:	15,956.00 Sq ft
Opportunity Zone:	No
Property Website	Click Here