Baltimore, MD – Harbor Stone Advisors is pleased to present the 1130 Light Street, a fully-occupied mixed-use asset in the Federal Hill neighborhood of Baltimore City. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi are marketing the property.
The property consists of (6) 1 Br-1 Ba units and (1) commercial space. All residential units are bi-level, and typical unit features consist of white appliances, hard surface countertops, wood cabinets, and carpet/hardwood flooring. The commercial space is leased through April 2028 to a stable tenant, Brightside Tattoo Shop, which has leased the space since 2015. The property also features a shared laundry room.
The investment opportunity enables new ownership to increase rents via renovation program, with a suggested scope of stainless steel appliances, new cabinets, quartz countertops, updated bathrooms, LVT flooring throughout, and in-unit washer/dryer. Current ownership has completed this renovation on one unit (#5) which is achieving a rent of $1,750 ($465 higher than the average classic unit).
The property is located in Federal Hill, one of Baltimore’s most popular neighborhoods which is known for its walkability and central location. There are over 80 restaurants and bars in Federal Hill, notably, the property is just one block from Cross Street Market. The market is a popular destination with eateries such as Watershed (a rooftop restaurant owned by Atlas Restaurant Group), Taharka Brothers Ice Cream, and Ceremony Coffee Roasters. Additionally, the property is within a short distance of several major attractions and employers, including M&T Bank Stadium, Camden Yards, Under Armour Global HQ, University of Maryland Medical Center, and Horseshoe Casino.
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