For Sale $675,000
Property Type Other
Units 5
Date Updated Apr 26, 2024
Website 1600bolton.sharplaunch.com

1600 Bolton St. Baltimore, MD 21217

Harbor Stone Advisors is please to present the opportunity to acquire 1600 Bolton Apartments, a multifamily asset located in the Bolton Hill neighborhood of Baltimore City. 1600 Bolton Apartments features 5 large units with a mix of (2) 1 Br-1 Ba, (1) 1 Br-1.5 Ba w/Den, (1) 2 Br-1 Ba, and (1) 4 Br-2.5 Ba. Typical unit features consist of white appliances, wood cabinets, hard surface countertops, and hardwood/ceramic tile flooring. Current ownership replaced the roof in 2022 and installed HVAC in units 2F and 3R.

The opportunity exists for a new owner to renovate all of the units with a suggested scope of stainless steel appliances, updated cabinets, granite countertops, and updated bathrooms. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $150 higher compared to the Subject property. Other value add opportunities include implementing a water reimbursement program upon renewal and/or new lease and potentially creating surface parking behind the building.

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Highlights

Opportunity to Acquire a Multifamily Asset in Bolton Hill
Features 5 large units with a mix of (2) 1 Br-1 Ba, (1) 1 Br-1.5 Ba w/Den, (1) 2 Br-1 Ba, and (1) 4 Br-2.5 Ba
Typical unit features consist of white appliances, wood cabinets, hard surface countertops, and hardwood/ceramic tile flooring
Current ownership replaced the roof in 2022 and installed HVAC in units 2F and 3R
Ability to Increase Rents Via Renovation Program
Opportunity exists for a new owner to renovate all of the units with a suggested scope of stainless steel appliances, updated cabinets, granite countertops, and updated bathrooms
Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $150 higher compared to the Subject property
Other value add opportunities include implementing a water reimbursement program upon renewal and/or new lease and potentially creating surface parking behind the building
Excellent Location in Bolton Hill
Easy access to I-83 and Downtown Baltimore
Located 1 mile away from Penn Station and surrounded by additonal public transportation options such as the Metro, Lightrail, and CityLink bus stops
Major area employers/colleges nearby: Maryland Institute College of Art (MICA), University of Baltimore, University of Maryland Medical Center (UMMC) Midtown Campus