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Pigtown Apartments 874 Washington Blvd 6 Unit Apartment Building $950,000 ($158,333/Unit) 7.77% Cap Rate Baltimore, MD 21230
Investment Highlights
- Opportunity to Acquire a Fully Occupied, Well-Maintained Asset in Pigtown
- Excellent Location in Pigtown; 10 Minute Walk Away from University of Maryland, Baltimore and UMMC
- Ability to Organically Increase Rents
Executive Summary
Harbor Stone Advisors is pleased to present the opportunity to acquire Pigtown Apartments, a fully occupied gut-renovated asset located in the Pigtown neighborhood of Baltimore City. The property is a 10 minute walk away from University of Maryland, Baltimore and University of Maryland Medical Center (UMMC), two of Baltimore City’s top employers.
Pigtown Apartments features 6 expansive units with a mix of (4) 2 Br-1.5 Ba and (2) 3 Br-2.5 Ba. There are also 4 surface parking spaces located behind the building. Typical unit features consist of stainless steel appliances, wood cabinets, granite countertops, hardwood/carpet/tile flooring, and in-unit washer/dryers. Former ownership completed a gut renovation of the property in 2011 which included the creation of condo-style units, replacement of all framing systems, and updated mechanical and electrical systems. The current owner has performed a handful of capital improvements including replacement of the roof, new carpet in five units, and some HVAC and appliance upgrades.
The opportunity exists for a new owner to focus on organic rent growth as similar properties nearby are achieving rents $200 higher on average than the Subject property. A new owner also has the ability to lightly update the units with modern lighting and fixtures, as well as monetizing the parking spaces.
Pigtown Apartments features 6 expansive units with a mix of (4) 2 Br-1.5 Ba and (2) 3 Br-2.5 Ba. There are also 4 surface parking spaces located behind the building. Typical unit features consist of stainless steel appliances, wood cabinets, granite countertops, hardwood/carpet/tile flooring, and in-unit washer/dryers. Former ownership completed a gut renovation of the property in 2011 which included the creation of condo-style units, replacement of all framing systems, and updated mechanical and electrical systems. The current owner has performed a handful of capital improvements including replacement of the roof, new carpet in five units, and some HVAC and appliance upgrades.
The opportunity exists for a new owner to focus on organic rent growth as similar properties nearby are achieving rents $200 higher on average than the Subject property. A new owner also has the ability to lightly update the units with modern lighting and fixtures, as well as monetizing the parking spaces.
Property Facts
| Price | $950,000 | Building Class | B |
| Price Per Unit | $158,333 | Lot Size | 0.08 AC |
| Sale Type | Investment | Building Size | 5,292 SF |
| Cap Rate | 7.77% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1875/2011 |
| Property Subtype | Apartment | Parking Ratio | 0.47/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | C-1 - Residential | ||
| Price | $950,000 |
| Price Per Unit | $158,333 |
| Sale Type | Investment |
| Cap Rate | 7.77% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.08 AC |
| Building Size | 5,292 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1875/2011 |
| Parking Ratio | 0.47/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C-1 - Residential |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Tub/Shower
Site Amenities
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Rider's Paradise (90)
Bike Score®
Very Bikeable (84)
Property Taxes
| Parcel Number | 0847B-038 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $532,200 |
Property Taxes
Parcel Number
0847B-038
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$532,200
Contacts
-
Brooks Healy -
Justin Verner -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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Pigtown Apartments | 874 Washington Blvd
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