Pigtown Apartments
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
Pigtown Apartments
874 Washington Blvd. | Baltimore, MD 21230
Opportunity to Acquire a Well-Maintained, Fully-Occupied Asset in Pigtown
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.
Investment Highlights
Opportunity to Acquire a Fully Occupied, Well-Maintained Asset in Pigtown
- Features 6 expansive units with a mix of (4) 2 Br-1.5 Ba and (2) 3 Br-2.5 Ba
- Four surface parking spaces located behind the building
- 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
- Typical unit features consist of stainless steel appliances, wood cabinets, granite countertops, hardwood/carpet/tile flooring, and in-unit washer/dryers
- 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.
Ability to Organically Increase Rents
- 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
- Can evaluate monetizing the parking spaces
Excellent Location in Pigtown; 10 Minute Walk Away from University of Maryland, Baltimore and UMMC
Less than a mile away from Camden Yards and M&T Bank Stadium
Near an abundance of public transit options including Camden MARC Train & Light Rail Station and CityLink bus stops
Major area employers nearby: UMMC, Horseshoe Casino
Major area colleges nearby: University of Maryland, Baltimore
Location Highlights: Pigtown
Pigtown Apartments is located within the Pigtown neighborhood in Baltimore City, a diverse community that has recently undergone significant revitalization.
Residents are within walking distance from Baltimore’s top attractions, like Oriole Park at Camden Yards and M&T Bank Stadium, home to the Baltimore Orioles and Ravens. The Inner Harbor is just minutes away, featuring the Maryland Science Center, iconic landmarks, and the recently revitalized Rash Field Park.
The property is less than a mile from CFG Bank arena, which underwent a significant $200 million redevelopment of the arena’s interior with new seating, concession areas, a performance stage, and an outdoor deck. The arena holds just over 13,000 seats and opened in early 2023.
The subject property is just 0.4 miles from the University of Maryland Medical Center and the University of Maryland, Baltimore, which includes six nationally ranked professional schools, including the School of Medicine and the Carey School of Law. The campus also consists of the University of Maryland BioPark, Baltimore’s largest biotechnology cluster, which fuels the commercialization of new drugs, treatments, and devices, giving more than 1,000 scientists and entrepreneurs the space to create and collaborate.
Other top employers in the area include Horseshoe Casino, the second-largest casino in Maryland. Additionally, Topgolf recently opened in South Baltimore, adding 500 jobs to the area. Additional retail developments included an 80,000-square-foot, three-story concert venue called The Paramount, with groundlevel retail and a covered outdoor plaza planned for Warner St, near the M&T Bank Stadium. Warner Street District is also set to include a 320-key hotel, a 30,000-squarefoot Yards Social Bar, nearly 35,000 square feet of interlacing retail, and the renovation of a waterfront park.
Pigtown is well-served by public transit, with easy access to the MARC train, several bus routes, and the Baltimore Light Rail. The neighborhood is also within walking distance of several popular Baltimore neighborhoods, including Federal Hill and Ridgely’s Delight.
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