Harbor Stone Advisors is pleased to offer 1908 Aliceanna, a fully occupied multifamily asset with value-add opportunity located in Fells Point. The property is located less than a 5 minute walk away from the main street in Fells Point, which is home to numerous restaurants, bars, and shops. 1908 Aliceanna features 6 units with a mix of (2) Rooming units, (3) 1 Br-1 Ba, and (1) 1 Br-1.5 Ba. Typical apartment unit features consist of black/white appliances, wood cabinets, hard surface countertops, and hardwood/carpet flooring. The opportunity exists for a new owner to renovate all of the units with a suggested scope of stainless steel appliances, new cabinets, granite countertops, and updated bathrooms. Value add opportunities include creating a divider around the trash bins in order to make a picnic area on the patio and converting the shed into a useable space, either for resident storage or a laundry room. Current ownership has completed a handful of capital improvements over the years including updating the plumbing and electric and replacement of HVAC units.

INVESTMENT HIGHLIGHTS

Prime Value Add Opportunity in Fells Point

• Unit mix consists of (2) Rooming units, (3) 1 Br-1 Ba, and (1) 1 Br-1.5 Ba
• Typical apartment unit features consist of black/white appliances, wood cabinets, hard surface countertops, and hardwood/carpet flooring
• Current ownership has completed a handful of capital improvements over the years including updating the plumbing and electric and replacement of HVAC units

Ability to Create Value and 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, new cabinets, granite countertops, and updated bathrooms
• Properties of similar vintage in the area that have undergone renovations of a comparable scope are achieving higher rents
• Other value add opportunities include creating a divider around the trash bins in order to make a picnic area on the patio and converting the shed into a useable space, either for resident storage or a laundry room
• Potential tax savings for a new owner via entity transfer

Conveniently Located Between Fells Point and Canton

• Ranked a Walker’s Paradise by WalkScore, just steps away from retail, dining, and attractions
• Major area employers nearby: Johns Hopkins Hospital, Morgan Stanley, Kennedy Krieger, Exelon
• Major area colleges nearby: Johns Hopkins Schools of Medicine, Nursing, Public Health, and Business