RevereCRE

313 - 315 S. Broadway St. | Baltimore, MD 21231

XAVIER ON BROADWAY

Opportunity to Acquire 11 Spacious, Gut Renovated Apartments in Fells Point with 5.2% Assumable Debt

313 - 315 S. Broadway St. | Baltimore, MD 21231

 

Harbor Stone Advisors is pleased to present the unique opportunity to acquire Xavier on Broadway, a gut-renovated asset located in the Fells Point neighborhood of Baltimore City. The property is less than a 10-minute walk away from the main street in Fells Point, which is home to numerous restaurants, bars, and shops.

 

Xavier on Broadway features 11 expansive units with a mix of (1) 1 Br-1 Ba, (2) 2 Br-1 Ba, (4) 2 Br-2 Ba, (2) 2 Br-2.5 Ba, and (2) 3 Br-3.5 Ba. The property also has surface parking with room for 8 cars and a courtyard. Prior ownership completed a gut renovation of the property in 2015 which included unit updates. Typical unit features consist of stainless steel appliances, granite countertops, hardwood flooring, in-unit washer/dryers, and high-end finishes. Prior ownership also updated all of the mechanical and electrical systems, the roof, and windows.

 

The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least $150 higher on average. There is also an ability to implement a water reimbursement program upon renewal and/or new lease. Xavier on Broadway has pre-existing debt that can be assumed. The current loan balance is $1,913,592.77 with an interest rate of 5.22% and a maturity of December 2028

313 - 315 S. Broadway St. | Baltimore, MD 21231

 

Harbor Stone Advisors is pleased to present the unique opportunity to acquire Xavier on Broadway, a gut-renovated asset located in the Fells Point neighborhood of Baltimore City. The property is less than a 10-minute walk away from the main street in Fells Point, which is home to numerous restaurants, bars, and shops.

 

Xavier on Broadway features 11 expansive units with a mix of (1) 1 Br-1 Ba, (2) 2 Br-1 Ba, (4) 2 Br-2 Ba, (2) 2 Br-2.5 Ba, and (2) 3 Br-3.5 Ba. The property also has surface parking with room for 8 cars and a courtyard. Prior ownership completed a gut renovation of the property in 2015 which included unit updates. Typical unit features consist of stainless steel appliances, granite countertops, hardwood flooring, in-unit washer/dryers, and high-end finishes. Prior ownership also updated all of the mechanical and electrical systems, the roof, and windows.

 

The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least $150 higher on average. There is also an ability to implement a water reimbursement program upon renewal and/or new lease. Xavier on Broadway has pre-existing debt that can be assumed. The current loan balance is $1,913,592.77 with an interest rate of 5.22% and a maturity of December 2028

INVESTMENT HIGHLIGHTS

Unique Opportunity to Acquire a Gut-Renovated Asset in Fells Point
 
• Features 11 expansive units with a mix of (1) 1 Br-1 Ba, (2) 2 Br-1 Ba, (4) 2 Br-2 Ba, (2) 2 Br-2.5 Ba, and (2) 3 Br-3.5 Ba

• Property also has surface parking with room for 8 cars and a courtyard

• Typical unit features consist of stainless steel appliances, granite countertops, hardwood flooring, in-unit washer/dryers, and high-end finishes
Minimal Deferred Maintenance for a New Owner
 
• Prior ownership completed a gut renovation of the property in 2015 which included unit updates, roof replacement, new windows, and update of all mechanical and electrical systems

• New owner can focus on organically increasing rents at least $150

• There is also an ability to implement a water reimbursement program upon renewal and/or new lease
 
 
In-Place Assumable Debt
 
• Xavier on Broadway has pre-existing debt that can be assumed

• Current loan balance is $1,913,592.77 with an interest rate of 5.22% and a maturity of December 2028
Excellent Location in East Baltimore
 
• Ranked a Walker's Paradise by WalkScore; a short walk to a variety of retail and dining options

• Convenient access to Downtown Baltimore, Harbor East, and Canton

• Major area employers nearby: Morgan Stanley, Exelon, the Johns Hopkins Hospital, Kennedy Krieger

• Major area colleges nearby: Johns Hopkins University Schools of Medicine, Nursing, Public Health, and Business

NEIGHBORHOOD SPOTLIGHT: FELLS POINT

 

Xavier on Broadway is located in the Fells Point neighborhood of Baltimore City. Fells Point is a historic waterfront neighborhood established in 1763 known for its myriad of boutiques, restaurants, bars with live music, and quaint cobblestone streets.

 

Broadway Market, the oldest indoor marketplace in Baltimore, is located in the center of Fell’s Point. This 17,600 SF market, originally built in 1786, received a $3.2M overhaul in 2018. The newly revamped food hall is now home to 8 trendy food vendors, a cocktail bar and a flower shop. The Sagamore Pendry is also located in Fell’s Point, a luxurious boutique hotel co-owned by Sagamore Development and Pendry Hotels, featuring an outdoor pool, courtyards, and fine dining. There is also a farmer’s market held in Broadway Square every Saturday, spring through fall.

 

The property benefits from close proximity to both I-83 and I-95. The complimentary Charm City circulator has multiple stops in the neighborhood. There is a water taxi stop at Fells Point’s waterfront area, connecting it with the Inner Harbor area and Federal Hill.

 

The top area employer is world-renowned Johns Hopkins Hospital, located 1 mile from the subject property. Kennedy Krieger Institute, an internationally recognized institution dedicated to improving the lives of children and young adults with pediatric developmental disabilities and disorders, is another major employer, employing 2,417 people. Exelon, America’s leading competitive energy provider is also a major employer. Its headquarters are located just 0.7 miles from the subject property, and it employs a total of 5,100 people in Baltimore.

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