797 Carroll

797 Carroll St. | Baltimore, MD 21230

Harbor Stone Advisors is pleased to offer the opportunity to acquire 797 Carroll St., a renovated mixed-use property located in Baltimore City’s culturally rich Pigtown neighborhood. This vibrant area boasts numerous award-winning restaurants and unique shops. The property’s prime location is also within a half-mile of major institutions and attractions, including the University of Maryland, Baltimore, University of Maryland Medical Center (UMMC), Camden Yards, and M&T Bank Stadium.

797 Carroll St. features 6 units with a mix of (2) Efficiencies and (3) 1 Br-1 Ba, as well as (1) commercial space. The commercial space is leased to a hair salon through December 2035. Current ownership completed a comprehensive renovation of the property between 2019 and 2024, leaving minimal deferred maintenance for a new owner. Typical apartment unit features include white/stainless steel appliances, granite/quartz/hard surface countertops, wood cabinets, and LVT/carpet flooring. Beyond the units, the current owner also replaced the sewage line, rebuilt the central staircase, and partially replaced the roof. Opportunities exist for a new owner to increase rents organically through unit turnover or lease renewals. Minor updates, such as adding stainless steel appliances to some units, could further enhance rental income potential.

Renovated, Mixed-Use Investment Opportunity in Pigtown

• Features 6 units with a mix of (2) Efficiencies and (3) 1 Br-1 Ba, as well as (1) commercial space
• Commercial space is leased to a hair salon through December 2035
• Current ownership completed a comprehensive renovation of the property between 2019 and 2024, including unit updates
• Typical apartment unit features include white/stainless steel appliances, granite/quartz/hard surface countertops, wood cabinets, and LVT/carpet flooring

Ability to Organically Increase Rents

• Opportunity exists for a new owner to focus on organic rent growth upon renewal or new lease
• A new owner also has the ability to lightly update some of the units with stainless steel appliances

Excellent Location in Pigtown; 10 Minute Walk Away from University of Maryland, Baltimore and UMMC

• Half mile away from Camden Yards and M&T Bank Stadium
• Easy access to I-95; 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

797 Carroll is located within the Pigtown neighborhood in Baltimore City, a diverse community that has undergone significant revitalization recently. 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 the former Royal Farms 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 rebranded CFG Bank 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 ground-level 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-square-foot 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.