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11 E Saratoga St. Baltimore, MD 21202

Unique Opportunity to Acquire a Gut-Renovated, Landmark Asset in Downtown Baltimore

11 E Saratoga St. | Baltimore, MD 21202

 

Harbor Stone Advisors is pleased to present the opportunity to acquire the Lofts at Daily Record, a gut renovated asset located in Downtown Baltimore. The property is located across the street from Mercy Medical Center and is less than a mile away from the University of Maryland, Baltimore.

 

The Lofts at Daily Record features 20 apartments with a mix of (3) Studios, (13) 1 Br-1 Ba, and (4) 2 Br-1 Ba. Prior ownership completed a gut renovation of the property in 2018 which included converting The Daily Record newspaper’s former office to luxury-style apartments. Typical apartment unit features include stainless steel appliances, granite countertops, wood cabinets, vinyl plank/tile flooring, and washer/dryers in some units. In addition to the interior renovations, current ownership also updated all mechanical systems and replaced the roof, leaving minimal deferred maintenance for a new owner.

 

The opportunity exists for a new owner to focus on organic rent growth at the Lofts at Daily Record. Comparable properties nearby are achieving rents at least $200 higher on average compared to the Subject property.

11 E Saratoga St. | Baltimore, MD 21202

 

Harbor Stone Advisors is pleased to present the opportunity to acquire the Lofts at Daily Record, a gut renovated asset located in Downtown Baltimore. The property is located across the street from Mercy Medical Center and is less than a mile away from the University of Maryland, Baltimore.

 

The Lofts at Daily Record features 20 apartments with a mix of (3) Studios, (13) 1 Br-1 Ba, and (4) 2 Br-1 Ba. Prior ownership completed a gut renovation of the property in 2018 which included converting The Daily Record newspaper’s former office to luxury-style apartments. Typical apartment unit features include stainless steel appliances, granite countertops, wood cabinets, vinyl plank/tile flooring, and washer/dryers in some units. In addition to the interior renovations, current ownership also updated all mechanical systems and replaced the roof, leaving minimal deferred maintenance for a new owner.

 

The opportunity exists for a new owner to focus on organic rent growth at the Lofts at Daily Record. Comparable properties nearby are achieving rents at least $200 higher on average compared to the Subject property.

INVESTMENT HIGHLIGHTS

Opportunity to Acquire a Gut-Renovated, Landmark Asset in Downtown Baltimore
  • Features 20 apartments with a mix of (3) Studios, (13) 1 Br-1 Ba, and (4) 2 Br-1 Ba
  • Typical apartment unit features include stainless steel appliances, granite countertops, wood cabinets, vinyl plank/tile flooring, and washer/dryers in some units
  • Tenants reimburse for water
Minimal Deferred Maintenance and Potential to Increase Rental Revenue
  • Prior ownership completed a gut renovation of the property in 2018 which included converting The Daily Record newspaper's former office to luxury-style apartments
  • In addition to the interior renovations, current ownership also updated all mechanical systems and replaced the roof
  • Opportunity exists for a new owner to focus on organic rent growth as similar properties nearby are achieving rents at least $200 higher on average
Excellent Location in Downtown Baltimore; Across the Street from Mercy Medical Center
  • Minutes away from Downtown staples such as the Inner Harbor, the National Aquarium, and Power Plant Live!
  • Abundant transportation options located nearby including the Metro SubwayLink, Light Rail and various bus lines
  • Easily walkable to retail, dining, and nightlife; ranked a Walker's Paradise by WalkScore
  • Major area employers/colleges nearby: Mercy Medical Center, City and State Government Offices, University of Maryland, Baltimore, UMMC

NEIGHBORHOOD SPOTLIGHT: DOWNTOWN

 

Lofts at the Daily Record Building is located within Downtown Baltimore City and the Central Business District, only a few blocks from the retail and restaurants of the Inner Harbor and several massive ongoing developments including a complete redevelopment of the Inner Harbor and the newly delivered CFG Bank Arena.

 

The property is directly adjacent to Mercy Medical Center and less than a 10-minute walk to both University of Maryland Baltimore and the $45 million redevelopment of Lexington Market. The project was completed in early 2023 and featured the opening of a new 60,000-square-foot market and a public plaza.

 

The Hippodrome, a historic theater built in 1914 and extensively renovated in 2004, is just a short walk. Camden Yards and M&T Bank Stadium, home to the Baltimore Orioles and Ravens, are also within walking distance. The subject property has a Walk Score of 99, ranking it a Walker’s Paradise.

Many cultural landmarks are within a short distance, including Johns Hopkins University’s prestigious Peabody Institute, the Washington Monument, the Walters Art Museum, George Peabody Library, and the Baltimore Basilica. Multiple hotels are nearby, including The Ivy, Hotel Revival, Hotel Indigo, and the Belvedere, and top eateries like Restaurante Tio Pepe and Sotto Sopra.

 

Ample public transportation is nearby, including the free Charm City Circulator, a light rail stop, a metro stop, and many bus stops.

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