1923 ASHLAND AVE
1923 Ashland Ave | Baltimore, MD 21205
Opportunity to Acquire 21 Residential Units & 1 Commercial Unit Adjacent to Johns Hopkins Hospital
1923 Ashland Ave | Baltimore, MD 21205
Harbor Stone Advisors is pleased to present 1923 Ashland, a newly constructed mixed-use asset located in East Baltimore City. 1923 Ashland is in a premier location, just steps away from the Johns Hopkins University Schools of Medicine and Nursing, Bloomberg School of Public Health, and The Johns Hopkins Hospital.
The property features 22 units with a mix of (4) 1 Br-1 Ba, (16) 2 Br-1 Ba, (1) 3 Br-2 Ba, and (1) ground floor commercial space. The commercial space is leased to Peter Chang, a Chinese restaurant with 13 locations throughout Washington, DC, Maryland, and Virginia, through June 2033. Peter Chang is a James Beard Award-winning chef who specializes in Szechuan cuisine and is continuing to grow his restaurant empire. The current owner constructed the property in 2022, and the building is NGBS Green certified. Typical residential unit features include stainless steel appliances, wood cabinets, granite countertops, and LVT flooring throughout.
The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least 15% higher on average. There is also an ability to implement a water reimbursement program for the residential units upon renewal and/or new lease. 1923 Ashland has an existing Enterprise Tax Credit in place for the commercial portion of the building through the 2032-2033 tax year, offering future tax savings for a new owner.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Newly Constructed, Fully Occupied Asset in East Baltimore City
• Commercial space is leased to Peter Chang, a Chinese restaurant with 13 locations throughout Washington, DC, Maryland, and Virginia, through June 2033
• Typical residential unit features include stainless steel appliances, wood cabinets, granite countertops, and LVT flooring throughout
New Construction Leaves Minimal Deferred Maintenance for a New Owner
Steps Away from the Johns Hopkins University Schools of Medicine and Nursing, Bloomberg School of Public Health, and The Johns Hopkins Hospital
NEIGHBORHOOD SPOTLIGHT: EAST BALTIMORE
East Baltimore is a rapidly developing area with a strong foundation in healthcare, research, and economic revitalization. The neighborhood is anchored by Johns Hopkins Hospital, a globally recognized $8 billion integrated health enterprise. As one of the world’s leading healthcare systems, Johns Hopkins Hospital employs over 40,000 full-time faculty and staff, with 23,470 employees based in Baltimore, making it one of the largest private employers in Maryland and the second largest in Baltimore City. Johns Hopkins continues to expand, with a $400 million campus addition that began construction in late 2021, set to enhance lab space for future medical research.
Another key institution in East Baltimore is the Kennedy Krieger Institute, an internationally renowned nonprofit dedicated to improving the lives of children and young adults with developmental disabilities and disorders. The institute operates an outpatient center near Johns Hopkins Hospital, offering specialized medical care, education, and community services. Kennedy Krieger employs over 2,400 people and plays a vital role in the area’s healthcare ecosystem.
For local conveniences, there is a Walgreens and CVS Pharmacy located near the property. Nearby food options include Peter Chang (located at 1923 Ashland), Helmand Kabobi,and Starbucks offering a mix of casual and international dining experiences. East Baltimore offers easy access to some of Baltimore’s most sought-after waterfront neighborhoods. Fells Point is known for its cobblestone streets, lively restaurants, and the renovated Broadway Market. Canton features waterfront parks, shopping, and a thriving bar and restaurant scene. Harbor East boasts upscale dining, luxury shopping, and high-end residences, while the Inner Harbor serves as the city’s entertainment and tourism hub, home to the National Aquarium and waterfront promenades.
East Baltimore is also experiencing significant urban renewal, particularly with the $1 billion Perkins Somerset Oldtown transformation project, which aims to add over 1,300 residential units while enhancing connectivity, economic opportunity, and access to quality housing, education, and services. The neighborhood is well-connected to major highways, including I-83, I-95, and I-895. Public transit is easily accessible, with a Metro stop adjacent to Johns Hopkins Hospital, providing convenient transportation throughout the city.
EMPLOYER SPOTLIGHT: JOHNS HOPKINS HOSPITAL
Headquartered in Baltimore, Johns Hopkins Hospital is an $8 billion integrated global health enterprise and one of the leading health care systems in the world. Johns Hopkins Medicine has six academic and community hospitals, four suburban health care and surgery centers, over 40 patient care locations, a home care group and an international division, and it offers an array of health care services.
It employs more than 23,470 people in Baltimore, and over 40,000 in the state, ranking it among Maryland’s largest private employers. It was ranked by U.S. News and World Report as the best hospital in America for 21 consecutive years (1991-2011), and ranked #1 in Maryland and #3 nationally for 2019-2020.
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