Howard Row
Howard Row
Deal Type: Acquisition
Risk Profiles: Core
Property Types: Multifamily, Mixed Use
407-417 North Howard Street | Baltimore, MD 21201
Harbor Stone Advisors is pleased to present Howard Row, a premier, gut-renovated asset located in Downtown Baltimore City. This exceptional property offers unparalleled convenience and connectivity, positioned less than a 10-minute walk from some of Baltimore City's most significant employers, including the expansive Metro West Complex, which is projected to house 2,500 state employees by the end of 2025. Residents of Howard Row benefit from immediate access to a multitude of public transit options, facilitating effortless commutes throughout the city. The property is also just a short stroll from neighborhood landmarks, such as Lexington Market.
Howard Row comprises 52 spacious apartments, offering a diverse unit mix to cater to a broad range of residents. The residential component includes (26) Studios, (14) 1 Bedroom-1 Bathroom units, (9) 2 Bedroom-1 Bathroom units, and (3) 2 Bedroom-2 Bathroom units. In addition to the residential offerings, the property features (6) highly versatile commercial spaces, presenting an attractive opportunity for various businesses. A comprehensive gut renovation of the entire property was completed in 2019 by the current ownership, ensuring that all systems and finishes are modern and up-to-date. This extensive renovation has resulted in minimal deferred maintenance, significantly reducing the capital expenditure burden for a new owner. Typical apartment unit features include black/stainless steel appliance packages, granite countertops, wood cabinets, LVP flooring, in-unit washer/dryers, and luxury finishes.
The acquisition of Howard Row represents a compelling opportunity for a new owner to capitalize on several avenues for value creation. A primary focus will be on achieving organic rent growth by optimizing current market rates and implementing strategic leasing initiatives to fully stabilize the residential component. Beyond the residential units, there is significant potential to actively market and lease the three vacant commercial spaces to long-term, stable tenants, thereby enhancing the property's overall income stream. Additionally, the property offers an immediate opportunity to monetize the four storage areas that are presently occupied by the current owner, converting these into a new revenue source. A distinct financial advantage for Howard Row is its existing Historic CHAP Tax Credit, which remains in place through the 2029-2030 tax year. Howard Row stands as a turn-key asset with substantial upside potential in one of Baltimore City's most dynamic and redeveloping neighborhoods.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Gut-Renovated Asset in Downtown Baltimore
• Comprehensive gut renovation was completed in 2019, leaving minimal deferred maintenance for a new owner.
• Typical apartment unit features include black/stainless steel appliance packages, granite countertops, wood cabinets, LVP flooring, in-unit washer/dryers, and luxury finishes.
• Property has an in-place Historic CHAP Tax Credit through the 2029-2030 tax year.
Multiple Avenues to Create Value
Excellent Location in Downtown Baltimore; Less than a 10-Minute Walk to Major Baltimore City Employers
• Ranked a Walker's Paradise by Walk Score, just steps away from dining, retail and nightlife
• Short walk away from multiple JHU shuttle stops which makes stops at the main university campus, but also stops at Penn Station, Johns Hopkins Hospital, and the Peabody Institute of the Johns Hopkins University.
• Easy access to surrounding neighborhoods such as Charles Village, Station North, and Hampden
• Major area employers/colleges nearby: JHU, Medstar Union Memorial Hospital, University of Baltimore, Loyola University of Maryland, Morgan State University
FLOOR PLANS
NEIGHBORHOOD SPOTLIGHT: DOWNTOWN BALTIMORE
Howard Row is located within Downtown Baltimore City and the Central Business District, only a few blocks from the retail and restaurants of the Inner Harbor. More than 3,300 state employees have begun relocating to the Central Business District, which is the largest single influx of jobs in Downtown’s history. The state agencies will occupy nearly 1 million square feet of additional space, increasing the state’s occupied footprint to roughly 2.5 million. The Maryland Department of Health has leased 500,000 square feet at Metro West, directly across the street, under a 14-year term with an option to extend through 2044. The neighborhood is home to major employers such as the University of Maryland Medical Center, with more than 9,000 employees, and Mercy Health Services, with over 4,000 employees. Nearby colleges and universities include the University of Maryland Baltimore, University of Baltimore, Maryland Institute College of Art (MICA), and Johns Hopkins University.
CFG Bank Arena, located approximately half a mile away, recently underwent a major $300 million interior redevelopment, including new seating, concessions, a performance stage, and an outdoor deck. The property is a seven-minute walk to the $45 million redevelopment of Lexington Market, completed in early 2023 and featuring a new 60,000-square-foot market and public plaza. In addition to Lexington market, other top-rated easteries include Restaurant Tio Pepe and Streets Market & Cafe. Additional nearby landmarks include Johns Hopkins University’s Peabody Institute, the Walters Art Museum, and the Hippodrome’s historic theater. Camden Yards and M&T Bank Stadium, home to the Baltimore Orioles and Ravens, are within walking distance. The property has a Walk Score™ of 97, ranking it a Walker’s Paradise.
Downtown Baltimore offers excellent transportation access, evidenced by a Transit Score of 100. The property is serviced by the free Charm City Circulator, light rail and metro stations, and multiple bus routes. Camden Station and Penn Station are both minutes away; the latter is slated for a major mixed-use redevelopment that could bring as much as 1.6 million square feet of new development to the area. The property also provides convenient access to I-95 and I-83.
33,000 STATE EMPLOYEES RELOCATE TO DOWNTOWN
More than 3,300 state employees have begun relocating to the central business district, the largest single influx of jobs in downtown’s history. The state agencies will occupy nearly 1 million SF of additional space, increasing the state’s occupied footprint to roughly 2.5 million. Several agencies are set to move in 2025. The Comptroller’s Office Taxpayer Services Division and the Departments of Planning, Aging, Labor, Information Technology, and Budget and Management are set to occupy their new offices by the end of summer. The most prominent move will occur by the end of 2025, bringing 2,500 workers to the Metro West Complex, occupying 463,000 square feet. The influx of jobs will not stop there, as three additional state agencies are looking to relocate to the downtown area in the coming years.
PHOTO GALLERY
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