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.