Harbor Stone Advisors is pleased to present the unique opportunity to acquire The Kenary, a newly built asset located in the Fells Point neighborhood of Baltimore City. The property also provides the opportunity for a ground floor commercial tenant. The Kenary is less than a 5-minute walk away from the main street in Fells Point, which is home to numerous restaurants, bars, and shops.
The Kenary features 12 expansive units with a mix of (9) 1 Br-1 Ba, (2) 2 Br-2 Ba and (1) ground floor live/work unit. The property was recently constructed in 2021. Typical unit features consist of stainless steel appliances, granite countertops, LVT flooring, in-unit washer/dryer, and high-end finishes. Top Floor units have elevated ceilings.
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 lease the live/work unit to a long-term commercial tenant.