The closing period for this asset is 30 days, with two (2) additional 30-day closing extension options available. Please see the purchase agreement documents in the due diligence section for more information. Property tours are available May 5th to June 5th on Tuesdays and Fridays from 11:00am to 1:00pm, by appointment only. To RSVP, please contact Michael McNeil (410-528-0011 or mmcneill@rwndg.com). Investment Highlights: Stabilized 4-unit, live/work office condo portfolio Existing loan of ±$300K per unit at 3.75% may be assumed (contact for more info) 8 deeded indoor parking spaces with extra guest parking ±100% occupied by single commercial tenant for 10 years Building amenities include security, fitness center, meeting rooms, marina, Near several retail POI and neighboring Ritz Carlton and PierHomes at HarborView Easily accessible to major highways and only ±1.3 miles from I-95 and ±1.9 miles from I-83 Located in the heart of Baltimore’s waterfront Harborview within walking distance to Federal Hill Investment Overview: 23 Pierside Office Condo Portfolio is a 100% leased opportunity consisting of four, office condominium units totaling ±3,625 SF located on the waterfront at 23 Pierside Drive in Baltimore, Maryland. These units are four live/work condominium units are 201 (±910 SF), 203 (±900 SF), 205 (±900 SF), and 207 (±915 SF). This opportunity also comes with 8 deeded and secured indoor parking space. This Property has an existing loan of approximately ±$300k per unit at 3.75% that may be assumed. The 23 Pierside Office Condo Portfolio is currently 100% occupied by a commercial tenant, MJ Morgan Group, with a lease expiration date of 6/30/2023 and 3% annual rent increases. The tenant is currently $26.81 per SF with a rental increase to $27.62 per SF on July 1, 2017 and the most recent 2016 NOI was ±$37,476 with the 2017 in-place NOI estimated at ±$44,047. Units 201 & 203 were previously occupied by a residential tenant in early 2016 and the owner opted to lease all units to the strong commercial tenant, MJ Morgan Group, who was already leasing the next door units 205 & 207 and took over occupancy of all 4 units in July 2016. 23 Pierside is located in the unique waterfront Harborview community which boasts high-rise condominiums, townhomes, waterfront pier homes, a marina, restaurant and cafe, Harborview is unique in its position as a resort style community at the heart of urban excitement on Baltimore's waterfront. Stretching along Baltimore's famous Inner Harbor, Harborview will be expanded to include an incredible open air, waterfront amphitheater, a beautifully landscaped park, additional restaurants, shops, and more condominiums and town homes. As part of the Harborview Community, 23 Pierside, features include 24-hour security desk, on-site restaurants, marina, coffee shop, waterfront promenade, and use of Harborview Tower's health club and indoor/outdoor & floating pool(s). 23 Pierside is centrally located and ±1.3 miles north of Interstate 95, ±1.9 miles south of Interstate 83, ±1.2 miles north of the Baltimore Inner Harbor, ±1.6 miles from downtown Baltimore, ±1.9 miles southeast of the University of Maryland Baltimore County, and ±11.4 miles SW of The Baltimore/Washington International Airport. These office condos are easily accessible with curb cuts from Pierside Drive, Harborview Drive and Key Highway which offers excellent visibility with an average daily traffic count of over 20,000 cars. The area surrounding the Property is developed with a variety of uses consisting primarily of retail, multifamily residential, and office. 23 Pierside neighbors Ritz Carlton and PierHomes at HarborView and is located ±1.2 miles from The Gallery Mall which includes retail tenants Forever 21, GNC, Francesca’s, Michael Kors, Johnston & Murphy, La Mesa, the UPS Store, Claire's, Foot Locker, Pandora, Starbucks, Harbor News, and T-Mobile. Additional retailers in the immediate area include the Harborview Marine Center, Baltimore Museum of Industry, Little Havana, McDonald’s, Smoothie King, Chipotle Mexican Grill, Ledo Pizza, Dollar Tree, Wells Fargo Bank, and Rite Aid. The area is also home to several hospitality properties within the immediate area including Sheraton Inner Harbor Hotel, Royal Harbor Court Baltimore, Renaissance Hotel, Baltimore Marriott Waterfront, and Four Seasons Hotel Baltimore. This opportunity offers investors the opportunity to assume a low interest loan and operate a 100% occupied, turnkey, 4-unit live/work condo portfolio in a prime Baltimore waterfront location with eight parking spaces. Free Asset Summary Report AvailableWe've partnered with Situs, one of the most trusted names in commercial real estate research, to provide unbiased third-party insight for this asset. You can find the full, complimentary Asset Summary Report under the secure due diligence tab above.
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