Alan L. Billian, P.A., West 36th Street, Hampden, Baltimore, Maryland, 21211, United States
For Sale - Under Contract
Extremely rare opportunity to own a 2-unit on one of Baltimore’s most famous streets! Established and respected “Eye Candy” Opticianry on the first floor and 1-bedroom apartment upstairs, ready for owner-occupancy. Many buildings along “The Avenue” are sold as part of a portfolio, so this is a great opportunity to invest in a bustling neighborhood at an affordable entry point.
Zoned C-1, the office/retail space on the first floor spans the entire depth of the property and has access to the basement for additional storage. The floors throughout are carpeted, with the exception of the bathroom, which is vinyl tile. 12′ ceilings with recessed light and a large glass, store-front window allow for lots of natural light in the front room and a great, inviting sales floor. Small kitchenette with real wood cabinetry, laminate counters, and stainless sink. The lease runs through 2024, with built-in rent increases every year, and 1 additional renewal option through 2026.
Second floor, large one-bedroom apartment could be easily converted to a two-bedroom. Large living room and separate dining room with original hardwoods throughout the living space. Freshly painted with a bonus private rear porch. Kitchen is updated with plenty of wood cabinetry, laminate countertops, and 30′ gas range. Bathroom has modern vanity, cast iron tub with ceramic tile tub surround, skylight and vinyl tile flooring.
Each unit is separately metered for both gas and electric. First floor is served by an electric heat pump and central air, as well as gas-fired water heater. Gas-fired boiler provides radiator heat to the second floor. Upstairs, a utility room features a separate water heater, sanitary tub, and could be plumbed for a stacked washer and dryer. Mini splits could be added to provide air conditioning to the apartment.
With a desire to live on one of Baltimore’s best streets, an owner-occupant could pay almost half the monthly mortgage with the rent from the first floor. Ask me how rent becomes less than $100/month when you look at the tax savings each year. In 2023, the monthly rent from the first floor, including tax advantages, would have you living rent free!
If you had the desire to own your own retail space or office along the infamous “Avenue”, purchase this property, rent out the apartment and earn a great return on investment through 2024, when you could build out the first floor to suit your needs.
Another option would be to significantly improve the upstairs apartment, rent at a higher rate, and see a cash-on-cash return at near 13%.
According to LiveBaltimore, Hampden is artsy, lively, walkable, historic, kid-friendly and commuter friendly. Hampden is comprised of 56% homeowners and 44% renters, so no matter which type of investor you are, Hampden rentals see little to no vacancy. With a walk-score of 89 and crime grade “A”, Hampden consistently remains a sought after neighborhood to live, work, and invest. This property is within walking distance of the Rotunda, another recently rejuvenated project in Baltimore, offering office spaces, an organic grocer and other niche shops and services.
$360,000 $180,000 Per Unit $215 Per Sq. Ft. 17.0 Actual Market Rent (GRM) 10.6 Times Market Rent (GRM) 7.45% Cap Rate 9.4% Cash-on-Cash Return
Email Cheryl Sadera to schedule a tour: Cheryl@BenFrederick.com, or call 410-688-1348 to discuss your investment objectives and criteria. View our house hacking webinar here. Check out another Hampden mixed-use property, just listed, by clicking here. Which is best suited for you?
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.Suze Orman