6901 Belair Rd: 6 Stores + 6 Apts on 3/4 Acre in Baltimore County

6901 Belair Rd:  6 Stores + 6 Apts on 3/4 Acre in Baltimore County

6901 Belair Rd: 6 Stores + 6 Apts on 3/4 Acre in Baltimore County

6901, Belair Road, Elmwood, Overlea, Baltimore County, Maryland, 21206, USA

For Sale

$1,100,000

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Property ID :

 RH-10043-property

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Description

Rehab needed on this partial rented and partially fire damaged mixed use site.  This 3/4 acre tract is Zoned BL and located in Baltimore County which has lower property taxes and a responsive government system.   This site could be developed into a modern retail use, assisted living, affordable housing, medical facility or offices.

This site consists of 4 continuous parcels:

  • 6901 Belair Road is at the corner of Overlea Avenue.  Traffic signal controlled intersection.  Building contains 2 stores and 2 apartments and is 100% leased.  The two-car garage in the rear is rented for $100 per month.
  • 6905 Belair Road was last used as 2 stores and 2 apartments.  A fire in the fall of 2018 resulted in this building being vacated by all tenants.  The building is heavily fire damaged and needs complete renovation.
  • 6907 Belair Road contains a 3,800 sq.ft. one-story retail building in the front. This building is vacant and has been gutted.  It is ready to be up-fitted for a new retail tenant.  A separate 2-story house in the rear contains two 2-bedroom apartments that are fully rented.
  • 6913 Belair Road is a 2,350 sq.ft. one-story retail building that has been leased to the same business for over 50 years.

Investing $200,000 renovating the fire damaged building and up-fitting the retail building would result in an investment at 8.8% cap rate with 11% cash-on-cash (see Cash Flow statement for details).

The list price of $1,100,000 equates to a reasonable $34 per sq.ft. of land if the property is to be demolished and redeveloped.  The list price equates to a reasonable $72 per sq.ft. of building area.

LOCATION:  1 block above Northern Parkway, 1 mile inside I-695, the Baltimore Beltway, this property is convenient and accessible to downtown Baltimore, Towson, and White Marsh.

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