North Belnord Avenue, Patterson Park, Baltimore, Maryland, 21205, United States
137/139 Belnord Ave. offers a great opportunity to own a extensively renovated mixed use investment property with a value add component in a great location. The property sit one block north of Patterson Park, a designated historic district within walking distance of some of the city’s best restaurants, nightlife and cultural activities.
This end unit property consists of two lots,137/139, that have been consoldated into 137 on the tax record, giving the property a 25 ft. width. The first floor consists of a 1500 sq. ft partially finished retail space. The second floor consists of a 1000 sq. ft. extensively renovated 2 bedroom, 1 bath apartment. The current owner began a renovation of the retail space including petiioning and being granted zoning approval for use as a neighborhood commercial establishment. (market or restaurant) The retail renovation included partial demolition, framing entire space, restored brickwork, new ducting for HVAC, updated gas and water lines, both ready for rough in inspection, new alley doors and two new sump pumps in basement. The spacious upstairs apartment has exposed brick, new vinyl flooring, new vinyl windows, stainless-steel appliances, granite counter tops and wooden cabinets. The bathroom has a large vanity, soaking tub with seperate glass enclosed shower. The unit has a stacked washer/ dryer to complete the package.
The physical plant/ structure is in good shape. The property has two gas meters and one electric meter with 200 amp service in to the building. The landlord currently pays for all electric for the building, the tenant pays a flat $100 a month for water and all of the gas bill. The addition of an electric meter would allow the tenants to pay their own utilities. The roof was replaced within the last year with torch down rubber. The windows and most exterior doors have been replaced. The gas fired furnace in the apartment is new along with the 40 gallon electric hot water heater.
The location of 137 N. Belnord is great, one block north of Patterson Park. Patterson Park, called ” the greatest backyard in Baltimore ” offers a lush 155-acre city park that gives the neighborhood its name and provides endless opportunities for recreation and entertainment. The property earns a Walk Score of 85 out of 100, allowing tenants to accomplish most daily errands on foot. A 20 minute walk through the park puts you in the heart of the Canton waterfront.
$350,000 $175,000 per unit $140 per square foot 7.9 times market rent (GRM) 10.00% cap rate 16.7% cash on cash return
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”.
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