817, North Howard Street, Mount Vernon, Baltimore, Maryland, 21201, United States
This downtown investment property is right across the street from University of Maryland Medical Campus, Midtown, and just around the corner from all of the dining, shopping and cultural venues that are available in the popular Mount Vernon neighborhood. This strip of North Howard Street was known as “Antique Row” and is now seeing a resurgence as local artists take over the storefronts.
The first floor is licensed for use as a tattoo studio and leased through early 2023. Spanning the entire first floor, the space benefits from a large storefront window so tenants can display their business to both passersby and those riding the light rail. The space has a half-bathroom with modern vanity and has convenient access to the rear parking pad.
The apartment comprises the second and third floors and is impressively large, filled with historic character, from the mantles, crown molding and original hardwood floors. The second floor features a bedroom, living room, dining room, full bath and kitchen. The living room could be easily converted into a fourth bedroom, adding additional rental income. Upstairs are two more bedrooms and full bath. Both bathrooms have ceramic tile floors. The main level bathroom has a steel tub and ceramic tile tub-surround and modern vanity. The upstairs bath has a shower stall and wall mounted sink. The kitchen features a gas range, built-in microwave, disposal and dishwasher for easy clean up. There is a covered porch just outside of the kitchen door for outdoor enjoyment. A full size washer and dryer is on the main level.
Each unit is self-contained, with two electric meters and two gas meters for the property. The tattoo studio is heated by a hot water, gas-fired boiler and the apartment has a Payne gas-fired furnace. Both units have central air conditioning. Hot water is provided by separate State Select gas-fired water heaters. Interior plumbing supply lines are mostly copper with some c-pvc and drain lines are pvc. The main drain to the city connection is cast iron and the main supply is steel. 100 amps are supplied to the building. The oil tank and old boiler are out of service but remain in the unfinished basement. Water is paid by the landlord but a savvy investor could bill the tenants and increase the cash flow. The rear parking lot is used by the tattoo shop but could be rented to residential tenants upstairs, once leased. Original wood windows throughout. The main roof is rubber and the covered patio is asphalt shingle.
This property has optimal visibility for a commercial tenant and great accessibility to public transportation. MLK Boulevard offers quick access to 95 North or South, and I-83 access is less than a half mile away to get to points east and west. Walking distance to UMMC Midtown’s Campus, the newly renovated Lexington Market and the Walters Art Museum. Camden Yards and M&T Bank Stadium can also be reached with a leisurely stroll. Nightlife and dining options are endless just east in Mount Vernon.
$136 Per Sq. Ft.
8.8 Times Market Rent (GRM)
8.67% Cap Rate
10.5% Projected 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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