Totally renovated in 2017 by a quality local builder, this fully leased 8-unit property on a prime downtown corner promises to produce excellent cash flow returns for many years to come.
Enjoy the low maintenance and operating costs of an essentially new building, including new rubber roof, new electrical, plumbing, windows, heat pumps with central air, tank-less water heaters, new drywall, new floors, appliances, kitchen cabinets and counter tops. Tenants will appreciate the security of a video intercom entrance door system and ADT alarm system in each apartment. All units have their own systems and are separately metered, including a separate meter for water.
The corner fast-casual restaurant is operated by experienced restaurateurs, serves Peruvian Empanadas, and has done extremely well during the pandemic. Miss Carter’s Kitchen has 2 current carry-out locations that do extremely well and is about to open their first sit-down restaurant with a liquor license. Miss Carter’s home cooking is a favorite among Baltimore Ravens football players and is sure to be a big hit. The office/retail space on Liberty Street will be leased-back to the seller after closing for his real estate office.
Charles Plaza is across the Street, featuring restaurants, shops, offices, and numerous apartments. Catholic Relief Services world headquarters are in the next block at 228 W Lexington Street. Light Rail and Subway stops are within 3 blocks. The $40 million renovation of the historic Lexington Market is taking place 2 blocks to the west of this property.
The Historic Hippodrome Theater and Everyman Theater are within 3 blocks. The University of Maryland Downtown Baltimore Campus, along with the associated University Hospital and Baltimore’s VA Hospital are a short 5 blocks away.
Oriole Park at Camden Yards, Baltimore Raven’s M&T Bank stadium and Royal Farms Arena are all within walking distance.
INVESTMENT SUMMARY: Offered at $1,350,000 $177 per sq.ft. 8.3% cap rate 11% cash-on-cash return on investment
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”.