2101-2103 Maryland Ave / Mixed-Use Baltimore Investment Property / 2 Restaurants + 5 Apartments

What Makes this Mixed-Use Baltimore Investment Property Special:

2101-2103 Maryland Ave provides an opportunity to purchase a rehabbed mid-sized investment property in a rising Baltimore neighborhood. Old Goucher was named Baltimore’s “Latest Up-and-Coming Neighborhood” by the Baltimore Business Journal, and saw an 81.6% population growth from 2000-2010, due to the addition of many small businesses and increased interest in the restaurants, bars, and artistic spaces the area offers.

Mixed-Use Property Details:

The two restaurant spaces are contiguous and are rented to a single long-term tenant through March 2025. Each restaurant space includes a full bar, seating areas, and two bathrooms. Commercial kitchen buildout is the property of the landlord and is included in the sale. The landlord also controls the 7-day beer, wine and liquor license.

The five apartments feature updated kitchens with wood cabinets, laminate countertops, and stainless steel sinks; modernized bathrooms; and high ceilings and exposed brick walls. These apartments are attractive to today’s tenants, and the units rent quickly.

Who Pays Which Utilities:

These buildings were rehabbed in 1992–including plumbing, electric upgrades, windows, and mechanical systems. Each apartment has its own heat pump, central air conditioning, and water heater; and two of the units feature in-suite laundry. The roof was replaced in 2014–modified rubber on the main building, and TPO over the rear club.

What’s Great About Old Goucher:

Many investors and entrepreneurs have helped in rejuvenating this neighborhood. Recent restaurant  openings include Dutch Courage, a “gin-centric” cocktail bar, and Larder, a farm-to-table café just two blocks north. Residents in this area enjoy the mix of eclectic eateries, bars, and art and entertainment venues. 2101-2103 Maryland is conveniently located near Maryland Institute College of Art (MICA) and University of Baltimore, and is just four blocks from Penn Station! The Maryland Avenue Cycle Track runs directly in front of this building, adding appeal to bike commuters as well.

According to Live Baltimore, renters make up 95% of Old Goucher and 93% of Station North.

Investment Summary:

$865,000
$123,571 Per Unit
$145 Per Sq. Ft.
8.5 Times Actual Rent (GRM)
7.5 Times Market Rent (GRM)
8.84% Cap Rate
14.0% Projected Cash-on-Cash Return