2101-2103 Maryland Ave: 2 Restaurants + 5 Apartments in Old Goucher/Charles North

Did you know that Old Goucher was named Baltimore’s “Latest Up-and-Coming Neighborhood” by the Baltimore Business Journal? Old Goucher 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. 2101-2103 Maryland is the perfect opportunity to join in this rising community!

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.

The two restaurant spaces are contiguous and are rented to a single long-term tenant through March 2025. Each restaurant suite 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 certainly attractive to today’s tenants, and the units rent quickly. According to Live Baltimore, renters make up 95% of Old Goucher and 93% of Station North!

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.

Schedule your tour of this investment building today!

Investment Summary:
$865,000 Investment Offering
$123,571 Per Unit
$145 Per Sq. Ft.
8.5 Times Actual Rent (GRM)
7.5 Times Market Rent (GRM)
8.82% Cap Rate
14% Projected Cash-on-Cash Return