234 Park Ave: Retail Store plus Value-Add Opportunity to Renovate Upper Floors

234 Park Ave:  Retail Store plus Value-Add Opportunity to Renovate Upper Floors

234 Park Ave: Retail Store plus Value-Add Opportunity to Renovate Upper Floors

234, Park Avenue, Mount Vernon, Baltimore, Maryland, 21201, USA

OFF MARKET

$195,000 For Sale

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Property ID :

 RH-10964-property

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Description

Great opportunity to invest in a Value Added property in Baltimore’s Downtown Business district.  In an up and coming area, 15 min walk to Inner Harbor or City Hall/10 min walk to Convention Center or Royal Farms Arena.

This mixed use building has a nicely renovated modern First floor retail store that is rented for a $1,000 per month.  Spacious upper floors (each floor is 693 sq feet) can be used as an artist loft or developed it into a two bedroom apartment with future potential rent of $1500.

Across the street from a brand new 76 unit apartment building and a 42 unit La Quinta Inn and Suites.  The Mount Vernon Market Place Food Hall is just up the street.  These new developments plus many more make this a great location in which to invest.

 

INVESTMENT SUMMARY:
$195,000 Investment
$ 97,500 per unit
$92.46 per sq.ft.
9.0 GRM
8.10% cap rate
10.4% cash-on-cash return on investment

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