What makes this Commercially Zoned 3 Story Investment Property Special:
This is a great opportunity to own a commercially zoned investment property in the heart of Downtown Baltimore. The property is currently used as office space, with a law firm occupying the 1st and 2nd floors. The third floor is vacant. The potential for this property lies in its C5 zoning, which allows for a wide variety of uses. The property is 3774 sq. ft., which would allow for at least 3 large apartments with the potential for more. One could apply for a variance to add additional units.
The building is currently used as a law office. The law office occupies the first and second floors. The office space is dated and in need of an extensive rehab. The third floor is unoccupied and in need of a complete rehab. The basement is a large unfinished space which is suitable for dry storage. There is a 2-car garage off the rear of the building, allowing the owner/tenant secure parking. The buildings 3774 sq. ft. spread among 3 floors allows the potential for 3 large apartments or more. The properties on both sides of 417 St Paul St. have been purchased by well known Baltimore developer, Chasen Companies. One side has been developed into luxury apartments (The Courtland) and the other side has just been purchased with rehab to begin shortly. This leaves an opportunity for a investor to work in concert with an experienced builder to create a great multifamily investment property.
Who Pays What Utilities
The property has 200 Amp electric service coming into the building. The first and second floors are separately metered for electric. There is one gas meter in the property fueling the single gas fired furnace. The first floor has a tankless hot water heater; the second floor has a 10 gallon hot water heater. There are separate central air units for the first and second floors.
Located in the heart of Downtown Baltimore, 417 Saint Paul Place has a Walk Score of 99 out of 100 and a Transit Score of 88. A walkers paradise, this neighborhood affords the opportunity to complete daily errands without a car, and nearby parks include Cathedral Hill Historic District, Mount Vernon Square Park and Mount Vernon Place Historic District. The Mercy Medical Center is one block away, providing a strong community of high-income earners and potential tenants. The Crime Grade is an A, making it one of the safest Baltimore neighborhoods.
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”.