Just Sold: Ridgely’s Delight Development Opportunity
Located in the Ridgely’s Delight Historic District, Ben Frederick Realty Inc. announces the successful sale of 731-737 West Pratt Street and 207 S. Fremont Ave; a 4-building, 3-lot, 5,680 sq.ft. of land development site across the street from University of Maryland Downtown Campus for $350,000. The all-cash sale and quick closing to a New York-based developer was the best of a multiple-offer situation generated by Frederick’s extensive and targeted marketing efforts. The success of this transaction was made possible by Frederick’s successfully working with 2 city agencies to clear old title issues.
The seller, a retired operator of the long-closed bar and restaurant, had owned the properties dating to the 1970’s.
The buildings were vacant and deteriorated, requiring complete renovation. The site is subject to development restrictions because it is located in the Ridgely’s Delight Historic District.
The buyer was attracted by the location, on West Pratt Street, just inside Martin Luther King Jr. Blvd, and across the street from the University of Maryland. The new zoning designation C-1 allows for mixed-use development to better serve the community.
Ben Frederick III, CCIM specializes in the sale and marketing of Baltimore Apartment Properties, Mixed-Use, and Commercial-Investment Real Estate. A third-generation Realtor® with more than 35 years experience, Mr. Frederick is a director of the Maryland Multi-Housing Association and serves on the Legislative Committee of the Greater Baltimore Board of Realtors.
$350,000 Sale Price, closed October 13, 2017
Lot 1: 731-733 West Pratt Street
Lot 2: 735-737 West Pratt Street
Lot 3: 207 S. Fremont Avenue
$61.62 per sq.ft. of Land Area
$42.04 per sq.ft. of Building Area