Baltimore Retail for Sale - Baltimore Northwest
Appraised at $1.2M.Tremendous upside potential of $180,000 gross income. This mixed use property containing 11 apts and 5 commercial store fronts. Currently $126,000 Gross Income generating a 7.6% Cap Rate. Three Parcel C-2 Commercial, all-brick 12,354 sq. ft. building sitting on a 0.23-acre corner lot. Five Commercial/Retail tenants on the ground floo. Retail Tenants include: Tax Preparation Service, Hair Salon, Driving School, Paparazzi African Grill & a Shipping Company. Residential Units: 5447 Park Heights has three 2BD 2BA apartments, 5451 Park Heights has a studio apartment and 3 rooming units, and 5455 Park Heights also has a studio apartment and 3 rooming units. Commercial units are impressive with 110 ft deep lots, a front 10-car parking lot for customers, and rear garage entrances for the commercial tenants. The seller has invested $100,000 into improvements but a large value-add opportunity exists to increase rent, equity, and cash flow! With proper improvements, management, and tenant makeup, the rent roll could be significantly increased very quickly. C2 Zoning would allow reconfiguration of rooming units into standard apartments if desired. Located in a prime corner location in fast-developing Park Heights. The attractive mix of neighborhood retail in a dense and high-traffic area and affordable residences make this property nearly recession-proof and a solid income earner for your portfolio. The state of Maryland is investing $400 Million into making Pimlico a world-class race track, there will be a hotel, event space, and other amenities a few blocks from this location.
