• Address: 1924 Fleet St., Baltimore, MD 21231 (map)
• Date Posted: 09/18/09
• Size (sq ft): 4290

Price: $685,000


Contact:

* Matthew Blevins
* Phone: 410-215-8258

NOTE: Owner is a licensed real estate agent

Income-generating Fells Point commercial property for sale features $72,000 annual gross income and price of $685,000. Offered for sale at 8% capitalization rate and price per square foot rate of roughly $160. Property consists of both 1924 and 1926 Fleet St. and offers two commercial spaces and two apartments. Both apartments have been fully rehabbed and collectively feature exposed brick, recessed lighting, washer/dryer, garbage disposals, ceiling fans, hardwood floors, spiral staircases, new windows, stoves, refrigerator/freezer. Commercial spaces consist of one roughly 800 sq. ft. space that is occupied by a women's clothing store that has been in business at this location for 5 years and has a solid financial track record. Larger commercial space is 1,650 sq. ft. and is currently vacant - was rented as office space for $2,600 per month and as a wellness center. Currently for lease and drawing interest at $2,500/month (market rent). Among Baltimore investment properties, this is a gem - very little maintenance required, new roof in 2006, entirely updated residential spaces and excellent office/retail spaces.

Potential for a new owner to live in one apartment and use the space below for a business. Current leases extend to new owner, including 3-year lease on one commercial space, month-to-month on one bedroom apartment and lease expiring May, 2010 on 2 bedroom apartment.


Financial Overview

* Price: $685,000
* Capitalization Rate: 8%
* Cost per Sq. Ft.: $160/ft.
* Cost per Unit (4 units): $171,250
* Commercial Unit 1 Market Rent: $2,500 (Currently vacant and for lease)
* Commercial Unit 2 Market Rent: $1,050 (Rented to 5-year tenant, current 3-year lease)
* 2BR Apartment Market Rent: $1,400 (Rented through May, 2010)
* 1BR Apartment Market Rent: $1,050 (Currently rented month-to-month at $850)
* Current Taxes: ~$11,300
* Current Insurance: $1,400

Beautiful spaces offered at a lower cost per square foot than many other commercial buildings for sale in Fells Point.


Physical Details

* 4 Total Units
* 2 Commercial Spaces (1,650 & 800 sq. ft.)
* 2 Residential Apartments (Number1: 2 Bedroom, 2 Bath | Number2: One 1 Bedroom, 1 Bath)
* Total Square Footage: ~4,290
* Individually Metered for Gas/Electric
* Gas, forced-air heat
* Electric AC units
* 4 individual hot water heaters (gas)
* New 10-year Spray Polyurethane Foam (SPF) Roof in 2006
* Both apartments updated

Print Ad