5447-5459 Park Heights Ave - Storefront Retail/Residential FOR SALE


Baltimore, MD 21215
$888,000 USD
410-365-0200
5447-5459 Park Heights Ave, Baltimore, MD for Sale
$888,000 USD
Storefront Retail/Residential - FOR SALE
1/19
null | Request Cap Rate

5447-5459 Park Heights Ave
Baltimore, MD 21215


HIGHLIGHTS

  • NHP has been selected to invest $100 Million in single and multi family developments in the Pimlico neighborhood.
  • Gross potential $180,000 currently $126,000 @ 7.6% cap rate
  • $400 million in state bonds to modernize Pimlico race track with plans for a new clubhouse and guest amenities by 2027

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$888,000 USD

PRICE/SF

$103 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

ADD'L SUBTYPES

Convenience Store, Fast Food, Storefront

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1926

SPRINKLERS

-

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,019 SF

ZONING

C-2, Baltimore

APN/PARCEL ID

4528-019,4528-020,4528-021

ASK ABOUT THIS PROPERTY

Nicholas PiscatelliMaryland Commercial VenturesMore Info
410-365-0200

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Nicholas PiscatelliMaryland Commercial VenturesMore Info
410-365-0200

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.