Baltimore Commercial Real Estate - Fells Point
Price: $619,000
Contact:
- Matthew Blevins
- Phone: 410-215-8258
- E-mail: Click Here
NOTE: Owner is a licensed real estate agent
Income-generating Fells Point commercial property for sale features $70,200 annual gross income at market rents and price of $619,000. Offered for sale at 9.08% capitalization rate and price per square foot rate of roughly $144. 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 leased to a retail tenant selling fitness clothing and gear at $2,500 per month. 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: $619,000
- Capitalization Rate: 9.08%
- Cost per Sq. Ft.: $144/ft.
- Cost per Unit (4 units): $154,750
- Commercial Unit 1 Market Rent: $2,500 (Rented with 1-year lease at $2,500)
- Commercial Unit 2 Market Rent: $1,100 (Rented to 5-year tenant, current 3-year lease at $1,100)
- 2BR Apartment Market Rent: $1,400 (Rented through May, 2010 at $1,400)
- 1BR Apartment Market Rent: $1,050 market rent (Currently rented month-to-month at $850)
- Current Taxes: ~$11,500
- Current Insurance: $1,450
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
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |