A 5,332 sq ft.. C1 zoned rehab property located in the rapidly developing area between the Upper Fells Point, Perkins Homes and Fells Point neighborhoods. The C1 zoning requires 300 sq. ft. of lot area per Dwelling Unit “By Right”. The 1,984 sq. ft. lot size would allow for up to 7 apartments within the building.
The building’s interior is in poor condition and in need of a complete gut rehab. The 3 story property is 15 ft 6 in. wide and 128 ft deep. The properties on either side of the subject property are not as tall, allowing windows to be placed on the sides of the upper floors adding natural light. The property is constructed of brick with a brick foundation. There is a full basement that would set up well for storage for apartments in a future multifamily development. The building has 200 amp electric service, 3 gas meters and a 1 inch copper water main. The broad C1 zoning gives the investor options. They could develop a 7 unit multifamily property or a mixed use property with retail on the first floor and apartments on the upper floors.. Either commercial or residential use would be well-received in this neighborhood experiencing strong growth.
The location of 246 South Broadway is one of the highlights. The property garners a Walk Score of 98 out of 100, a Transit Score of 88 and a Bike Score of 86! The property is surrounded by growth and stability on all sides. The Broadway Market and Fells Point is 1/4 mile to the south, the new Perkins-Somerset-Oldtown Transformation are 1/4 mile to the east, Patterson Park is 1/2 mile to the west and Johns Hopkins Hospital is 1/2 mile to the north. All of this combines to make a great opportunity for a developer to build a cash flowing multifamily or mixed use investment property to either keep or sell to an investor.
Property: 1,984 sq.ft. Land Area 5,332 sq.ft. Building Area C-1 Zoning on South Broadway
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