2112 North Charles Street: 7 Retail/Office Suites & 1 Oversized Garage

What Makes This Commercial Building Special:

2112 North Charles Street is located in Old Goucher, a neighborhood known for its inclusivity and eclectic mix of thriving small businesses and restaurants. Artsy, vibrant, and growing, this community is rapidly redeveloping itself and expanding, as it is situated along one of the main north-south corridors in Baltimore City. 97% occupied, 2112 North Charles is a plus-sized building with spacious suites offering varying amenities, perfect for tenants with the vision to create their own unique spaces for retail and office use.

Commercial Building Details:

Brothers Music, a community staple since 2015, rents both the front and rear suites on the first floor. With sales focused in the front, the showroom has laminate flooring and overhead lighting. The tenant is currently renovating their en-suite restroom. The carpeted second-floor front suite is set up for professional use with a waiting area, conference room, and two private offices. The second-floor rear suite is one room with hardwood flooring. Each suite on the second floor has access to a private restroom on the second floor. The third-floor suites offer kitchenettes and full bathrooms. Kitchenettes feature wood cabinets, laminate counters, stainless sinks, and electric ranges. Full bathrooms feature modern vanities and cast-iron tubs with ceramic tile tub surrounds. The lower-level event space also has its own en-suite restroom and private outdoor space for entertaining. The garage is equipped with a large overhead door, allowing for ample commercial storage.

Commercial Building Specifics:

The first floor and lower level have large, aluminum storefront windows. All other windows are vinyl-replacement, helping tenants save money on their energy bills. The front suites have individual Carrier heat pumps with central air conditioning, recently replaced in 2022. Rear suites have electric baseboard heat and the owner provides window air conditioning units upon request. All units are separately metered for electricity, with eight electric meters. Observable interior plumbing lines are a mix of galvanized steel and C-PVC. All observable drains are PVC. A 2″ copper water main serves the building.

What’s Great About Old Goucher:

Old Goucher is closely connected to the Station North Arts District, the first state-designated arts and entertainment district and a national model. Both commercial and residential tenants alike mingle in the neighborhoods and support each other’s endeavors. Old Goucher has a very active community association and encourages patronage of local businesses through their Facebook page. Trending bars like Dutch Courage and Fadensonnen are elevating the neighborhood and helping to attract outsiders to this central Baltimore community. Tenant retention is positive at 2112 North Charles and aligns perfectly with this thriving neighborhood.

Investment Summary:

$525,000
$65,625 Per Unit.
$104 per Sq. Ft.
6.1 Times Actual Rents (GRM)
5.7 Times Market Rents (GRM)
10.19% Cap Rate
13% Projected Cash-on-Cash Return