Brown Rice, 2404, North Charles Street, Old Goucher, Baltimore, Maryland, 21218, United States
For Sale - Under Contract
Located in the growing neighborhood of Old Goucher, this fully leased mixed-use investment property features three 1-bedroom apartments and a restaurant with a secured tenant through June 2028. Sitting on a far corner, this building offers the commercial tenant plenty of advertising space on the southern wall. Also, street-level access is coveted on these blocks, as most other storefronts require going up or down stairs to enter the retail space. This property offers investors a 17.1% projected cash-on-cash return with easily achievable market rents.
Tenants are attracted by the high ceilings and bright living spaces. Kitchens feature electric ranges (two 30″ and one 24″), wood cabinets and durable laminate counters. All bathrooms have modern vanities and easy-to-clean ceramic tile surrounds. The second-floor apartment has a large shower stall and the upper floor apartments have steel tubs. Floors are laminate throughout the living spaces with ceramic tile floors in the bathrooms. Apartments have vinyl replacement windows, allowing tenants to enjoy energy-efficient living. The first-floor restaurant is licensed as a restaurant and catering facility. With an inviting stone facade and large store front window, this corner building offers great visibility for passers-by. A full commercial kitchen, with counter service, seating area, ADA compliant bathroom, commercial fixtures and hood with ANSUL system also has ample storage room upstairs.
Units are separately metered for gas and electric, so tenants can pay their own utilities. 600 amps feed the building, with 200 amps serving the restaurant, 60 amps to the second-floor apartment and 100 amps each to the third and fourth floor apartments. Each unit has its own water heater and HVAC. The restaurant and second floor apartment have mini-split systems, while the third and fourth floor apartments have gas furnaces and central air. The building has a 1″ copper main supply, a mix of copper and CPVC interior supply lines and PVC drain lines. The building has a defunct sprinkler system which requires a larger water main supply to function. Architectural drawings for this upgrade have already been completed. The property is licensed for a restaurant and one dwelling unit and can be properly brought into compliance with the aforementioned upgrade.
Located a short 6 blocks from Johns Hopkins University Homewood Campus, 2404 North Charles is within easy walking distance of campus, Wyman Park, and the 25th Street commercial corridor. 25th Street is home to many small shops and restaurants and major grocer Safeway. Garnering the title “Walker’s Paradise”, 2404 North Charles Street earns a 95 Walk Score, an 82 Transit Score, and an 86 Bike Score. This block is served by the Charles Village Benefits District. This nonprofit organization helps keep the district clean, organizes security patrols, and hosts community events.
$96,250 Per Unit
$120 Per Sq. Ft.
8.2 Times Actual Rents (GRM)
6.0 Times Market Rents (GRM)
12.41% Cap Rate
19.7% Projected Cash-on-Cash Return
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
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