1133, Light Street, Riverside, Baltimore, Maryland, 21230, United States
SOLD COMP
$550,000 $595,000
Property ID :
RH-27566-property
Fully renovated, with updated mechanical systems and a sprinkler system, this 2-unit property currently houses office space on the first and second floors and an apartment on the third floor. The current zoning allows for the second-floor office space to be converted into an additional apartment without any parking requirements, thanks to the C-1 zoning. The property includes a rooftop deck with fantastic views of M&T Bank Stadium, appealing to residents in Federal Hill with that Purple Pride. Additionally, its prominent glass storefront along a busy street in Federal Hill is perfect for office and retail tenants seeking visibility and exposure in this vibrant neighborhood. This property could appeal to an owner-occupant commercial user or a DIY-er looking to build equity in a mixed-use investment.
The commercial space exudes bright natural light, featuring gleaming hardwood floors throughout both the first and second floors, along with a finished basement that offers extra usable space. You’ll find a convenient half bath on both the first floor and the basement. With charming exposed brick walls, spacious staircases, recessed lighting, and elegant crown moldings, this office/retail space is truly turnkey.
Moving up to the third-floor apartment, you’ll discover the same high-end finishes. The kitchen boasts wood shaker cabinets, granite countertops, and a complete stainless-steel kitchen suite, including a French Door refrigerator, dishwasher, garbage disposal, and over-the-range microwave. The bathroom is adorned with a modern vanity, a vinyl tub with marble tile surround, and matching marble flooring. The inclusion of a stacked washer and dryer adds extra value for residential tenants.
Furthermore, the rooftop deck offers breathtaking, almost panoramic views of southern Baltimore City. To maximize your long-term investment, consider converting the second floor into a second apartment—an economically wise choice, with an estimated cost of less than $50,000. Given the building’s ample width and depth, adding a kitchen, full bath, and HVAC is entirely feasible. Don’t miss this opportunity to unlock the full potential of this property.
This Federal Hill mixed-use building meets all current building codes and standards. The storefront window is wooden per historical architectural preservation guidelines, but all other windows have been upgraded to double-hung vinyl replacement, creating energy savings for tenants and allowing for easy turnover when lead testing is performed between residential tenancies. The office is served by a 90% gas-fired furnace and central air conditioning; the apartment has an electric heat pump with central air conditioning. The first floor, second floor and basement are on one electric meter; the third-floor apartment is on a separate electric meter. With 200 amps feeding the building, an electrical service upgrade would not be necessary. One gas meter serves the property, and the converted dwelling unit could be fed by electric or gas as for heating and or cooking fuel. 1133 Light Street meets the latest fire code with a full sprinkler system.
Located 1 short block to the Cross Street Market, a “beloved landmark, culinary destination and cherished gathering place that continues to etch its place in the hearts of locals and victors alike.” Neighborhood bars and restaurants add to the nightlife that Federal Hill is known for, including the original Ropewalk Tavern and Magerks. Orioles Gamedays and football Sundays keep the streets filled with fans and energy. With easy access to I-95 and 295, traveling to points north and south is a breeze. The Inner Harbor is within walking distance, and Penn Station, with Amtrak and Marc hubs, offer commuter friendly options to New York and Washington DC.
$595,000
$198,333 Per Unit
$160 Per Sq. Ft.
8.9 Times Market Rents (GRM)
8.04% Cap Rate
5.1% Projected Cash-on-Cash Return
$595,000
$198,333 Per Unit
$160 Per Sq. Ft.
8.4 Times Market Rents (GRM)
8.74% Cap Rate
7.2% 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”.
Owning a home is a keystone of wealth… both financial affluence and emotional security.
Suze Orman