Value Add Investment Opportunity: 10 Units in Old Goucher

What Makes this Value Add Investment Opportunity Special:

Located between the ever-growing Charles Village neighborhood, the Mount Vernon district, Station North Arts District and fast-growing Remington, Old Goucher is the next hot real estate market in Baltimore. 2105-2111 Maryland Avenue offers 8,432 above-grade square feet. C -1 zoning offers density residential apartments and commercial uses as a matter of right.

Value-Add Building Details:

Current Unit Mix:

• One 3-Bedroom, 2-Bathroom Apartment
• One 2-Bedroom Apartment
• Four 1-Bedroom Apartments
• Four Commercial Office Spaces

C-1 Zoning density allows as many as 20 apartments on this site; however, within the existing building envelope and room layout, creating 15 apartments seems feasible and reasonable.

Apartments:

One apartment is renovated: its kitchen features granite countertops, shaker cabinets, and stainless steel appliances; living areas have high ceilings and engineered plank floors; in-suite clothes washer and dryer; and an updated bathroom with modern vanity and ceramic tile floor and tub enclosure.

One apartment is roughed-in and could be easily finished to the same degree.

Two apartments are tenant-occupied and could cash-flow as-is, or updates could increase rents. Current finishes include kitchens with laminate counters, wood and laminate cabinets, and laminate floors; living areas with carpet and laminate floors, and bathrooms with a mix of modern vanities and pedestal sinks; steel tubs and stand-up showers; and ceramic tile floors.

2111 Maryland Avenue houses an additional two apartments: a three-bedroom on the upper floors, and large one-bedroom on the lower floors, which has significant water damage and will require extensive rehab.

2105-2109 Maryland is permitted for two dwelling units. 2111 Maryland is permitted as single-family.

Offices:

2105, 2107, and 2109 Maryland each have first-floor walk-up office spaces. These spaces could be contiguous for tenants in need of larger spaces; or split off for tenants in need of smaller spaces.

The basement of all three buildings is combined into one large office space. Currently tenant-occupied, this space includes a large open working area, a conference room, a kitchenette, and two bathrooms.

C-1 zoning allows for a wide variety of business uses, including restaurant, retail, office, and medical.

Utilities:

2105-2109 Maryland Avenue has seven electric meters and one gas meter; 2111 Maryland has two electric meters and one gas meter.

Four apartments have separate electric heat pumps with corresponding air conditioning systems, and have separate hot water heaters. Two apartments use a gas-fired hot water boiler with baseboard distribution. The commercial suites share a hot water boiler with baseboard distribution.

Observable water supply pipes are copper and steel. Observable drain lines are pvc. The buildings have a mix of aluminum-clad and vinyl double-pane, double-hung windows, with some single-pane wood windows. 2105 and 2111 Maryland Avenue have 90 lb mineral felt roofs; 2107 Maryland Avenue has a rubber roof; and 2109 Maryland Avenue has a rubber roof with elastomeric coating. Asphalt parking pad in rear can accommodate 7 cars.

What’s Great About Old Goucher:

Old Goucher is home to a diverse array of restaurants and bars, such as Dutch Courage, a gin-centric cocktail bar at 2219 North Charles Street, or Fadensonnen, a beer garden opened by restauranteur Lane Harlan at 3 West 22nd Street. Tenants enjoy the eclectic mix of eateries, art venues, and shops in the neighborhood.

Located in central Baltimore City, Old Goucher offers commuters a quick drive to points north or south via I-83. 2105-2111 Maryland Avenue garners a 94 WalkScore, or “Walker’s Paradise”; an 88 TransitScore for its “Excellent Transit”; and an 84 BikeScore, being located along Maryland Avenue’s Cycle Track.

Investment Summary:

$650,000
$65,000 Per Unit
$77 Per Sq. Ft.