The property currently averages $1,300 per residential unit, below the projected market rent of $1,962, creating significant income growth potential through residential repositioning. Additional upside comes from leasing the vacant commercial space at a projected market rate of $2.27/SF. At Year 1 stabilization, the property is projected to generate $77,234 in NOI, equating to a 16% cap rate, increasing to 17% by Year 5 through contractual rent escalations. Achieving these returns will depend on successful residential repositioning and commercial lease-up. The two-story mixed-use property includes two residential units totaling approximately 2,240 SF and one vacant 3,520 SF retail unit, for 5,760 SF of total building area. Built in 1920 and zoned C-1, the property features updated interiors including wood-look flooring, modern vanities, ceiling fans, updated toilets, and marble-look bathroom tile. The property is lead-free certified and benefits from a Walk Score® of 100 and Transit Score® of 80. 316 S Broadway is located in the heart of Fells Point near major employers including Johns Hopkins Hospital ( 0.9 miles; 29,000+ employees), University of Maryland Medical System ( 2.1 miles; 9,830 employees), MedStar Health ( 3.5 miles; 6,027 employees), and Mercy Medical Center ( 1.5 miles; 4,028 employees). Nearby institutions include Johns Hopkins’ East Baltimore Medical Campus, University of Maryland, Baltimore, and the University of Baltimore. The property is also near the Fells Point Commercial District, Broadway Pier ( 0.6 miles), Patterson Park ( 1.2 miles), Metro Subway service, MARC stations, and multiple MTA bus routes.

Listing courtesy of Midfield Realty



The real estate listing information is provided by Bright MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale or lease referenced on this web site comes from the Internet Data Exchange (IDX) program of the Bright MLS. This web site references real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Properties in listings may have been sold or may no longer be available. The data contained herein is copyrighted by Bright MLS and is protected by all applicable copyright laws. Any unauthorized collection or dissemination of this information is in violation of copyright laws and is strictly prohibited. Copyright © 2020 Bright MLS. All rights reserved.