40 York Rd 6,657 SF Office/Retail Condo Unit Offered at $1,497,825 in Towson, MD 21204
INVESTMENT HIGHLIGHTS
- 21 newly constructed private rooms
- Free parking
- Below market condo fees and taxes ($5.06 rsf)
- Marquee and Building signage permitted
- Prominent York Road visibility
- lease option available
EXECUTIVE SUMMARY
Two retail/office condominium units on floors 1 & 2 (legal units 2 & 5) connected by an internal staircase. Units 110 & 210 each have seperate suite entrances. The first floor unit 110 features a direct retail access fronting York Road and a second rear entrance to the parking. Unit 210 has a private entrance from the second floor main lobby with access to the upper level of free parking and common area restrooms. The combined floors have been newly renovated adding 22 private rooms, new flooring, paint, HVAC and lighting. The multiple offices make this an ideal location for physical therapy, salon studios, adult daycare, Towson University student center, Local hospital clinics, mental health providers, personal service establishments, medical uses, fitness and recreation uses, coworking suites, etc. A panel on the double sided illuminated marquee sign fronting York Road is included along with exterior building signage above the entrance into suite 110. The property is located across the street from Towson University, Starbucks and right next to Season's Pizza and walking distance to the center of Towson courthouses, housing, student housing and many restaurants and shopping. Close Proximity To Towson University [approx. 19,401 students], St. Joseph’s Hospital [over 2,300 employees] and Greater Baltimore Medical Center. Located Directly Along York Road [29,802 ADT] and E Burke Ave [14,485 ADT].
PROPERTY FACTS
AMENITIES
- 24 Hour Access
- Controlled Access
- Restaurant
- Signage
- Monument Signage
- Air Conditioning
1 UNIT AVAILABLE
Unit 110
| Unit Size | 6,657 SF |
| Price | $1,497,825 |
| Price Per SF | $225.00 |
| Condo Use | Office/Retail |
| Sale Type | Investment or Owner User |
| Cap Rate | 11.84% |
| NOI | $177,368 |
| Sale Conditions | Lease Option |
| APN/Parcel ID | 09-2400012729, 09-2400012726 |
DESCRIPTION
Two retail/office condominium units on floors 1 & 2 (legal units 2 & 5) connected by an internal staircase. Units 110 & 210 each have seperate suite entrances. The first floor unit 110 features a direct retail access fronting York Road and a second rear entrance to the parking. Unit 210 has a private entrance from the second floor main lobby with access to the upper level of free parking and common area restrooms. The combined floors have been newly renovated adding 22 private rooms, new flooring, paint, HVAC and lighting. The multiple offices make this an ideal location for physical therapy, salon studios, adult daycare, Towson University student center, Local hospital clinics, mental health providers, personal service establishments, medical uses, fitness and recreation uses, coworking suites, etc. A panel on the double sided illuminated marquee sign fronting York Road is included along with exterior building signage above the entrance into suite 110. The property is located across the street from Towson University, Starbucks and right next to Season's Pizza and walking distance to the center of Towson courthouses, housing, student housing and many restaurants and shopping.
SALE NOTES
Local lenders offering competitive owner occupancy financing with 20% down and financing $1,198,260 @ 6.5% interest and 25 year amortization = $8,091 monthly ($14.58 rsf) plus $1,665 monthly condo fees ($3.00 rsf) and $13,738 current 2024/2025 Baltimore County real estate taxes ($2.06 rsf). Both floors are seperately metered for BGE.
Investment proforma assumes an average of $850 monthly per room x 22 private rooms = $224,400 projected annual revenue. Current operating expenses including BGE and RET = $47,032 annual. Projected NOI = $177,368 annual or 7.06 rsf or 11.84%
MAJOR TENANT INFORMATION
| TENANT | SF OCCUPIED | LEASE END DATE |
|---|---|---|
| MATClinics |
-
|
October 2024
|
