Lofts at The Annex 419 E Oliver St
40,100 SF Vacant Flex Building Baltimore, MD 21202 $1,900,000 ($47.38/SF) 14% Cap Rate
INVESTMENT HIGHLIGHTS
- Located at highly trafficked intersection
- Wet Sprinklers
- Current set-up as 5K SF loft apartments
- High Occupancy Neighborhood
- Freight Elevator
- Parking Garage
EXECUTIVE SUMMARY
Cap rate is on pro-forma 2024 as a multi-unit industrial building. Space is available for occupancy immediately after settlement. Prime Owner-User, Investment, or Redevelopment Opportunity. IMU-1 Zoning allows for Multi-Family, Residential Dwellings above Retail, Research & Development, Warehouse, light industrial, Arts & Entertainment, Animal Clinics, Urban Agriculture, Residential Care Facility, Healthcare Clinic, Gym & Fitness Center, Adult & Child Daycare, Lodge, Office, Retail, Wholesale, Recreation, Dining, Condo Conversion, Food Processing, Movie Studio, Telecom, and much more . 40,144 SF Above Grade. 4 story brick, Block, and Cement Construction, Loading Docks, Ramp, Yard, Freight Elevator, Wet Sprinkler System, and Parking Garage. Each floor has approx 10,000 sf, divided into two wings off of a center hall staircase. The building is sold strictly as-is.
FINANCIAL SUMMARY (PRO FORMA - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$400,000
|
$9.98
|
| Other Income |
$60,000
|
$1.50
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$460,000
|
$11.47
|
| Taxes |
$18,735
|
$0.47
|
| Operating Expenses |
$80,065
|
$2.00
|
| Total Expenses |
$98,800
|
$2.46
|
| Net Operating Income |
$361,200
|
$9.01
|
PROPERTY FACTS
AMENITIES
- 24 Hour Access
- Bus Line
- Commuter Rail
- Courtyard
- Fenced Lot
- Yard
- Storage Space
UTILITIES
- Gas - Natural
- Water - City
- Sewer - City
- Heating - Gas
1 of 1
Walk Score®
Very Walkable (86)
Transit Score®
Rider's Paradise (91)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 1128-048 | Total Assessment | $793,867 |
| Land Assessment | $0 | Annual Taxes | $18,735 ($0.47/SF) |
| Improvements Assessment | $0 | Tax Year | 2024 Payable 2024 |
ZONING
| Zoning Code | I-MU-1 (Mixed Use Zoning + PUD permits a variety of Multi-Family, Light Industrial, Retail, Office, Specialty, and Agricultural uses by right.) |
