1 Wolfe St Baltimore, MD 21231-1621

Property Details for 1 Wolfe St

Lot size

2.55 lot acres

Zone code

R-8

Property type

Commercial land

APN

06-11-1702 -002

APU

6111702002

Description

This exceptional investment opportunity presents a fully occupied (100% as of June 2024), 37-unit apartment building in Baltimore, Maryland's vibrant Fell's Point neighborhood. The property, boasting 32,250 square feet of net rentable space across three three-story buildings, sits on a 1.15-acre lot. Built in 1920 and extensively renovated in 2020, each unit features modern amenities including hardwood floors, quartz countertops, stainless steel appliances, and in-unit washer/dryers. The property's prime location, within a mile of Johns Hopkins Hospital and close to major transportation hubs, ensures high demand. Further enhancing its appeal is a 15,300 square foot brewery on the site, driving significant foot traffic and contributing to the property's exceptional 100% occupancy rate. Current rental rates are below market average, offering significant upside potential for increased revenue. A tax abatement, extending through 2030, provides substantial tax savings. The asking price is $8,500,000, representing a $229,730 per unit cost and a 6.59% cap rate with a current NOI of $560,177. This unique, newly renovated property offers a compelling combination of strong cash flow, significant upside potential, and a desirable location in a thriving urban market. The average unit size is approximately 872 square feet.

Location Insight

City

Baltimore

County

Baltimore City

State

Maryland

Longitude

-76.5899

Latitude

39.2923

CBSA code

12580

CBSA name

BALTIMORE-TOWSON, MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments