1209 N. Charles Street Portefeuille de local commercial à vendre 3 lots 1 730 600 € Baltimore, MD

1209 N. Charles Street, Units A, B & C comprises three separately owned retail condominium units in Twelve09 Condominium in Midtown-Belvedere. The three street level units are part of an expansive mixed-use complex north of Mount Vernon and 3 blocks south of Penn Station. The property is surrounded by the University of Baltimore and the Maryland Institute College of Art (MICA).

Unit A is 100% occupied, leased to Starbucks, Chipotle, Smoothie King and Subway on NNN leases with three 18-year remaining terms (including options). Current scheduled annual rents are $206,584.44 plus percentage rent (Subway). Units B and C (a/k/a 1207 N. Charles Street) are vacant. The gross building area for all 4 units is approximately 14,000 square feet. By square footage, the assemblage is 42% occupied. The sale presents an excellent opportunity to acquire a well-located, income-producing asset with a significant lease-up opportunity. There may also be an opportunity to separate the units from the existing condominium regime after closing.

1209 N. Charles Street, also referred to as the Twelve09 Building, is located in the Midtown-Belvedere neighborhood in Baltimore at the corner of N. Charles Street and Preston Street. Penn Station, featuring both Amtrack and MARC train service, is located just three blocks to the north. The building is nestled among the campus of University of Baltimore Undergraduate, Graduate and Law School campuses. MICA’s campus begins approximately three blocks away along both Mount Royal Avenue and Charles Street. Johns Hopkins University is approximately 1.5 miles north, and the Johns Hopkins Hospital East Baltimore Campus is approximately 2 miles east. Immediately surrounding neighborhoods include Mount Vernon, Bolton Hill, Charles North and the collection of neighborhoods comprising the Station North Arts & Entertainment District. The area has been a cornerstone of Baltimore’s educational, cultural, arts, architecture and music scene for most of the City’s history.

Twelve09 comprises a five-story building constructed in 2007, containing approximately 100 predominantly residential units, in addition to in-building parking and storage units. The building features an impressive facade, interior courtyard and an array of amenities. According to MDOT statistics, traffic counts (AADT) at the building are 5,502 cars per day along N. Charles Street and 5,952 along E. Preston Street, with significant additional pedestrian and public transportation visibility. In addition to the train station, several bus stops are within 1 block. Street parking and public parking lots are throughout the immediate area. Access to the Jones Falls Expressway (I-83) is two blocks north along Charles Street and four blocks west along Guilford Avenue and Eager Street.

Unit Information:

Unit A offers a street-level retail condominium unit comprising 5,975 square feet of gross area according to tax records. A 1,784-square-foot corner unit is currently leased to Starbucks and generates $71,235.12 NNN annual rent. The space is leased through 2/29/28 (commenced 6/7/07) and there are three 5-year options remaining at increased rents. Chipotle leases 2,000 square feet at the condo and currently pays $55,999.92 NN annual rent, escalating to $60,999.96 beginning in 2027. Leased through 12/31/31, there are three 5-year options remaining with increase rents. Smoothie King maintains 883 square feet of the space, delivering $38,009.40 NNN annual rent. The space is leased through 3/15/28, with 3% rent increases every year beginning in April. The final tenant of Unit A is Subway, leasing 1,218 square feet through 2/28/29 and generating $41,340.00 NNN annual rent plus percentage rent.

See financial information and due diligence package for further details. Annual taxes are $21,150.32, paid on a pro-rata share by the tenants. Special Benefits District charges of approximately $1,200/year are also paid by tenants. Minor Privilege charges (outdoor seating) of approximately $400/year are also paid by tenant. Stores are available for viewing during normal business hours.

Unit B provides a street level retail condominium unit comprising 5,947 square feet according to public tax records. The space is currently divided into two units, vacant, finished as shell space and formerly leased to a pet store and bank. Annual taxes are $21,051.20, plus Special Benefits District charges of approximately $1,200/year. The space is available for showing upon request.

Unit C offers a first floor and terrace level condominium unit comprising half of the building known as 1207 N. Charles Street with 2,149 square feet of gross building area according to public tax records. The space was formerly occupied by Thai Landing restaurant. Annual taxes are $7,606.28, plus Special Benefits District charges of approximately $450/year. The space is available for showing upon request. Total condominium fees for all units are approximately $73,164.36 per year.

Please complete the CA on broker's website to receive copies of leases, amendments, drawings, condominium documents and other due diligence information.

The sale will be made in the manner producing the greatest result in the sole discretion of the seller.
NOTES: See flyer and sample contract for deposit requirements and full terms of sale. Go to listing broker's website for access to due diligence information, auction registration and FAQs. Contact listing broker with any questions. List price is suggested opening bid for entirety offering only.

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.