202 W Read St, Baltimore, MD 21201

The closing period for this asset is 30 days, with two (2) additional 30-day closing extension options available. Please see the purchase agreement documents in the due diligence section for more information. Property tours are available May 5th to June 5th on Mondays and Thursdays from 1:00pm to 2:00pm, by appointment only. To RSVP, please contact Michael McNeil (410-528-0011 or mmcneill@rwndg.com). Investment Highlights: ±100% occupied, single-tenant, NNN leased, retail/restaurant in core Baltimore market Significant upside through lease extension or lease up at market rates upon expiration Additional value-add potential through conversion and lease up of the second and third floors into residential units Walker’s paradise with a walkability score of 97 Located in the heart of Baltimore’s cultural community in the Mount Vernon neighborhood Excellent access only ±0.4 miles from I-83 with eight metro entrances all within 3 blocks ±0.7 miles from downtown Baltimore and ±1.3 miles north of the Baltimore Inner Harbor Dense demographics within a 5-mile radius with an estimated 2017 population of ±585,546, an average HH income of $61,804, and a strong daytime population Investment Overview: 202 W Read St is a ±2,070 SF retail/restaurant building located at 202 West Read Street and 854 Park Avenue within the historic Mount Vernon neighborhood in Baltimore, MD. The Property consists of one, three-story, building with basement level situated on a ±0.02 acre parcel of land. The improvements were constructed in 1900 and is currently 100% occupied by a single tenant with a current lease expiration of July 31, 2018. The Property is currently occupied by Chick P City, occupying the property through 7/31/2018. Chick P City is a local fast casual Mediterranean eatery that has received recent area publicity upon opening. Chick P City offers outdoor seating, dine-in or carry-out, and serves some of the best Mediterranean sandwiches & platters. The Property is operating on a NNN lease and is generating a current monthly rental income of $2000 per month, with an increase to $2,500 a month on 8/1/2017. There is significant upside through lease extension or lease up at market rates upon expiration and an additional value-add potential through conversion of the second and third floors into residential units. The property has prominent retail frontage with entrances on both Read St and Park Ave which offers significant exposure on two major roads. The Park Ave entrance is directly across the street from the University of Maryland Medical Center Waxter Center and one block from the Hotel Brexton. The Baltimore area’s extensive commuter connections and transportation programs allow residents to easily access the city and 202 W Read St is centrally located with access from eight metro entrances all within three blocks of the property. The Property offers direct access to I-83 (±0.4 miles), Baltimore-Washington Parkway, I-495, the Charm City Circulator and Johns Hopkins University Shuttle. In addition, the Property is located less than one mile west of the highly traveled Interstate 83 and benefits from average daily traffic counts of over 29,000 cars per day at the intersection of North Howard Street and West Chase Street. 202 W Read St is located in the hip and culturally vibrant neighborhood of Mount Vernon with an eclectic mix of boutique shops, gourmet restaurants, trendy bars, and nightlife, and neighborhood events all within the immediate vicinity. The Property is located ±0.7 miles north of the Baltimore Inner Harbor, ±1.3 miles from downtown Baltimore, ±1.4 miles from Oriole Park at Camden Yards, ±3 miles from Maryland Zoo and ±12 miles from Baltimore/Washington International Airport. Additionally, the Property is located adjacent to University of Maryland Medical Center and walking distance to Mercy Medical Center, Johns Hopkins Hospital, The University of Baltimore Law School, the Maryland Institute College of Art (MICA), State Office Center, and the Baltimore School for the Arts. The Property is within immediate proximity of numerous prestigious cultural landmarks including the Meyerhoff Symphony Hall, Lyric Opera House, Peabody Library, the original Washington Monument, and Eubie Blake National Jazz Institute. Neighboring retailers within close proximity include Rite Aid, PNC Bank, The Prime Rib, The Brewer’s Art, Hotel Indigo Baltimore Downtown and much more. The Property benefits from dense demographics within a 5-mile radius with an estimated 2017 population of ±585,546, an average HH income of $61,804, and a strong daytime population. The Property offers investors the opportunity to purchase a retail property in a core Baltimore market with significant upside with the possibility to extend the current lease or lease up the space once the current lease expires. Free Asset Summary Report AvailableWe've partnered with Situs, one of the most trusted names in commercial real estate research, to provide unbiased third-party insight for this asset. You can find the full, complimentary Asset Summary Report under the secure due diligence tab above.  « show less

The closing period for this asset is 30 days, with two (2) additional 30-day closing extension options available. Please see the purchase agreement...  show more »