Retail Space For Sale @ 316 Guilford Ave

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 Wednesdays and Fridays from 9:00am to 10:00am, by appointment only. To RSVP, please contact Michael McNeil (410-528-0011 or mmcneill@rwndg.com). Investment Highlights: Prime Mixed-Use (Retail/Office/Flex) Redevelopment Opportunity in the Heart of Baltimore City ±24,180 SF building previously used as a nightclub/entertainment arena Completely renovated in 2000 and comprised of 2 ½ stories, 20' ceiling height, and rooftop deck Value add with opportunity for redevelopment/conversion to high-rise offices, apartments or hotel PUD entitles this property to be developed up to a height limit of 1000 feet, and a FAR of 14.5 Enterprise Zone and New Market Tax Credits Walker’s paradise with a walkability score of 97 Located in Baltimore City's CBD, with excellent exposure from I-83 and 8 metro entrances within the immediate area Dense demographics within a 5-mile radius with an estimated 2017 population of ±570,456, an average HH income of $61,209, and a strong daytime population Adjacent fully leased 250 +/- space parking garage ($228K NOI) located at 310-314 Guilford Ave is available for sale. Please contact Bradd Caplan at 443-253-6502 or bcaplan@ten-x.com for more info. Investment Overview: 316-318 Guilford Ave is a vacant, 2 ½ story, flex building known as *Bourbon Street* located within CBD at 316-318 Guilford Avenue in Baltimore, Maryland. The Property is a prime redevelopment opportunity in the heart of the CBD. Originally constructed in 1905 and renovated in 2000, the Property is situated on a ±0.28 acre parcel, and contains a ±24,180 SF building that previously used as a nightclub/entertainment arena. The Building is considered to be 2 ½ stories and comes with a fully functioning rooftop deck area. Bourbon Street can be immediately reopened as nightclub, high tech offices, or casual dining and comes equipped with HVAC, bathrooms, etc. Additionally, a HUGE value add through redevelopment with opportunity for a conversion to high rise offices, apartments or hotel. The Property benefits from excess parking in the immediate area and is surrounded by several commercial parking lots. 316-318 Guilford Ave is zoned B-4, 5-2 Business and Central Commercial District and is subject to a PUD that is both approved and valid in perpetuity. The PUD entitles this Property to be developed in the future up to a Height Limit of ±1000 feet, and an FAR of ±14.5. A future developer can build up to 100 stories if desired and can build up to ±175,000 SF of either Office, Apartments, Hotel, or Retail, or a combination thereof. PUD information can be found in the DD vault herein. The Property also benefits from its location inside of an Enterprise Zone Tax Credit area. Currently the property qualifies for a ten year tax credit against local real property taxes on a portion of real property expansion, renovation or capital improvement. The amount of credit is 80% of the *eligible assessment* in each of the first 5 years, and the credit decreases 10% annually for the subsequent 5 years. Additionally, the Architect has determined that this Property qualifies for a 10% Federal Tax Credit for all work done on this redevelopment, if this building is renovated. The Property is located ±0.6 miles west of Interstate 83 (Jones Falls Expressway), ±2.5 miles northeast from Interstate 95, and offers access to several metro entrances within the immediate area. The area surrounding the Property is developed with a variety of uses consisting primarily of office, retail, and multifamily residential and is located across from the local Farmer’s Market which runs every Sunday over the spring, summer, and fall months. The Gallery Mall, located less than one mile south of the Property, includes retail tenants such as Forever 21, Nail Trix Inc, Francesca’s, Michael Kors, Johnston & Murphy, La Mesa, the UPS Store, M&S Grill, Five Guys, The Cheesecake Factory, H&M, Urban Outfitters, and Bubba Gump Shrimp Co. Additional land uses in the immediate area include The Walters Art Museum, The Brewer’s Art, Sotto Sopra, Ten Ten Ramen, Lumbini, Cazbar, Streets Market & Cafe, Well Fargo Bank, SunTrust Bank, Mercy Hospital and Baltimore City. Hospitality in the area includes Home2 Suites by Hilton Baltimore Downtown, Embassy Suites by Hilton Baltimore Inner Harbor, Radisson Hotel Baltimore Downton Inner Harbor, Kimpton Hotel Manaco Baltimore Inner Harbor, Hampton Inn & Suites Baltimore Inner Harbor, Brookshire Suites, Renaissance Baltimore Harborplace Hotel, Sleep Inn & Suites Downtown Inner Harbor, and Holiday Inn Express Baltimore-Downtown, all located less than a five minute drive from the Property. Dense demographics within a 5-mile radius with an estimated 2017 population of ±570,456, an average HH income of $61,209, and a strong daytime population. This investment offers value add through lease up with a broad range of allowed business establishments based on the B-4, 5-2 Business and Central Commercial District zoning. The option to use the inplace PUD approval for a redevelopment of the property allows for tremendous value add through future redevelopment. 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.