419 Oliver St Baltimore, MD 21202

This exceptional Baltimore property, known as the Lofts at the Annex, presents a compelling investment opportunity. Located at 419 E Oliver St, Baltimore, MD 21202, this 40,100 square foot building sits on a 0.33-acre lot and offers significant potential for redevelopment or owner-user occupancy. Currently vacant, the property features a C-class classification and is zoned IMU-PUD, allowing for a wide array of uses including multi-family residential, retail, light industrial, and more. The asking price is $2,800,000, translating to $69.83 per square foot and $350,000 per unit. The building boasts a four-story brick, block, and cement construction with two loading docks, a ramp, yard, freight elevator, wet sprinkler system, and parking garage. Each of the eight units offers approximately 10,000 square feet, divided into two wings accessible via a central hallway staircase. The property's pro-forma NOI is $265,000, projecting a 9.46% cap rate in 2024. With minimal capital improvements, the property could be used as eight separately metered industrial units, potentially generating $400,000 in annual gross potential rent. Alternatively, a residential retrofit could yield even higher returns, given the area's housing shortage and average rental rates of $2200 per month for comparable units. The property is sold strictly as-is. This is a rare chance to acquire a versatile property in a vibrant Baltimore location.