Investment Overview

Marcus & Millichap is pleased to exclusively represent the ownership in the sale of 713 East 25th Street, Baltimore, MD 21218. The 20,367 SF warehouse is situated on a 0.39-acre lot and features 9,700 SF of rooftop asphalt parking. The property is currently occupied by two month-to-month auto tenants paying significantly below market rents. The property is zoned C-4, the heaviest commercial zoning in Baltimore City permitting a variety of commercial and industrial uses, including outdoor automobile storage. Additionally, the property has access from two different streets with a combined 22,276 VPD. The first-floor space is 15,567 SF and features 15’10” clear heights, 3 drive-in doors and access from both E 25th Street and Bonaparte Avenue. The first-floor is currently leased by Boney Auto Enhancement, paying $2.31/SF MG. The space could easily be subdivided to allow for two tenants. The second level is accessible by a ramped driveway on Bonaparte Ave. The ramp can be closed with an automatic roll-up door which was replaced in 2021, providing security for cars parked on the roof. The second level features a 4,800 SF auto workshop with two drive-in doors. It is currently leased to Dixon’s Auto for $5.00/SF MG. In a market where new leases are being signed between $6.00/SF - $7.00/SF NNN, a new owner will have the opportunity to quickly increase rents throughout the property. Both tenants have been at this location for many years and both leases are month-to-month. Within a 1-mile radius there are zero vacant industrial spaces, leaving few options for tenants seeking space. By raising rents to market and converting the leases to NNN, a new owner should be able to achieve close to a 13% cap within a year after closing.