5447-5459 Park Heights Ave 8,597 SF 88% Leased Retail Building Baltimore, MD 21215 $888,000 ($103.29/SF)

This property at 5447-5459 Park Heights Avenue offers a rare value-add investment opportunity in a rapidly developing corridor. Recently appraised at $1.2M, the all-brick, 12,354 sq. ft. building sits on a 0.23-acre C-2 zoned corner lot and currently generates $126,000 in gross annual income, reflecting a 7.6% Cap Rate. With the potential to reach $180,000 in gross income, this is a prime play for an investor looking to increase cash flow and equity.
The property features a diversified income stream consisting of five ground-floor commercial storefronts and 11 residential units. Current retail tenants include a tax preparation service, hair salon, driving school, shipping company, and Paparazzi African Grill, all benefiting from a high-traffic location with 110-ft deep lots, a 10-car front parking lot, and rear garage access. The residential mix includes spacious 2BR/2BA units, studios, and rooming units, with the flexible C-2 zoning allowing for the potential reconfiguration of rooming units into standard apartments.
The seller has already invested $100,000 into recent improvements, but significant upside remains through strategic management and further modernization. Positioned in the heart of the Park Heights revitalization, the property is just blocks away from the state-led $400 million transformation of the historic Pimlico Race Course, which will introduce new hotels, event spaces, and amenities to the immediate area. This combination of stable, recession-proof income and massive development upside makes this a must-see acquisition for any portfolio.