***UPDATE - THIS PROPERTY HAS SOLD***
Mixed use residential property for sale in Baltimore, Maryland. Located in Curtis Bay, 4801 Pennington Ave, has been owned by the same family for over forty years. Originally it operated as a neighborhood carry out from 1973-2003. In the past ten years it has been leased by food-based entrepreneurs including a well-known organic granola company and two farmers-market based businesses that currently lease the kitchen.
The property is being sold with tenants in place through December 2015. While you may want to access the kitchen right-away, here's why this is in fact a great scenario. The property is listed for $110,000, and at that price with the established income you'll have positive cash flow from day one so you can renovate the apartments upstairs.
It's a large property, over 3,000 square feet. Clad in the iconic Baltimore form-stone. These corner mixed use properties are the original live / work spaces in Baltimore City. Immigrant families would live upstairs and work crazy long hours in the businesses downstairs. After the big economic collapse in 2008, when so many of my peers lost their jobs, there was a noticeable trend towards entrepreneurship. If no jobs were available, you had to create one for yourself. The surge in the food truck business was the most delicious new economy. Once you've got a successful food truck or farmers market based business, you may find yourself in need of more prep space. Perhaps you'd like a add a second truck to your fleet? One to serve Baltimore and one to serve Washington DC? You're going to need a headquarters. This space + location works so well for these purposes, that the aforementioned granola tenant only left because she needed a warehouse. Grow your business here.
This is the first floor kitchen space, it was renovated in 2003 when it was transformed from a carry-out to a wholesale kitchen. The ventilation hood over the stove is brand new, and the suppression system gets inspected every six month. Within the first floor you'll also find a dedicated office, storage pantry, dishwash, and half bathroom. There is abundant street parking on Church St for loading trucks / delivery vehicles.
The upstairs apartments are ready to renovate. I enjoy seeing them in their current incarnation. The existing lay out provides structure for three apartments. The sellers put a new rubber roof on the building in 2014. You'll find both an internal access point from the kitchen and a separate entrance at the back of the property. The projected rents in Curtis Bay are not going to "wow" you. This is not an up-and-coming area. Its a forgotten part of the city. The upside is that the building is quite affordable, and should you or your crew need a place to live, you can really get a nice amount of space.
The reality is the income from leasing out the kitchen has been more than enough to fund the whole building. This is why the current owners have not focused on renting the top two floors. The kitchen leases for just under $1,400 per month. Still, someone should make use of this space.....
A views of the industrial waterfront from the roof of 4801 Pennington Ave in Baltimore's Curtis Bay. I believe the structure you see along the horizon line is a coal elevator. If you've never experienced this part of the city before, take a drive over to the area in the morning. The southeast location provides a beautiful sunrise everyday.
Another view from the roof at 4801 Pennington Ave. In the background you can see Canton and Johns Hopkins Bayview. It's authentic industrial, an active port at work. For this reason the transportation options here are remarkable. It's an out-of-the-way location for most Baltimoreans, but for a business person that needs to hit the road it's a great choice. Running a wholesale bakery? Consider this location.
It's not quite all industrial in Curtis Bay. Here's a view from the front of the building. Yes there are a lot of trucks that rumble by during the morning, however, you'll also note that the single family house across the street (not shown) has free range chickens running around a large side yard.
Farring-Baybrook Park is walking distance from the property. For that matter, so is the Anne Arundel County Maryland. Most Baltimoreans think Baltimore City is completely surrounded by Baltimore County when actually there is a small southern boundary shared with Anne Arundel County. Leaving the Curtis Bay neighborhood and heading back to downtown Baltimore you'll be delighted by the skyline views.
Live / Work space for sale perfect for food truck owners, farmers market based businesses, and wholesale food suppliers of all kinds. Don't throw away rent every month, you work too hard for that! Buy and renovate this building. Grow your business. I'll resell it for you when you need that warehouse space.
The property is available for preview by appointment. Equal Housing Opportunity.
Broker / Owner Guerilla Realty and
Vice President Tranzon Fox Auctions
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