1700 Park Ave, Baltimore, MD 21217

Property Description

There are few locations in Bolton Hill that rival this one. Set on a commanding corner opposite two parks and the Park Avenue fountains, with views toward a beautiful historic church, 1700 Park Avenue has exceptional presence in one of the neighborhood's most picturesque settings. Originally built as a grand single family residence, the property was later adapted into three unusually spacious two bedroom apartments while retaining much of its historic architectural character. Soaring ceilings, generous room proportions, period mantels, crown moldings, original banisters and railings, and a dramatic central staircase reflect the scale and craftsmanship of the original home. Recent kitchen and bathroom updates add modern functionality while preserving the building's residential character. What makes this property especially rare is that it is a multifamily building truly worthy of an owner occupant. Many multifamily properties in the area were configured primarily for student housing or maximum bedroom count. This building feels entirely different. The apartments are large, gracious, and comfortable enough to live in as a primary residence. The first and second floor units have been intentionally left vacant for the sale, giving the next owner maximum flexibility. Live in one residence and rent the others. Combine two units to create a larger owner's residence. Create a private in law or multigenerational apartment for a parent, adult child, caregiver, or extended family member. There is also a logical area within the building that may lend itself to a future elevator, subject to design, structural review, permitting, and applicable approvals. The property is currently configured as three condominium units under common ownership. The owners are actively working to dissolve the condominium structure and convert the property with Baltimore City to a three unit multifamily property so the building may transfer and be financed as one multifamily asset. Unit 1 is a garden level two bedroom, one bath residence with approximately 1,021 square feet. Laundry is in the basement, cooling is by window units, and there is no assigned parking. Most recent rent was $1,975 per month. Unit 2 offers approximately 1,117 square feet with two bedrooms, two and one half baths, in unit laundry, window unit cooling, and one garage parking space. Most recent rent was $2,340 per month. Unit 3 offers approximately 1,156 square feet with two bedrooms, two full baths, in unit laundry, window unit cooling, and one garage parking space. Rent includes heat, hot water, water, and sewer. Tenants pay electricity and internet. Recent improvements include a new tankless hot water heater along with other repairs and capital improvements. A private brick courtyard provides outdoor space, and two off street parking spaces serve Units 2 and 3. For an investor, this is a compelling three unit property in one of Baltimore's most established historic neighborhoods. For an owner occupant, it is even more unusual: the scale, beauty, location, and residential quality of a grand Bolton Hill home combined with the flexibility and income potential of a multifamily property. Convenient to Penn Station, MICA, Mount Vernon, Station North, Downtown Baltimore, Johns Hopkins, restaurants, cultural institutions, and major commuter routes, 1700 Park Avenue offers a combination of location, architecture, income potential, parking, and flexibility that is extremely difficult to replicate.