Turnkey Parking Garage | Downtown Baltimore | 229 W Saratoga St
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Turnkey Parking Garage | Downtown Baltimore 229 W Saratoga St
85,182 SF Specialty Building Online Auction Sale Baltimore, MD 21201
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Investment Highlights
- Amazing opportunity to purchase an operational, rarely available 236 space garage property with optimum frontage by a signalized intersection.
- Solid history of proven cash flow derived from monthly permits as well as transient customers.
- Sought-after accessibility to many close amenities and established less than 10 miles from BWI Marshall Airport, the busiest airport in the region.
- Encompassed by high density multifamily and business projects with proximity to major attractions City Hall, M&T Bank Stadium, Hippodrome, and more.
- Surrounded by a dense population of more than 519,000 residents living within a 5-mile radius who spend about $5.4 billion in the community annually.
- Well-established over a 0.31-acre lot and efficiently equipped with a recently modernized elevator, new lighting, and an upgraded control system.
Executive Summary
229 W Saratoga Street comprises a five-story, 85,182-square-foot parking garage boasting a highly visible brick façade in the heart of Downtown Baltimore, Maryland. The property consists of an easily accessible ramp accompanied by a total of 236 parking spaces. This asset features an upgraded elevator, control system, and lighting efficiency as it is favorably situated over a 0.31-acre lot with B042 zoning designations.
Brilliantly established within Baltimore’s Central Business District, 229 W Saratoga Street is conveniently located half of a mile from major thoroughfare Interstate 83. The asset is surrounded by a densely populated community of 519,907 residents living within a 5-mile radius, making an average household income of about $78,000. These residents are joined by a robust daytime employment of 337,918 employees and have a significant consumer spending of nearly 5.4 billion annually.
229 W Saratoga Street features sought-after proximity to M&T Bank Stadium, City Hall, Hippodrome Theatre, Mercy Hospital, Camden Yards, and the University of Maryland, Baltimore (UMB). The location is beneficially surrounded by numerous amenities, including restaurants, retailers, banking services, and public transportation. Shot Tower/Market Place, Charles Center, Lexington Market, and University Center/Baltimore Street Transit Stops are located within a four-minute commute, while Camden Station and Penn Station Commuter Rails are within nine minutes. This exceptional location also offers easy access to Baltimore-Washington Thurgood Marshall International Airport (BWI) via a 9.5-mile drive.
229 West Saratoga St is a unique opportunity to acquire an income-generating parking garage with proven history of positive cash flow. Zoned C-5HS, the flexible commercial zoning also allows for several redevelopment opportunities in an area spearheading Baltimore City's redevelopment and investment.
Property tours are available by appointment only. Please contact the broker to schedule.
Brilliantly established within Baltimore’s Central Business District, 229 W Saratoga Street is conveniently located half of a mile from major thoroughfare Interstate 83. The asset is surrounded by a densely populated community of 519,907 residents living within a 5-mile radius, making an average household income of about $78,000. These residents are joined by a robust daytime employment of 337,918 employees and have a significant consumer spending of nearly 5.4 billion annually.
229 W Saratoga Street features sought-after proximity to M&T Bank Stadium, City Hall, Hippodrome Theatre, Mercy Hospital, Camden Yards, and the University of Maryland, Baltimore (UMB). The location is beneficially surrounded by numerous amenities, including restaurants, retailers, banking services, and public transportation. Shot Tower/Market Place, Charles Center, Lexington Market, and University Center/Baltimore Street Transit Stops are located within a four-minute commute, while Camden Station and Penn Station Commuter Rails are within nine minutes. This exceptional location also offers easy access to Baltimore-Washington Thurgood Marshall International Airport (BWI) via a 9.5-mile drive.
229 West Saratoga St is a unique opportunity to acquire an income-generating parking garage with proven history of positive cash flow. Zoned C-5HS, the flexible commercial zoning also allows for several redevelopment opportunities in an area spearheading Baltimore City's redevelopment and investment.
Property tours are available by appointment only. Please contact the broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Title and Insurance
- Purchase Agreement
- Miscellaneous
Property Facts
| Sale Type | Investment | Number of Floors | 5 |
| Sale Conditions | Auction Sale | Year Built | 1952 |
| Property Type | Speciality | Tenancy | Single |
| Property Subtype | Parking Garage | Parking Ratio | 2.77/1,000 SF |
| Building Class | B | Level Access Doors | 1 |
| Lot Size | 0.31 AC | Opportunity Zone |
Yes
|
| Building Size | 85,182 SF |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| Property Type | Speciality |
| Property Subtype | Parking Garage |
| Building Class | B |
| Lot Size | 0.31 AC |
| Building Size | 85,182 SF |
| Number of Floors | 5 |
| Year Built | 1952 |
| Tenancy | Single |
| Parking Ratio | 2.77/1,000 SF |
| Level Access Doors | 1 |
| Opportunity Zone |
Yes |
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Walk Score ®
Walker's Paradise (99)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 04-10-0597-010 | Improvements Assessment | £81,939 |
| Land Assessment | £432,365 | Total Assessment | £514,304 |
PROPERTY TAXES
Parcel Number
04-10-0597-010
Land Assessment
£432,365
Improvements Assessment
£81,939
Total Assessment
£514,304
zoning
| Zoning Code | B042 |
| B042 |
Sale Advisor
Sale Advisor
Roman Tsimberg, Director Commercial Real Estate Sales
(410) 365-1066
Contact
Roman is dedicated to delivering personalized service, exceptional communication, and professional expertise that gives his clients successful results. Over 15 years of experience dealing with Commercial Real Estate and hundreds of completed transactions. As a trained real estate professional, Roman's expertise includes marketing, presentation, negotiation, and sales. He has represented national private and corporate clients, as well as, banks and special assets groups in REO transactions. Roman currently helps clients to achieve above-market returns in Maryland, Florida, and the District of Columbia markets.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Sophy Cardenas
Contact
Auctioneer License:
Ten-X Vibhav Kapila RE Brkr 660150
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STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Turnkey Parking Garage | Downtown Baltimore | 229 W Saratoga St
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Turnkey Parking Garage | Downtown Baltimore | 229 W Saratoga St
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