The American Bldg | 231 E Baltimore St
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The American Bldg 231 E Baltimore St
88,000 SF 100% Leased Office Building Baltimore, MD 21202 £3,610,958 (£41/SF)
Investment Highlights
- Downtown User or Partial User Opportunity: The Property has been vacated for immediate conversion but also presents an opportunity for users up to 88,
- Conversion Opportunity not requiring low-income units: Conversion utilizing Historic Tax Credits results in significant improvements in yield and allo
- Massive Tax Credits and Tax Insulation: The Property is applicable for both State and Federal Tax Credits, a rebate of 20% of hard costs upon delivery
- Recent Renovations and Investment: The property has been extensively renovated with major new systems, HVAC, Elevators, Cooling Tower
Executive Summary
Marcus and Millichap is pleased to be the exclusive representative for the sale of 231 East Baltimore Street, the “American Building”, an iconic 14 story corner Downtown building ideally situated between the Court House and the Inner Harbor of Baltimore. Built in 1905 as the former headquarters of the Baltimore American newspaper, the property has seen extensive renovation in the 1990s and most recently in 2003.
At approximately 88,000 rentable square feet, the property is in an extremely flexible position to capitalize on Baltimore’s dynamic growth in residential and hotel conversions. The property is being sold as an existing office building prime for lease up at a new basis, or as a conversion opportunity for uses such as multi-family or hotel; conversion plans are available to provide guidance on unit count and layouts.
At approximately 88,000 rentable square feet, the property is in an extremely flexible position to capitalize on Baltimore’s dynamic growth in residential and hotel conversions. The property is being sold as an existing office building prime for lease up at a new basis, or as a conversion opportunity for uses such as multi-family or hotel; conversion plans are available to provide guidance on unit count and layouts.
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Office
Property Subtype
Building Size
88,000 SF
Building Class
B
Year Built/Renovated
1905/2004
Price
£3,610,958
Price Per SF
£41
Percent Leased
100%
Tenancy
Multiple
Number of Floors
15
Typical Floor Size
5,867 SF
Slab to Slab
10 ft
Building FAR
11.22
Land Acres
0.18 AC
Opportunity Zone
Yes
Zoning
B-4-2 - Permitted Uses: Office, Retail, Multifamily, Hotel
Amenities
- 24 Hour Access
- Convenience Store
- Security System
- Signage
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Walk Score ®
Walker's Paradise (98)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 04-11-0650-013 | Improvements Assessment | £1,882,879 |
| Land Assessment | £462,046 | Total Assessment | £2,344,925 |
PROPERTY TAXES
Parcel Number
04-11-0650-013
Land Assessment
£462,046
Improvements Assessment
£1,882,879
Total Assessment
£2,344,925
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Arvin Gholamrezae -
Robert Filley -
Marcus & Millichap
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The American Bldg | 231 E Baltimore St
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