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40 York Rd 2,983 - 3,674 SF Condo Units Offered at $641,345 - $845,020 Per Unit in Towson, MD 21204
INVESTMENT HIGHLIGHTS
- 21 newly constructed private rooms
- Free parking
- Below market condo fees and taxes ($5.06 rsf)
- Marquee and Building signage permitted
- Prominent York Road visibility
- lease option available
EXECUTIVE SUMMARY
Two retail/office condominium units on floors 1 & 2 (legal units 2 & 5) connected by an internal staircase. Units 110 & 210 each have seperate suite entrances. The first floor suite 110 (legal unit 2 with 3,674 rsf) features a direct retail access fronting York Road and a second rear covered entrance to the parking garage. Suite 210 (legal unit 5 with 2,983 rsf) has a private entrance from the second floor main lobby with access to the upper level of free parking and common area restrooms. The combined floors have been newly renovated adding 22 private rooms, new flooring, paint, HVAC and lighting. The multiple offices make this an ideal location for physical therapy, salon studios, adult daycare, Towson University student center, Local hospital clinics, mental health providers, personal service establishments, medical uses, fitness and recreation uses, coworking suites, etc. A panel on the double sided illuminated marquee sign fronting York Road is included along with exterior building signage above the entrance into suite 110. The property is located across the street from Towson University, Starbucks and right next to Season's Pizza and walking distance to the center of Towson courthouses, housing, student housing and many restaurants and shopping. Close Proximity To Towson University [approx. 19,401 students], St. Joseph’s Hospital [over 2,300 employees] and Greater Baltimore Medical Center. Located Directly Along York Road [29,802 ADT] and E Burke Ave [14,485 ADT].
PROPERTY FACTS
AMENITIES
- 24 Hour Access
- Controlled Access
- Restaurant
- Air Conditioning
2 UNITS AVAILABLE
Unit 110
| Unit Size | 3,674 SF | Cap Rate | 12.02% |
| Price | $845,020 | NOI | $101,547 |
| Price Per SF | $230.00 | Sale Conditions | Lease Option |
| Condo Use | Office/Retail | APN/Parcel ID | 09-2400012729, 09-2400012726 |
| Sale Type | Investment or Owner User |
| Unit Size | 3,674 SF |
| Price | $845,020 |
| Price Per SF | $230.00 |
| Condo Use | Office/Retail |
| Sale Type | Investment or Owner User |
| Cap Rate | 12.02% |
| NOI | $101,547 |
| Sale Conditions | Lease Option |
| APN/Parcel ID | 09-2400012729, 09-2400012726 |
DESCRIPTION
Two retail/office condominium units on floors 1 & 2 (legal units 2 & 5) connected by an internal staircase. Units 110 & 210 each have seperate suite entrances. The first floor suite 110 (legal unit 2 with 3,674 rsf) features a direct retail access fronting York Road and a second rear covered entrance to the parking garage. Suite 210 (legal unit 5 with 2,983 rsf) has a private entrance from the second floor main lobby with access to the upper level of free parking and common area restrooms. The combined floors have been newly renovated adding 22 private rooms, new flooring, paint, HVAC and lighting. The unit can be sold connected with the internal staircase or seperately. The multiple offices make this an ideal location for physical therapy, salon studios, adult daycare, Towson University student center, Local hospital clinics, mental health providers, personal service establishments, medical uses, fitness and recreation uses, coworking suites, etc. A panel on the double sided illuminated marquee sign fronting York Road is included along with exterior building signage above the entrance into suite 110. The property is located across the street from Towson University, Starbucks and right next to Season's Pizza and walking distance to the center of Towson courthouses, housing, student housing and many restaurants and shopping.
SALE NOTES
Local lenders offering competitive owner occupancy financing with 20% down and financing $676,016 @ 6.5% interest and 25 year amortization = $4,565 monthly ($14.90 rsf) plus $919 monthly condo fees ($3.00 rsf) and $7,425 current 2024/2025 Baltimore County real estate taxes ($2.02 rsf). Both floors are seperately metered for BGE.
Investment proforma assumes an average of $1,000 monthly per room x 10 private rooms and open fitness studio = $120,000 projected annual revenue. Current operating expenses including Condo Fee and RET = $18,453 annual. Projected NOI = $101,547 annual or $27.63 rsf or 11.84%
Unit 210
| Unit Size | 2,983 SF | Sale Type | Investment or Owner User |
| Price | $641,345 | Cap Rate | 19.89% |
| Price Per SF | $215.00 | NOI | $127,535 |
| Condo Use | Office/Medical |
| Unit Size | 2,983 SF |
| Price | $641,345 |
| Price Per SF | $215.00 |
| Condo Use | Office/Medical |
| Sale Type | Investment or Owner User |
| Cap Rate | 19.89% |
| NOI | $127,535 |
DESCRIPTION
Two retail/office condominium units on floors 1 & 2 (legal units 2 & 5) connected by an internal staircase. Units 110 & 210 each have seperate suite entrances. The first floor suite 110 (legal unit 2 with 3,674 rsf) features a direct retail access fronting York Road and a second rear covered entrance to the parking garage. Suite 210 (legal unit 5 with 2,983 rsf) has a private entrance from the second floor main lobby with access to the upper level of free parking and common area restrooms. The combined floors have been newly renovated adding 22 private rooms, new flooring, paint, HVAC and lighting. The unit can be sold connected with the internal staircase or seperately. The multiple offices make this an ideal location for physical therapy, salon studios, adult daycare, Towson University student center, Local hospital clinics, mental health providers, personal service establishments, medical uses, fitness and recreation uses, coworking suites, etc. A panel on the double sided illuminated marquee sign fronting York Road is included along with exterior building signage above the entrance into suite 110. The property is located across the street from Towson University, Starbucks and right next to Season's Pizza and walking distance to the center of Towson courthouses, housing, student housing and many restaurants and shopping.
SALE NOTES
Local lenders offering competitive owner occupancy financing with 20% down and financing $513,076 @ 6.5% interest and 25 year amortization = $3,464 monthly ($13.93 rsf) plus $746 monthly condo fees ($3.00 rsf) and $6,313 current 2024/2025 Baltimore County real estate taxes ($2.12 rsf). Both floors are seperately metered for BGE.
Investment proforma assumes an average of $850 monthly per room x 14 private rooms = $142,800 projected annual revenue. Current operating expenses including Condo Fee and RET = $15,265 annual. Projected NOI = $127,535 annual or $42.75 rsf or 11.84%
MAJOR TENANT INFORMATION
| TENANT | SF OCCUPIED | LEASE END DATE |
|---|---|---|
| MATClinics |
-
|
October 2024
|
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40 York Rd
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