***Update*** This property has sold.
Baltimore's westside can be a goldmine for real estate investors seeking large properties priced below $175,000. Case-in-point is the Tranzon auction for 1500 W. Pratt St and 118 S. Stricker St Baltimore Maryland 21223. Measuring over 5,000 square feet, these properties will be sold together. This is a former Barber School / International Academy of Hair Design. Mixed residential / retail on a prominent corner. Looking for a new headquarters? Both properties are listed for a combined $99,000.
1500 W. Pratt St and the adjacent 118 S. Stricker St are both located in the Union Square Hollin's Market National Historic District. For developers this means the prospect of being eligible for the 10 Year Historic Tax Credit is something that should be taken into consideration. This tax credit is transferable, and is effectively a savings of thousands of dollars every year for the first ten years following renovation.
Here's a view of the Property from Pratt St. From this view you can see the third floor apartment, second floor offices + classroom, and ground floor commercial space that was divided into a barber shop for gents and a beauty parlor for ladies. 118 Stricker St has additional viable space for a private residence and offices. On the interior the properties are inter-connected, however they remain separately deeded.
Interior of the street level commercial space at 1500 W. Pratt St. As a barber school the site influence was designated as non-income producing. Zoning is R8 and buyers are advised to consult Baltimore's zoning and planning offices to review your intended usage. If these walls could talk ...... these antique barber chairs are not included in the auction, but I would not blame you if you asked for them to convey.
As auction properties, these buildings are being sold "as is" and it's fair to call them fixer-uppers. This is a photo I took of the basement under 1500 W Pratt St, I was glad to see professional waterproofing. If you've never pursued an auction property before, this sale is a good place to learn. My favorite auctions are estate sales. There is something wonderful about the opportunity to purchase a property a family has owned for many years.
One block north of our auction properties you'll encounter Baltimore's Union Square Park which the neighborhood bills as "Baltimore's best kept secret". In a few weeks these trees will get some leaves and the winter gloom seen in this photo will be gone. The 19th century landmarks in this neighborhood are really intriguing. I'm just stratching the surface in this blog article. Hint....Edgar Allan Poe.
A close proximity to the properties you'll find The B & O Railroad Museum. This Smithsonian affiliated museum is a must-see for train enthusiasts. So much of Baltimore's history can be tied to the economic impact of the B & O Railroad. It's more than just a card in the Monopoly game. It's history alive and kicking in the Union Square neighborhood. If you attend our auction, consider making plans to explore this nearby museum.
Another remarkable Union Square neighborhood resource is Hollin's Market. Built in 1838, it's the oldest continuing operating market in Baltimore City. You'll find Chesapeake Bay fresh seafood as I'm certain people have done for over 175 years - including civil war soldiers who were stationed nearby.
Baltimore's Union Square real estate market had a decent year in 2014. Twenty three properties sold, and a remarkable 43% of the attached properties measured between 2,000 and 3,500 square feet. What makes that remarkable is the fact these are significantly larger than the average Baltimore City rowhouse. The average sold price for attached properties with four or more bedrooms was only $127,770 however that was an increase from an average price of $94,125 the previous year. Almost half of the properties sold to cash investors, somewhere between 30 and 60 days on market.
Driving around the neighborhood as a potential owner / investor you're likely to have mixed feelings. There are a lot of vacant properties, but then again there are also a lot of contractors at work. If a neighborhood on the southwest side of the city is due to surge in popularity, Union Square is a good bet.
For full details on the estate auction of 1500 W. Pratt St and 118 S. Stricker St visit the auction website and download the property information packet. The property is available to be previewed by appointment. Equal housing opportunity.
Live / Work Space in Baltimore's Union Square neighborhood.
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