67-69 Baltimore Street

    CUMBERLAND, MD 21502
    • $550,000
    • STATUS: Active
    • ON SITE: 199 days
    • ID#: MDAL132396
    $550,000
    • 0
      BEDS
    • 0.13
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Commercial
    Built:
    1900
    County:

    School Ratings & Info

    Description

    *** REAL ESTATE OFFERED AT $550,000 * RESTAURANT BUSINESS AT $150,000 * SALE-LEASEBACK OF GROUND FLOOR OFFERED*** Upon a prime corner lot at the heart of the region's premier dining & professional services precinct sits 69 Baltimore St, within, The Manhattan Social serves up Cumberland's history with an epicurean twist. This Modern American Restaurant & Bar occupies the first floor of 69 Baltimore St for 5050 RSF +/-. Since it's 2018 opening, The Manhattan has followed a positive trajectory fiscally and reputationally, and for a skilled operator ample opportunities exist to realize substantially increased profit. In addition, 69 Baltimore St contains three furnished apartments taht are currently rented (no kitchens in place), market rent comparables (WITH KITCHEN) per unit range $825-$1000 / month. Inclusive of this opportunity, Studio Saint, acclaimed Washington D.C. hospitality architects have prepared floor plans for a Phase 2 redevelopment of the property into a Boutique Hotel. Through the implementation of these plans, the property would include 10 hotel rooms and 3 apartment. The economics of redevelopment can be positively influenced by leveraging eligible economic development incentives, which include, Federal Opportunity Zone and MD-PACE. This property is offered with a sale-leaseback of the ground floor (5050 RSF +/-) to its current tenant, The Manhattan Social. Alternatively, the business is willing to vacate upon sale at the purchaser's option. In the case of a sale without leaseback, 69 Baltimore St (Real Estate) & The Manhattan Social (Restaurant & Bar) are being offered for sale at a combined price of $700,000. 69 Baltimore St (Real Estate) is also being offered for sale individually at $550,000 inclusive of all FF&E.The Manhattan Social (Restaurant & Bar) is being offered individually for sale at $150,000 with a lease option of the ground floor available. Ownership is negotiable, for a package sale of the Real Estate and Restaurant. Ownership will consider partnership proposals. Ownership will consider short-term leaseback of the ground floor.69 Baltimore St is an icon of historic Queen City, known for its namesake initial occupant, The Manhattan, a clothing store. In preparation for its current use as The Manhattan Social, the property underwent extensive renovation and retrofit in 2018 for a total investment of approximately $500,000. The interior design of the first floor was prepared and implemented by Studio Saint, acclaimed Washington D.C. hospitality architects. A design true to the history of the building, the aesthetic is a thoughtful blend of Industrial Chic & Modern American. At 13,418 SF Above Grade over 3 floors, the property features a forced air HVAC system, heating is supplemented by baseboard.

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    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-02-23T23:49:37.243.
    www.therifflegroup.com/homes/97725622

    67-69 Baltimore Street CUMBERLAND, MD 21502

    • Price: $550,000
    • Status: Active
    • ID#: MDAL132396
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.13
    Acres
    1900
    Built
    Neighborhood:
    N Cumberland - Allegany County (Mdal1)
    County:
    Allegany
    Area:
    N Cumberland - Allegany County (Mdal1)
    School District:
    Allegany County Public Schools
    Property Description
    *** REAL ESTATE OFFERED AT $550,000 * RESTAURANT BUSINESS AT $150,000 * SALE-LEASEBACK OF GROUND FLOOR OFFERED*** Upon a prime corner lot at the heart of the region's premier dining & professional services precinct sits 69 Baltimore St, within, The Manhattan Social serves up Cumberland's history with an epicurean twist. This Modern American Restaurant & Bar occupies the first floor of 69 Baltimore St for 5050 RSF +/-. Since it's 2018 opening, The Manhattan has followed a positive trajectory fiscally and reputationally, and for a skilled operator ample opportunities exist to realize substantially increased profit. In addition, 69 Baltimore St contains three furnished apartments taht are currently rented (no kitchens in place), market rent comparables (WITH KITCHEN) per unit range $825-$1000 / month. Inclusive of this opportunity, Studio Saint, acclaimed Washington D.C. hospitality architects have prepared floor plans for a Phase 2 redevelopment of the property into a Boutique Hotel. Through the implementation of these plans, the property would include 10 hotel rooms and 3 apartment. The economics of redevelopment can be positively influenced by leveraging eligible economic development incentives, which include, Federal Opportunity Zone and MD-PACE. This property is offered with a sale-leaseback of the ground floor (5050 RSF +/-) to its current tenant, The Manhattan Social. Alternatively, the business is willing to vacate upon sale at the purchaser's option. In the case of a sale without leaseback, 69 Baltimore St (Real Estate) & The Manhattan Social (Restaurant & Bar) are being offered for sale at a combined price of $700,000. 69 Baltimore St (Real Estate) is also being offered for sale individually at $550,000 inclusive of all FF&E.The Manhattan Social (Restaurant & Bar) is being offered individually for sale at $150,000 with a lease option of the ground floor available. Ownership is negotiable, for a package sale of the Real Estate and Restaurant. Ownership will consider partnership proposals. Ownership will consider short-term leaseback of the ground floor.69 Baltimore St is an icon of historic Queen City, known for its namesake initial occupant, The Manhattan, a clothing store. In preparation for its current use as The Manhattan Social, the property underwent extensive renovation and retrofit in 2018 for a total investment of approximately $500,000. The interior design of the first floor was prepared and implemented by Studio Saint, acclaimed Washington D.C. hospitality architects. A design true to the history of the building, the aesthetic is a thoughtful blend of Industrial Chic & Modern American. At 13,418 SF Above Grade over 3 floors, the property features a forced air HVAC system, heating is supplemented by baseboard.
    Exterior Features

    Construction Materials Masonry Garage YN No Parking Types None Property Condition Shows WellTurn KeyRenov/Remod Riparian Rights YN No Water Access YN No Water Oriented YN No Waterfront YN No

    Interior Features

    Building Area Total 13418.00 Cooling Central A/C Heating Baseboard - Hot Water Heating YN Yes Net Square Feet 13418.00

    Property Features

    Accessibility Features Level Entry - Main Assessment Year 2019 Association YN No Business Type Restaurant/Bar Central Air YN Yes Cooling Fuel Electric Elevators 0 Heating Fuel Natural Gas Historic YN Yes Hot Water Natural Gas Incorporated City Name Cumberland Lease Considered YN Yes Navigable Water YN N New Construction YN No Number Of Units Total 3 Original MLSNumber 301943977436 Ownership Interest Fee Simple Possession Negotiable Property Sub Type Mixed Use Sale Type Standard Sewer Public Sewer Tax Annual Amount 4799.00 Tax Assessment Amount 240700.00 Vacation Rental YN No Water Source Public Zoning Cbd Zoning Description Central Business District. The Current Use And The Proposed Use As A HotelAre Permissible Under The Cbd Zoning Classification.

    Listing courtesy of Taylor Properties.


    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-02-23T23:49:37.243.
     
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    1997 Annapolis Exchange Parkway, Suite 500
    Annapolis MD, 21401