628 N Chester Street

Description

Located a short two blocks from the ever-expanding Johns Hopkins Hospital, 628 North Chester Street offers instant cash flow and an excellent opportunity for future value. A restaurant leases the building, and wishes to sign a long-term 5-year lease with the consent of a new owner.628 North Chester Street is a 3-story brick building with C-1 Community Commercial zoning. C-1 zoning allows a wide range of flexible business uses, including food service, retail, office, and residential.The building is comprised of a Jamaican restaurant on the first floor; an unused apartment on the second floor; and an apartment used by the restaurant tenant on the third floor. An unfinished basement houses the utilities.The building has two gas meters, and one electric meter with 200 amp service. Visible plumbing supply lines are copper, with a copper water main. Heat is provided by a gas-fired high efficiency Sears forced air furnace. Two water heaters provide hot water to the restaurant and upstairs apartments.The tenant pays for all gas, electric, and water/sewer usage.628 North Chester Street has vinyl replacement windows throughout, and a rubber roof.A short two-block walk to the west is Johns Hopkins Hospital, rated #1 hospital in Maryland and #4 in the nation. 628 North Chester Street sits on the border of the Northeast Market, home to many small mom-and-pop businesses. This area garners plentiful foot traffic and lots of business. 628 North Chester Street earns a WalkScore of 97, a TransitScore of 74, and a BikeScore of 65.Investment Summary: $59 Per Sq. Ft.9.0 Times Actual Rent (GRM)8.8 Times Market Rent (GRM)7.61% Cap Rate9.1% Projected Cash-on-Cash Return