1700 Park Ave, Baltimore, MD 21217

Property Description

A rare opportunity in the heart of Bolton Hill, this massive end of group historic property occupies a prominent corner overlooking the Park Avenue median and fountains. Originally built as a grand single family residence, the property was later converted into three exceptionally spacious apartments while preserving much of its historic architectural character. Inside are soaring ceilings, gracious room proportions, crown moldings, dramatic newel posts, original banisters and railings, period mantels, and the scale rarely found in today's housing stock. Each residence has also received recent kitchen and bathroom updates. The property is currently configured as a three unit condominium building, with all three units under the same ownership. The owners are in the process of dissolving the condominium association and converting the property with Baltimore City to a three unit multifamily property. This is intended to simplify financing and future resale by allowing the building to be owned and financed as one multifamily property rather than three separate condominium units. Only the top floor residence is currently tenant occupied. The owners have intentionally left the first and second floor apartments vacant to give the next buyer maximum flexibility. The property may be delivered fully vacant or with the existing tenant in place. This is an exceptional opportunity for an owner occupant. Live in one residence and rent the other two, allowing rental income to help offset ownership costs. These unusually large apartments have rental potential of approximately $2,200 to $2,600 per month depending on the unit, lease terms, condition, and market conditions. The layout is also ideal for multigenerational living. A parent, in law, or older relative could enjoy convenient main level living in the first floor residence while the owner occupies the second or third floor. Another option is to combine the second and third floor apartments into one expansive two level owner's residence while retaining the first floor for rental income, extended family, guests, or other permitted use. The owners have made substantial investments in the property, including a new gas boiler and other important repairs and capital improvements. Heat and hot water are provided through common building systems. A private brick courtyard offers valuable outdoor space, and a two car carport provides coveted off street parking. Bolton Hill is one of Baltimore's most distinctive historic neighborhoods, known for its grand architecture, tree lined streets, landscaped medians, fountains, pocket parks, and strong residential character. Convenient to Penn Station, MICA, the University of Baltimore, Mount Vernon, Station North, Downtown Baltimore, Johns Hopkins, restaurants, cultural institutions, and major commuter routes. For buyers relocating from Washington DC, Philadelphia, New York, or other East Coast urban markets, the scale and value are especially compelling. Buyers accustomed to historic townhouses, brownstones, and multifamily properties will appreciate the opportunity for substantially more space, architectural detail, parking, outdoor space, and income potential in one of Baltimore's most sought after neighborhoods.