6,144 SF Value-Add Retail Building in Perkins Somerset Oldtown

Unlock the potential of this versatile 3-story storefront located in the heart of a rapidly transforming district. Whether you are an ambitious owner-user looking to design a custom flagship location or an investor seeking a high-yield project, this property offers a rare combination of immediate cash flow and significant appreciation potential.

Situated within the Perkins Somerset Oldtown (PSO) Transformation District, this 6,144-square-foot structure serves as a blank canvas for your commercial vision. The building is strategically located in both an Opportunity Zone and an Enterprise Zone, providing savvy buyers with substantial tax incentives and economic benefits.

Property Architecture & Layout

Built in 1920, this Class C retail building retains its historic character while benefiting from essential structural updates. The 3-story layout is designed for flexibility, featuring two separate entrances and two internal staircases, making it ideal for multi-tenant use or a split-purpose live-work configuration.

• First Floor (Income Generating): Currently leased to an established child daycare provider, generating immediate gross revenue of $2,000 per month plus expenses.

• Upper Floors (The "Value-Add"): The second and third floors have been professionally gutted and cleared. They are currently in shell condition, stripped down and ready for an immediate interior buildout.

• Structural Integrity: The heavy lifting has been started for you. The exterior brickwork has been meticulously re-pointed, and the roof is in good condition, ensuring a dry and secure envelope for your renovations.

Zoning & Versatility

The property is Zoned C-2 (Community Commercial), one of the most flexible designations available. This allows for a wide array of redevelopment strategies, including:

• Ground Floor Retail with modern Upper-Floor Apartments.

• Full-building Professional Office Space.

• Specialty Storefronts or creative studio lofts.

Investment Highlights

• Strategic Location: Nestled in a high-growth transformation district with significant public and private investment nearby.

• Built-In Equity: Purchase at an affordable entry point and build equity through the completion of the interior.

• Contractor Synergy: For a seamless transition, the seller is willing to stay on as the licensed contractor, offering to complete the interior buildout to the new owner's exact specifications.

• Tax Advantages: Maximize your ROI by leveraging the federal and local benefits of the Opportunity and Enterprise Zone designations.

Detailed Specifications