1 Willard St Baltimore, MD 21223

Development Opportunity in Baltimore’s Enterprise Zone with Tax Incentives

Property Overview

The property at 1 Willard St, Baltimore, MD 21223, presents an exceptional opportunity for industrial, commercial, or potential multifamily development. There’s a possibility to rezone the property for multifamily use, opening the door for projects like senior housing or affordable housing.

Strategically positioned with direct access to major transportation routes, the property’s robust infrastructure supports diverse operations, including manufacturing, warehousing, and distribution. A key advantage is its location within Baltimore’s Enterprise Zone, offering significant tax incentives, including a 10-year real property tax credit on improvements and income tax credits for job creation. These incentives can dramatically reduce operating costs for businesses or developers.

Moreover, the property is part of several transformative neighborhood plans, such as the West Baltimore MARC Station Transit-Oriented Development (TOD) Plan, which enhances regional connectivity and accessibility for local workers. The Frederick Elementary School INSPIRE Plan is focused on neighborhood improvements, contributing to a vibrant community that could increase property values. The Southwest Partnership Vision Plan aims to revitalize the area, making this property a prime candidate for businesses or developers looking to be part of a broader community renewal effort.

With these strategic advantages, and the possibility of multifamily development, this property is ideally positioned for growth, whether for industrial purposes or innovative housing solutions.

- INVESTMENT HIGHLIGHTS -

Tax Credit Advantage

Located in the CHAP Historic Tax Credit zone, providing opportunities for significant tax savings on future renovations.

Financial Upside

Current rents have a 23.5% growth potential to meet market rates, coupled with the ability to assume existing debt at a competitive 5.8% interest rate.

Transportation Access

Just 0.2 miles from Baltimore Penn Station and near the I-83 highway, offering easy access to Washington, D.C., and New York.

Retail & Cultural Appeal

Ground-floor retail space with a longstanding tenant, plus proximity to vibrant retail options, dining, and cultural landmarks like the Joseph Meyerhoff Symphony Hall.

Energy-Efficient Systems

Individual split heating and cooling systems for residential units; central HVAC for the basement and retail space; all systems are relatively new.

Modernized Units

Fully renovated residential units with granite countertops, laminate flooring, white shaker cabinets, and in-unit washers and dryers.

Prime Location

Located in Midtown Baltimore, directly across from the University of Baltimore and 0.5 miles from MICA, ensuring strong rental demand.