Listing Summary

Value Add Opportunity for an owner-user or investor. The 3-story structure was built in 1920. The first floor of 1,725 square feet is leased to a retail tenant.

Full Description

Strategic 3,465 SF Office/Retail Investment: Opportunity Zone Value-Add in Perkins Somerset Oldtown

The Opportunity: A Strategic Value-Add Project with Immediate Income

Positioned at the heart of the city's most ambitious urban renewal project, this 3,465-square-foot, three-story historic structure represents a premier value-add opportunity. Perfectly suited for an owner-user seeking a custom flagship office or an investor looking to capitalize on a high-growth corridor, this property combines the stability of existing rental income with the massive upside of a vacant shell ready for development.

Located in the Perkins Somerset Oldtown (PSO) Transformation District, this building is more than just real estate—it is a gateway to long-term equity. The property is situated within both a federal Opportunity Zone and a local Enterprise Zone, offering a sophisticated buyer unparalleled tax incentives, capital gains deferrals, and economic credits.

Functional Layout & Development Potential

This 1920s brick building offers a unique "hybrid" investment profile, allowing for immediate cash flow while you build out the upper levels:

• First Floor (1,725 SF - Income Generating): The ground floor is currently occupied by a retail tenant, providing a reliable income stream from day one to help offset carrying costs or mortgage payments.

• Upper Floors (1,740 SF - Blank Canvas): The second and third floors have been professionally gutted and are currently in shell condition. This space is ready for a custom interior buildout, whether you envision modern executive office suites, creative lofts, or high-end residential units.

• Architectural Integrity: The building’s classic brick façade has been meticulously re-pointed, ensuring structural longevity and timeless curb appeal.

Modern Infrastructure & Turnkey Support

While the building retains its historic character, the critical infrastructure has been modernized to eliminate the typical "old building" headaches:

• Brand New HVAC: A recently installed climate control system ensures modern efficiency.

• New Roof: The building features a brand-new roof, providing a secure, weather-tight envelope for your interior construction.

• Seller-Contractor Partnership: To streamline your transition, the seller is willing to serve as the general contractor for the new owner. You can purchase this building at an affordable price and have a professional team ready to execute your interior vision based exactly on your business requirements.

Zoning & Flexibility

With its versatile C-2 (Community Commercial) Zoning, the property allows for a diverse range of uses. This flexibility is a major asset in the PSO Transformation District, allowing for:

• Retail Storefronts

• Professional & Executive Offices

• Residential Multi-Family Units

Investment Highlights

• Unbeatable Pricing: Offered at just $85 per square foot, well below replacement cost and market averages for renovated shells.

• Massive Tax Benefits: Maximize your ROI through the lucrative incentives of the Opportunity and Enterprise Zone programs.

• Prime Transformation Location: Benefit from the billions in public and private capital flowing into the surrounding Perkins Somerset Oldtown neighborhood.

• Equity Play: Purchase a renovated exterior and shell interior, and capture the immediate equity gain upon completion of the buildout.

Property Specifications

Stop paying rent and start building your legacy. This 3,465 SF gem offers the rare chance to own a piece of the city’s future at an entry-level price point. Schedule your tour today and see how this space can be tailored to your business needs.

Complete Details

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