67-69 Baltimore St
CUMBERLAND, MD 21502

Description

*** REAL ESTATE OFFERED AT $550,000 * RESTAURANT BUSINESS AT $195,000 * REAL ESTATE + RESTAURANT AT $700,000*** Upon a prime corner lot at the heart of the region's premier dining & professional services precinct sits 69 Baltimore St, within, The Manhattan Social serves up Cumberland's history with an epicurean twist. This Modern American Restaurant & Bar occupies the first floor of 69 Baltimore St for 5400 SF +/-. Since it's 2018 opening, The Manhattan has followed a positive trajectory fiscally and reputationally, and for a skilled operator ample opportunities exist to realize substantially increased profit. In addition, 69 Baltimore St contains three furnished apartments (owner user at present), as built market rent comparables per unit range $825-$1000 / month. Inclusive of this opportunity, Studio Saint, acclaimed Washington D.C. hospitality architects have prepared floor plans for a Phase 2 redevelopment of the property into a Boutique Hotel. Through the implementation of these plans, the property would include 10 hotel rooms and 3 apartment. The economics of redevelopment can be positively influenced by leveraging eligible economic development incentives, which include, Federal Opportunity Zone and MD-PACE. This opportunity is being offered for sale at $700,000 inclusive of 69 Baltimore St (Real Estate) & The Manhattan Social (Restaurant & Bar). 69 Baltimore St (Real Estate) is being offered individually for sale at $550,000 inclusive of all FF&E. The Manhattan Social (Restaurant & Bar) is being offered individually for sale at $195,000 with a lease option of the ground floor available. 69 Baltimore St is an icon of historic Queen City, known for its namesake initial occupant, The Manhattan, a clothing store. In preparation for its current use as The Manhattan Social, the property underwent extensive renovation and retrofit in 2018 for a total investment of approximately $500,000. The interior design of the first floor was prepared and implemented by Studio Saint, acclaimed Washington D.C. hospitality architects. A design true to the history of the building, the aesthetic is a thoughtful blend of Industrial Chic & Modern American. At 13,418 SF Above Grade over 3 floors, the property features a forced air HVAC system, heating is supplemented by baseboard.

Details

MLS#MDAL131662
StyleIndustrial
Sub-TypeResale
StatusActive
Year1900
Days On Site61

Features

Story(s)0
ZoningB-CBD

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Area Information

StateMD
CityCUMBERLAND
Zip Code21502
AreaN Cumberland - Allegany County (MDAL1)
Listing VS Median (in 21502)
Price:
$550,000
low | high
Med:
$99,900
100% of Average
On Site:
61
low | high
Med:
33
100% of Average
Listing Updated: 07/17/2019
MLS Number: MDAL131662
Listing Provided By:
Daniel Taylor-Neumann  of  Taylor Properties