This property is located in downtown Towson, MD. This building is and existing 5-story office building in a high-rise zoned area of central Towson. The potential for this site is being underutilized. We recommended it to be demolished and re-developed as a high-rise apartment project. In this area there is also a good opportunity for a high-end condominium.
The project is adjacent to the central Towson retail and business center and is in proximity to several universities. This is a popular area for students and young professionals. The available develop-able property in central Towson is very limited and this site provides and unrecognized and underutilized opportunity.
We recommending that the current 5-story office building be replaced with a 15-story apartment building over a 5-story mechanized parking structure. The result is transforming a relatively modest income property into a high profit apartment/condominium structure.
Number of apartments, 120 apartments
Number of parking, 120 parking spaces on 5-levels
Retail SF, 0 SF
Acquisition cost, Land lease, $237,000 per year
Total development cost, $18,370,000
Hard cost, $15,858,000, $185 per SF / Soft cost, $2,513,000, $29 per SF
Rental income, $2,050,000 yr 4
NOI/ Total development cost, 11.2%