503 N Paca Street

Description

200+ year-old Federal-style guesthouse in artsy Seton Hill - the historic "French Quarter" of downtown Baltimore. Currently set up as an owner-occupied bed and breakfast, the property is zoned commercial as well as residential. With separate living quarters for the owner-manager and four dedicated guestrooms, the property is being offered at a 10%+ cap rate. With easy access to metro light rail and Baltimore's expanding bike lane network, the convenient and central downtown location between Lexington Market and Mount Vernon makes it possible to go car-free, though on-street parking is plentiful and guests can use a private lot two doors down for $7/day (great monthly rates also available). This rare end-of-group rowhome is next door to a lovely new bookstore, across the street from Trinacria Deli, and just steps from Saint Marys Park - starting point for Bike Party! As the citys fastest growing neighborhood, Seton Hill is well positioned to benefit from downtowns ongoing residential renaissance as more and more people realize the amazing lifestyle on offer here - a unique East Coast urban experience with so much at your fingertips: galleries, museums, theatres, restaurants, bars, cafes, historic landmarks and architecture, both stadiums, easy access to DC and NYC - it's a very special location. Listed 3BR, this does not include two attic guestrooms, which can each generate as much as $1500/month as short-term rentals. Two larger guestrooms offer even more income potential, making a total of five rentable guestrooms - one ensuite while the three share a bathroom. All guestrooms have deadbolts and access to the kitchen, courtyard, bar/lounge, media room, and laundry. It is also possible to rent the basement unit which has its own bathroom and kitchenette separate from the rest of the house. This model, similar to European-style hostels with their shared spaces, has attracted valued guests from around the world to rave reviews. The property is being offered as a proven bed and breakfast business. It conveys turnkey: fully furnished, equipped, and ready to host fascinating guests from around the world and all walks of life. Baltimore makes it easy to get a short-term rental license, and as long as the owner occupies the dwelling it is not necessary to go through the normal inspection and registration process required for traditional rentals. And with some attractive tax advantages, this setup can be a very efficient small business, leaving the owner free to pursue other projects. NOTES: new 11 GPM tankless hot water heater (2024) / new flat roof over extension (2024) / new mini split AC and heat pump units in both attic rooms (2024) / complete office-to-residential conversion and renovation (2017 project list available upon request). 1900 sq ft listed PLUS additional 1900 sq ft of income-generating space in the basement and attic. The design of the home is not only beautiful but puts every square inch to good use. Please also note, this house is much older than 1910. Interesting fact: Many historic Baltimore properties, including this one, are listed inaccurately due to a 1910 fire that destroyed the city's property records. This rowhome was most likely built circa 1820... though you'll have to do your own research and provide plenty of documentation if you want to get one of those cool historic register plaques : )