For Sale
Waverly Shopping Center
3226 Greenmount Ave Baltimore, Maryland 21218

Located along the Greenmount Avenue and 33rd Street, this retail center boasts eight (8) retail and restaurant tenants with high visibility along Greenmount Avenue and 33rd Street.  With 17,952+/- SF of leasable area on a 22,910 SF corner parcel, Waverly Shopping Center is poised to continue with significant potential rent growth.

 

These commercial properties are located approximately one block from Giant Food and in close proximity to The Johns Hopkins University, MedStar Union Memorial Hospital and surrounded by other successful neighborhood retail and restaurant businesses.   On the weekends, you’ll find the farmers market, the spring music series and pop-up events in Waverly Commons, an open-air community space managed by Waverly Main Street. 

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The current tenants include Lux Nails, China Express, Quick Mart, Boost Mobile, B5 Seafood Carry-out, AD Smoke Shop, Sakura Teriyaki, and Kyngz Lounge.

 

In 2021, significant upgrades were made to the property, including roof replacement ($70,550), HVAC upgrades ($59,350), electrical upgrades ($20,550) as well as plumbing, framing, drywall and flooring improvements ($134,850+). 

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The scheduled gross rent and additional rent exceeds $453,000 with a projected NOI of $307,000+/-. Additional details about the leases and operations are available. Contact the listing agent for details. 

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According to CoStar, the Baltimore retail market has remained stable regardless of economic changes.  The Baltimore retail market has a relatively moderate 5.4% vacancy rate compared to the 4.2% national average. Limited new supply has helped to keep this market tight and demand strong.  Rental rates remain stable, average $24/SF.  The stable employment base and diverse workforce drive this growth. The Waverly Shopping Center specifically benefits from the immediately households nearby and the high-profile traffic exposure along Greenmount Avenue. 

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CoStar is projecting solid median household income growth for Baltimore, with a $98K average in 2025 compared to $114K by 2029. There are 17,475 households within 1 mile radius with an average household income (2024) of $79,481.  The total Specified Consumer Spending, per CoStar, is $421.3M within 1 Mile and $2.7B within 3 Miles. 

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This sale is subject to the approval of the US Bankruptcy Court, District of Maryland.