Three-Level Mixed-Use
For Sale
$324,900
212 W SARATOGA Street, Baltimore, MD 21201
MULTI_FAMILY - Federal - BALTIMORE, MD
Property Size1,956 SF
Lot Size0.03 Acres
Price / SF$166.10
Days on Market63
Property Features for 212 W SARATOGA Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
1,956 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
2367
Utilities
Heating system
Forced Air
Building Details
Year built
1920
Number of units
1
Building materials
Brick
Architectural style
Federal
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 814-2400
Listed By:
Christopher J Cooke · License #596183
(443) 802-2728
Added: Jun 26
Changed: Aug 13
Last Checked: Aug 27 at 4:06AM
MLS# MDBA2221266
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-level mixed-use property combines a commercial storefront with two residential apartments. The main level includes an open sales area, half bath, and two storage rooms. Each of the upper floors contains a private one-bedroom, one-bath apartment, creating a practical blend of commercial and residential space within one building.
The property is located at 212 W Saratoga Street in Baltimore, Maryland, and was built in 1920 with brick construction, Federal architectural styling, and forced-air heating. Separate utility meters support distinct tenant billing and management. On-street parking is available, while a separate parking lot at 311 Tyson St, with 5 off-street parking spaces, is also available for sale.
The property is located at 212 W Saratoga Street in Baltimore, Maryland, and was built in 1920 with brick construction, Federal architectural styling, and forced-air heating. Separate utility meters support distinct tenant billing and management. On-street parking is available, while a separate parking lot at 311 Tyson St, with 5 off-street parking spaces, is also available for sale.
Key Highlights
- Three‑level mixed‑use building with retail space and 2 one‑bedroom, one‑bath apartments
- Main‑floor storefront includes open sales area, half bath, and 2 storage rooms
- Separate utility metering for the commercial and residential spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,724
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$574,480
$574.5K
Cap Rate 7%
$410,343
$410.3K
Cap Rate 9%
$319,156
$319.2K
Market Conditions
NOI Build-Up for 1,956 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$43.4K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$41.0K $20.98/SF
− OpEx
−$12.3K −$6.29/SF
NOI
$28.7K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$574,480
Cap Rate 7%
$410,343
Cap Rate 9%
$319,156
Alternative Uses
Best Use
Multifamily LT 5
$410.3K
$359.1K – $478.7K
NOI $28,724 @ 7.0% cap · market cap 8.84%
Second Best
Retail
$395.5K
$346.1K – $461.4K
NOI $27,685 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$468.6K
$410.0K – $546.7K
NOI $32,802 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
11,959
Businesses Nearby
Explore this area
Business Placement
Demographics for 21201, MD
18,382
Population
11,468
Households
1.6
Avg Household Size
34
Median Age
47%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
14,140
Density / Sq Mi
$44,722
Median Household Income
$44,239
Median Earnings
$1,282
Median Rent
$221,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Brick building combines a retail storefront with two private residential apartments and separate utility metering.
Where is this mixed-use property located?
The property is located at 212 W SARATOGA Street Baltimore, MD.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Three‑level mixed‑use building with retail space and 2 one‑bedroom, one‑bath apartments; Main‑floor storefront includes open sales area, half bath, and 2 storage rooms; Separate utility metering for the commercial and residential spaces
