Turnkey Live-Work Gallery
For Sale
$585,000
422 S HIGHLAND Avenue S, Baltimore, MD 21224
MULTI_FAMILY - Federal - BALTIMORE, MD
Property Size3,596 SF
Lot Size0.04 Acres
Price / SF$162.68
Days on Market84
Property Features for 422 S HIGHLAND Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Basement
Parking features
On Street
Interior features
Combination Kitchen/Dining, Floor Plan - Open
Subdivision
HIGHLANDTOWN
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
3,596 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4073
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Building Details
Year built
1920
Number of units
2
Building materials
Brick Front, Concrete
Architectural style
Federal
Listing Agency:
Guerilla Realty LLC
(443) 841-5916
Listed By:
David Tomasko · License #649159
(443) 850-1014
Added: Jun 2
Changed: Jul 13
Last Checked: Aug 24 at 3:06AM
MLS# MDBA2217766
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 turnkey live-work gallery and residence was extensively renovated and offers a mixed-use layout with a flexible commercial/gallery level and a fully renovated upper residence. The commercial space includes skylights, gallery and recessed lighting, and safety exit signage, along with a private office, security room, utility closet with stainless steel utility sink, and half bath. Two-hour fire-rated walls, ceilings, and doors separate the commercial and residential portions. The exterior has a restored facade with renovated brickwork, updated doors and windows, and restoration of a second-floor center window, plus a new roof and gutters installed in 2021. Additional exterior features include security cameras, a secure exterior hydrant, and a clean rear alley for convenient access.
The property is located in Baltimore’s Highlandtown Arts District. It is served by three separate BGE meters for the commercial, residential, and egress/common areas. The residence includes a designer kitchen with engineered white oak flooring, custom cabinetry and countertops, and Bosch appliances, along with an elevated living area filled with natural light. A spa-inspired bathroom features terrazzo tile flooring and a Wetstyle shower pan system. Mechanical upgrades completed in 2025–2026 include a high-efficiency heat pump and a gas-powered Bosch tankless water heater. The partial basement provides additional utility and storage, and the crawl space includes installed vapor barriers.
The property is located in Baltimore’s Highlandtown Arts District. It is served by three separate BGE meters for the commercial, residential, and egress/common areas. The residence includes a designer kitchen with engineered white oak flooring, custom cabinetry and countertops, and Bosch appliances, along with an elevated living area filled with natural light. A spa-inspired bathroom features terrazzo tile flooring and a Wetstyle shower pan system. Mechanical upgrades completed in 2025–2026 include a high-efficiency heat pump and a gas-powered Bosch tankless water heater. The partial basement provides additional utility and storage, and the crawl space includes installed vapor barriers.
Key Highlights
- Turnkey mixed‑use property in Highlandtown Arts District with commercial gallery space and an upper‑level residence
- Over 2,600 SF with two extensive renovation phases, including restored brick facade and updated doors/windows
- 2021 upgrades include new roof and gutters; outdoor security cameras and secure exterior hydrant; convenient rear alley access
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
$49,039
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
8.38%
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%
$980,780
$980.8K
Cap Rate 7%
$700,557
$700.6K
Cap Rate 9%
$544,878
$544.9K
Market Conditions
NOI Build-Up for 3,596 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
$79.0K $21.96/SF
− Vacancy
−$13.6K −$3.78/SF
EGI
$65.4K $18.18/SF
− OpEx
−$16.3K −$4.55/SF
NOI
$49.0K $13.64/SF
Area
ZIP 21224
Vacancy
17.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$980,780
Cap Rate 7%
$700,557
Cap Rate 9%
$544,878
Alternative Uses
Best Use
Office B
$700.6K
$613.0K – $817.3K
NOI $49,039 @ 7.0% cap · market cap 8.38%
Second Best
Mixed Use
$624.2K
$546.1K – $728.2K
NOI $43,691 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$861.5K
$753.8K – $1.01M
NOI $60,305 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
2,444
Businesses Nearby
Explore this area
Business Placement
Demographics for 21224, MD
54,266
Population
23,433
Households
2.3
Avg Household Size
33
Median Age
50%
College-Educated
85%
High-School Grad
9.3 sq mi
ZIP Area
5,835
Density / Sq Mi
$86,209
Median Household Income
$63,556
Median Earnings
$1,782
Median Rent
$281,400
Median Home Value
Market
Vacancy Rate% for Office in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Turnkey live-work property with a gallery level and renovated residence separated by two-hour fire-rated walls.
Where is this live-work space located?
The property is located at 422 S HIGHLAND Avenue S Baltimore, MD.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Turnkey mixed‑use property in Highlandtown Arts District with commercial gallery space and an upper‑level residence; Over 2,600 SF with two extensive renovation phases, including restored brick facade and updated doors/windows; 2021 upgrades include new roof and gutters; outdoor security cameras and secure exterior hydrant; convenient rear alley access
