Residential Income
For Sale
$149,000
1 E CHASE STREET Unit 1008, Baltimore, MD 21202
Upper-floor condominium in the Belvedere Hotel with updated interiors, resident-controlled access, and services within the building.
Property Size546 SF
Days on Market162
Property Features for 1 E CHASE STREET Unit 1008
General Information
Standard status
Active
Size
546 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,190
Building Details
Building Size
546 SF
Year Built
1903
Listing Agency:
Cummings & Co. Realtors
Listed By:
Robin M Robinson · License #661496
(301) 221-6582
Source:
Thehulsmangroup
Added: Mar 28
Changed: Sep 1
Last Checked: Sep 4 at 12:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This 10th-floor condominium is located in the Belvedere Hotel at 1 E Chase Street in Baltimore’s Mount Vernon neighborhood. The unit includes neutral paint, luxury vinyl flooring, recessed lighting, a renovated kitchen with new appliances, real wood butcher block counters, and a subway tile backsplash. The bathroom has also been updated with contemporary fixtures and finishes.
The building dates to 1903 and provides a 24-hour front desk, key-fob access to resident floors, and a resident-only elevator. On-site offerings include the Owl Bar Restaurant, a deli, and medical, dental, and legal services. Johns Hopkins, Mercy, and Maryland General Hospitals are nearby, while Amtrak and MARC service are within three blocks. The University of Baltimore, MICA, and the Peabody Conservatory are within walking distance.
The building dates to 1903 and provides a 24-hour front desk, key-fob access to resident floors, and a resident-only elevator. On-site offerings include the Owl Bar Restaurant, a deli, and medical, dental, and legal services. Johns Hopkins, Mercy, and Maryland General Hospitals are nearby, while Amtrak and MARC service are within three blocks. The University of Baltimore, MICA, and the Peabody Conservatory are within walking distance.
Key Highlights
- 10th‑floor condominium in the Belvedere Hotel at 1 E Chase Street, Baltimore, MD 21202
- 1903 building in Baltimore’s Mount Vernon neighborhood
- Renovated kitchen with new appliances, butcher block countertops, and subway tile backsplash
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
$7,114
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
4.77%
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%
$142,280
$142.3K
Cap Rate 7%
$101,629
$101.6K
Cap Rate 9%
$79,044
$79.0K
Market Conditions
NOI Build-Up for 546 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
$13.8K $25.20/SF
− Vacancy
−$826 −$1.51/SF
EGI
$12.9K $23.69/SF
− OpEx
−$5.8K −$10.66/SF
NOI
$7.1K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$142,280
Cap Rate 7%
$101,629
Cap Rate 9%
$79,044
Alternative Uses
Best Use
Apartment 5plus
$101.6K
$88.9K – $118.6K
NOI $7,114 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$130.8K
$114.5K – $152.6K
NOI $9,156 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,539
Businesses Nearby
Explore this area
Business Placement
Demographics for 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Upper-floor condominium in the Belvedere Hotel with updated interiors, resident-controlled access, and services within the building.
Where is this residential income property located?
The property is located at 1 E CHASE STREET Unit 1008 Baltimore, MD.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: 10th‑floor condominium in the Belvedere Hotel at 1 E Chase Street, Baltimore, MD 21202; 1903 building in Baltimore’s Mount Vernon neighborhood; Renovated kitchen with new appliances, butcher block countertops, and subway tile backsplash
