Updated Spa and Wellness
For Sale
$155,000
10 W MADISON STREET Unit 31, Baltimore, MD 21201
Open-plan condominium with a studio area, enclosed rooms, and association-approved wellness use.
Property Size715 SF
Days on Market44
Property Features for 10 W MADISON STREET Unit 31
General Information
Standard status
Active
Size
715 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$3,375
Building Details
Building Size
715 SF
Year Built
1800
Listing Agency:
Redfin Corp
Listed By:
John P Ippolito · License #639911
(301) 660-8893
Source:
Thehulsmangroup
Added: Jul 23
Changed: Sep 3
Last Checked: Sep 4 at 12:13PM
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 Redfin Corp
Investment Insights
Based on property information with market context.
This 1,397-square-foot condominium combines an open front studio with enclosed rooms that can function as treatment areas, private offices, or quiet workspaces. The one-bedroom unit has updated flooring, contemporary lighting, a refreshed kitchen, and a renovated bath. High ceilings and abundant natural light complement the building’s historic character, dating to 1800.
The association permits wellness and movement-based activities, recurring client visits, and early-morning or evening operating hours. Interior changes, including new walls or division into two suites, are allowed with standard board notification. Leasing is permitted, and the unit is located at 10 W Madison St W Unit 1 in Baltimore, near museums, parks, dining, and transit.
The association permits wellness and movement-based activities, recurring client visits, and early-morning or evening operating hours. Interior changes, including new walls or division into two suites, are allowed with standard board notification. Leasing is permitted, and the unit is located at 10 W Madison St W Unit 1 in Baltimore, near museums, parks, dining, and transit.
Key Highlights
- 1,397 SF one‑bedroom condominium
- Building dates to 1800
- Front studio plus enclosed rooms for treatment, office, or workspace use
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
$9,940
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
6.41%
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%
$198,800
$198.8K
Cap Rate 7%
$142,000
$142.0K
Cap Rate 9%
$110,444
$110.4K
Market Conditions
NOI Build-Up for 715 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
$15.9K $22.20/SF
− Vacancy
−$2.6K −$3.66/SF
EGI
$13.3K $18.54/SF
− OpEx
−$3.3K −$4.63/SF
NOI
$9.9K $13.90/SF
Area
Baltimore, MD
Vacancy
16.50%
Lease Rate
$22.20 /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%
$198,800
Cap Rate 7%
$142,000
Cap Rate 9%
$110,444
Alternative Uses
Best Use
Office B
$142.0K
$124.3K – $165.7K
NOI $9,940 @ 7.0% cap · market cap 6.41%
Second Best
Mixed Use
$141.0K
$123.3K – $164.5K
NOI $9,867 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$171.3K
$149.9K – $199.9K
NOI $11,991 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,014
Businesses Nearby
Balanced
Demand for This Use
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 Office in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dr. Pei Feng — 650 W Baltimore St RM 4407, Baltimore, MD 21201
- Redeeming Light Wellness Center — 1 N Charles St suite 1503, Baltimore, MD 21201
- NKVSKIN — 113 N Charles St, Baltimore, MD 21201
- Baltimore Community Acupuncture located at Baltimore Wellness Co-op — 312 N Charles St #301, Baltimore, MD 21201
- Mercy Medical Center Medispa — 227 St Paul St, Baltimore, MD 21202
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Open-plan condominium with a studio area, enclosed rooms, and association-approved wellness use.
Where is this spa & wellness property located?
The property is located at 10 W MADISON STREET Unit 31 Baltimore, MD.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: 1,397 SF one‑bedroom condominium; Building dates to 1800; Front studio plus enclosed rooms for treatment, office, or workspace use
