Mixed-Use Retail and
For Sale
$405,000
1003 Charles, Baltimore, MD 21230
Two-unit mixed-use property with retail space and a 2-bedroom apartment, with dedicated entry and natural light.
Property Size1,204 SF
Price / SF$336.38
Days on Market49
Property Features for 1003 Charles
General Information
Standard status
Active
Size
1,204 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,881
Amenities
Wall Air Conditioning
3
C-1
Parking.
On Street.
Building Details
Year Built
1900
Listing Agency:
Brexton Commerical, LLC
(410) 999-1738
Listed By:
Rajbir Randhawa
(410) 999-1738
Source:
Xome
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 11 at 4:52AM
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 Brexton Commerical, LLC
Investment Insights
Based on property information with market context.
1003 S Charles Street is a two-unit mixed-use property offering retail space plus an apartment. The retail area has an efficient layout with an open floor plan and a private rear area that includes a restroom, with additional office potential. The unit also includes a dedicated entry and ample natural light, along with a functional back-of-house area designed for day-to-day operations. The former use was a tobacco store.
The apartment configuration is a 2 bedroom, 1 bathroom layout with a den and in-house washer/dryer. Bedroom 1 is shown with French doors, and bedroom 2 is shown as a loft on the third floor. The building is fully vacant and can be delivered vacant for an owner-user.
Lease activity is noted as pending for the retail portion, and the property is also described as having been last rented at stated prior amounts. The apartment has a separate rental history as well, with delivery described as vacant for owner-user.
The apartment configuration is a 2 bedroom, 1 bathroom layout with a den and in-house washer/dryer. Bedroom 1 is shown with French doors, and bedroom 2 is shown as a loft on the third floor. The building is fully vacant and can be delivered vacant for an owner-user.
Lease activity is noted as pending for the retail portion, and the property is also described as having been last rented at stated prior amounts. The apartment has a separate rental history as well, with delivery described as vacant for owner-user.
Key Highlights
- 2‑unit mixed‑use property with retail space plus a 2BR/1BA apartment with den
- Retail unit includes an open floor plan, dedicated entry, private rear area with restroom, and back‑of‑house space
- Apartment layout: 2BR/1BA + den with in‑house washer/dryer; bedroom 2 shown as a loft on the 3rd floor
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
$17,681
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
4.37%
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%
$353,620
$353.6K
Cap Rate 7%
$252,586
$252.6K
Cap Rate 9%
$196,456
$196.5K
Market Conditions
NOI Build-Up for 1,204 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
$26.7K $22.20/SF
− Vacancy
−$1.5K −$1.22/SF
EGI
$25.3K $20.98/SF
− OpEx
−$7.6K −$6.29/SF
NOI
$17.7K $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%
$353,620
Cap Rate 7%
$252,586
Cap Rate 9%
$196,456
Alternative Uses
Best Use
Multifamily LT 5
$252.6K
$221.0K – $294.7K
NOI $17,681 @ 7.0% cap · market cap 4.37%
Second Best
Retail
$243.4K
$213.0K – $284.0K
NOI $17,041 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$288.4K
$252.4K – $336.5K
NOI $20,191 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
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 - Two-unit mixed-use property with retail space and a 2-bedroom apartment, with dedicated entry and natural light.
Where is this mixed-use property located?
The property is located at 1003 Charles Baltimore, MD.
What is the asking price?
The asking price for this property is $405,000.
What are key features of this property?
This property features: 2‑unit mixed‑use property with retail space plus a 2BR/1BA apartment with den; Retail unit includes an open floor plan, dedicated entry, private rear area with restroom, and back‑of‑house space; Apartment layout: 2BR/1BA + den with in‑house washer/dryer; bedroom 2 shown as a loft on the 3rd floor
