Two-Story Restaurant and
For Sale
Contact for pricing
1041 Marshall St, Baltimore, MD 21230
Full-service hospitality property with multiple bars, private event areas, a complete kitchen, and street-level windows.
Property Size2,650 SF
Price / SF$337.74
Days on Market515
Property Features for 1041 Marshall St
General Information
Standard status
Active
Size
2,650 SF
Property subtype
RETAIL
Additional Details
Liquor License
Yes
Amenities
private party areas
multiple bars
full kitchen
street-level windows
external walk-in coolers
Building Details
Stories
2
Listing Agency:
MacKenzie Commercial Real Estate - Corporate
(410) 494-4861
Listed By:
Henry Deford · License #MD 636644
Source:
Moodyscre
Added: Apr 3, 2025
Changed: Aug 29
Last Checked: Aug 29 at 8:11PM
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 MacKenzie Commercial Real Estate - Corporate
Investment Insights
Based on property information with market context.
This 2,650-square-foot, two-story restaurant and tavern includes multiple bars, private party areas, a full kitchen, and street-level windows that connect the interior with the surrounding streetscape. External walk-in coolers support storage and loading access, while the property includes a 7-day Beer/Wine/Liquor License.
Located at 1041 Marshall St in Baltimore’s Federal Hill, the property sits along the walking route connecting Federal Hill, Camden Yards, and M&T Bank Stadium. Outdoor seating potential along Marshall Street adds another operational feature for a hospitality user.
Located at 1041 Marshall St in Baltimore’s Federal Hill, the property sits along the walking route connecting Federal Hill, Camden Yards, and M&T Bank Stadium. Outdoor seating potential along Marshall Street adds another operational feature for a hospitality user.
Key Highlights
- 2,650‑square‑foot two‑story restaurant and tavern
- 7‑day Beer/Wine/Liquor License included
- Multiple bars, private party areas, and full kitchen
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
$42,823
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
4.78%
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%
$856,460
$856.5K
Cap Rate 7%
$611,757
$611.8K
Cap Rate 9%
$475,811
$475.8K
Market Conditions
NOI Build-Up for 2,650 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
$60.4K $22.80/SF
− Vacancy
−$3.3K −$1.25/SF
EGI
$57.1K $21.55/SF
− OpEx
−$14.3K −$5.39/SF
NOI
$42.8K $16.16/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.80 /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%
$856,460
Cap Rate 7%
$611,757
Cap Rate 9%
$475,811
Alternative Uses
Best Use
Specialty Retail
$611.8K
$535.3K – $713.7K
NOI $42,823 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$634.9K
$555.5K – $740.7K
NOI $44,441 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
3,438
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Full-service hospitality property with multiple bars, private event areas, a complete kitchen, and street-level windows.
Where is this conventional restaurant located?
The property is located at 1041 Marshall St Baltimore, MD.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 2,650‑square‑foot two‑story restaurant and tavern; 7‑day Beer/Wine/Liquor License included; Multiple bars, private party areas, and full kitchen
