Flex Space With Fenced
For Sale
Contact for pricing
1119-1127 E Baltimore St., Baltimore, MD 21202
Interconnected office, warehouse, and manufacturing space includes secured entry, rear overhead access, and fenced parking.
Property Size24,790 SF
Lot Size0.39 Acres
Price / SF$84.51
Days on Market133
Property Features for 1119-1127 E Baltimore St.
General Information
Standard status
Active
Size
24,790 SF
Class
B
Total Parking Spaces
20
Lot size
0.39 Acres
Property subtype
Office
Investment Type
Owner/User
Additional Details
Road Access
Yes
Drive-In Doors
1
Amenities
charging station
securitized entrance
Building Details
Year Renovated
2023
Stories
4
Listing Agency:
Brexton Commercial
(410) 530-6502
Listed By:
Cody Chamberlain · License #MD 656933
Source:
Crexi
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 30 at 4:01AM
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 Commercial
Investment Insights
Based on property information with market context.
This interconnected flex property combines office, warehouse, and manufacturing areas across multiple contiguous buildings. The portfolio contains 24,790 square feet on 0.394 acres, with a secured employee and customer entrance from E. Baltimore Street, rear overhead-door access, and an additional door entry from Watson Street. Fenced parking is positioned beside the buildings and at the rear, accommodating 15–20 cars. A Phase 2 charging station is also included.
The property consists of 1119–1127 E. Baltimore St. and 1120–1124 Watson St. in Baltimore, Maryland. The current owner will lease back the property for a transition period of at least 2–3 months and up to 12 months.
The property consists of 1119–1127 E. Baltimore St. and 1120–1124 Watson St. in Baltimore, Maryland. The current owner will lease back the property for a transition period of at least 2–3 months and up to 12 months.
Key Highlights
- 24,790 square feet of interconnected flex office, warehouse, and manufacturing space
- Total site area of .394 acres
- Fenced parking area accommodates 15‑20 cars
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
$163,265
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
7.79%
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%
$3,265,300
$3.3M
Cap Rate 7%
$2,332,357
$2.3M
Cap Rate 9%
$1,814,056
$1.8M
Market Conditions
NOI Build-Up for 24,790 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
$208.2K $8.40/SF
− Vacancy
−$16.2K −$0.65/SF
EGI
$192.1K $7.75/SF
− OpEx
−$28.8K −$1.16/SF
NOI
$163.3K $6.59/SF
Area
Baltimore, MD
Vacancy
7.76%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$3,265,300
Cap Rate 7%
$2,332,357
Cap Rate 9%
$1,814,056
Alternative Uses
Best Use
Flex RnD
$3.83M
$3.35M – $4.47M
NOI $268,290 @ 7.0% cap · market cap 12.81%
Second Best
Warehouse
$2.33M
$2.04M – $2.72M
NOI $163,265 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$5.94M
$5.20M – $6.93M
NOI $415,729 @ 7.0% cap · market cap 19.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
8,882
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Interconnected office, warehouse, and manufacturing space includes secured entry, rear overhead access, and fenced parking.
Where is this flex space located?
The property is located at 1119-1127 E Baltimore St. Baltimore, MD.
What is the asking price?
The asking price for this property is $2,095,000.
What are key features of this property?
This property features: 24,790 square feet of interconnected flex office, warehouse, and manufacturing space; Total site area of .394 acres; Fenced parking area accommodates 15‑20 cars
