Listing Agency: Brexton Commercial - Baltimore Show Phone

Listed By: Michael Durst · License #660871 Show Phone

Source: Moodyscre

Added: Apr 23, 2025 Changed: Oct 3 Last Checked: Oct 19 at 7:38AM

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Investment Insights

Based on property information with market context.

This portfolio of flex properties, located at 1119-1127 E. Baltimore St. and 1120-1124 Watson St., offers a rare assemblage suitable for a business owner or investor. The interconnected buildings provide 24,790 square feet of flex office, warehouse, and manufacturing space on a total of 0.394 acres. The property features a securitized entrance for employees and customers on E. Baltimore St., as well as an overhead door at the back of the 1123 building. A fenced parking lot to the west of the building accommodates 15-20 cars and includes a phase 2 charging station. There is also a fenced parking area and door entry into the back of the 1127 building on Watson Street. The property benefits from fenced parking and rear overhead door access. The current owner requires a lease-back of the property for a minimum of 2-3 months and up to 12 months to facilitate a successful transition.

Key Highlights

• Expansive 24,790 sq ft flex space ideal for office, warehouse, or manufacturing.
• Fenced parking lot provides space for 15‑20 cars and includes a phase 2 charging station.
• Fenced rear overhead door access for easy loading and unloading.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$163,265

Cap Rate

7.79%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,265,300 $3.3M

Cap Rate 7%

$2,332,357 $2.3M

Cap Rate 9%

$1,814,056 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 24,790 SF

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 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 (±1% cap)

NOI $268,290 @ 7.0% cap · market cap 12.81%

Second Best

Warehouse

$2.33M

$2.04M – $2.72M (±1% cap)

NOI $163,265 @ 7.0% cap · market cap 7.79%

Theoretical Best

Office A

$5.94M

$5.20M – $6.93M (±1% cap)

NOI $415,729 @ 7.0% cap · market cap 19.84%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Pet Store Pet Store & Service (Bike/Boat/Book/etc) Store Veterinary Clinic Tanning Salon Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

8,882

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Baltimore, MD

6.4% 2019

5.9% 2020

2.6% 2021

3% 2022

3% 2023

7.6% 2024

8.8% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - 24,790 SF flex property with fenced parking in Baltimore.

Where is this flex space located?

The property is located at 1120 Watson 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: Expansive 24,790 sq ft flex space ideal for office, warehouse, or manufacturing.; Fenced parking lot provides space for 15‑20 cars and includes a phase 2 charging station.; Fenced rear overhead door access for easy loading and unloading.