Flex Property with Fenced
For Sale
Contact for pricing
1120 Watson St, Baltimore, MD
24,790 SF flex property with fenced parking in Baltimore.
Property Size24,790 SF
Lot Size0.19 Acres
Price / SF$84.51
Days on Market501
Property Features for 1120 Watson St
General Information
Standard status
Active
Size
24,790 SF
Lot size
0.19 Acres
Property subtype
OFFICE
Listing Agency:
Brexton Commercial - Baltimore
(410) 999-1738
Listed By:
Michael Durst · License #660871
(410) 877-5559
Source:
Moodyscre
Added: Apr 23, 2025
Changed: Aug 16
Last Checked: Sep 4 at 5:20PM
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 - Baltimore
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 = 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
Property Profile
Current Use
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
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?
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.
