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    Turn-Key Spa and Wellness Center Title is generated by Realmo AI

    801 Key Hwy, Baltimore, MD

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    Spa and medical wellness center in The Ritz-Carlton Residences.

    Type:OFFICE
    Property size:
    6,075 SF
    Lot size:
    6.36 Acres
    Price / SF:
    $205/SF
    Added:
    May 14, 2025
    Days on Market:
    387
    Last Refresh:
    May 19 at 10:13 pm

    Property Features for 801 Key Hwy

    General Information

    Standard status
    Active
    Size
    6,075 SF
    Lot size
    6.36 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Patrick J. Smith
    Patrick J. Smith

    Listing agent Patrick J. Smith

    Listing office MacKenzie Commercial Real Estate | Baltimore

    Listing date May 14, 2025

    Source Moodyscre

    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 | Baltimore

    HighLights

    • Turn‑key spa and medical wellness center within The Ritz‑Carlton Residences.
    • Prime Inner Harbor location on Key Hwy Corridor.
    • Includes all FF&E (furniture, fixtures, and equipment).
    • 10 complimentary valet parking spaces.
    • Private entrance for guests and residents.
    • Direct access to Federal Hill, Locust Point, and Downtown Baltimore.

    Overview

    This is a turn-key spa and medical wellness center located within The Ritz-Carlton Residences, in the heart of Baltimore’s Inner Harbor along the Key Hwy Corridor. The property features a one-of-a-kind space and includes a laundry and storage area. Ten complimentary valet parking spaces are included, with additional valet spaces available for added fees. The property has a private entrance via valet court for public guests or through The Ritz-Carlton complex for residents. It enjoys direct access to Federal Hill, Locust Point, and Downtown Baltimore, with easy access to I-95, I-295, and key landmarks. All FF&E is included in the sale. The property size is 6,075 square feet.

    Local Financial Insights For Healthcare Medical

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $160.4k $26.40
    − Vacancy −$13.6k −$2.24
    EGI $146.7k $24.16
    − OpEx −$58.7k −$9.66
    NOI $88.0k $14.49
    6,075 SF · lease $26.40/SF/yr · vacancy 8.50% · expense 40.00%

    Alternative Uses

    Best Use
    Healthcare Medical
    $1.26M
    $1.10M – $1.47M (±1% cap)
    NOI $88,049 @ 7.0% cap · market cap 7.04%
    Second Best
    Office B
    $1.21M
    $1.06M – $1.41M (±1% cap)
    NOI $84,459 @ 7.0% cap · market cap 6.76%
    Theoretical Best
    Office A
    $1.46M
    $1.27M – $1.70M (±1% cap)
    NOI $101,878 @ 7.0% cap · market cap 8.15%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Blink Charging Station Electric Vehicle Charging Station Adam Light, Monument ... Real Estate Agency Monument Sotheby's International ... Real Estate Agency Rebecca Lemon, Realtor Real Estate Agency Kyle Shay Real Estate Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Chris Hammond, Licensed Acupuncturist — 1414 Key Hwy #300, Baltimore, MD 21230
    • michael b. weiss, l.ac., m.ac. | acupuncture: more than pain relief. a new way of looking at health. — 1124 S Charles St Unit 1, Baltimore, MD 21230
    • HoneyB Wellness — 211 E Fort Ave, Baltimore, MD 21230
    • Charm City Healing Acupuncture & Wellness — 921 E Fort Ave Suite 109, Baltimore, MD 21230
    • My Acupuncture Therapy — 145 W Ostend St Suite 600, Baltimore, MD 21230

    Location Insight

    • Map
    • Local Demand
    City
    Baltimore
    County
    Baltimore
    State
    Maryland
    Longitude
    -76.6058
    Latitude
    39.2805

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    FAQs

    What type of property is this?
    Spa & wellness property - Spa and medical wellness center in The Ritz-Carlton Residences.
    Where is this spa & wellness property located?
    The property is located at 801 Key Hwy Baltimore, MD.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Turn‑key spa and medical wellness center within The Ritz‑Carlton Residences.; Prime Inner Harbor location on Key Hwy Corridor.; Includes all FF&E (furniture, fixtures, and equipment).
    (847) 346-2701 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Patrick J. Smith
    Patrick J. Smith
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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