Garage-Style Self Storage
New
For Sale
$225,000
1206 S CAREY ST, Baltimore, MD 21230
Existing utility service supports a compact storage operation in Baltimore.
Property Size2,000 SF
Price / SF$112.50
Days on Market7
Property Features for 1206 S CAREY ST
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Zoning
Residential
Occupancy
75%
Net Operating Income
$23,100
Additional Details
Gross Income
$27,900
Utilities to Site
Yes
Self-Storage Units
10
Building Details
Year Built
1970
Listing Agency:
Keller Williams Select Realtors of Annapolis
(410) 972-4000
Listed By:
Brandi Bradshaw · License #SP200203497
(410) 212-4235
Source:
Cummingsrealtors
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 22 at 3:29PM
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 Keller Williams Select Realtors of Annapolis
Investment Insights
Based on property information with market context.
This 2,000-square-foot self storage property contains 10 garage-style units, including 2 larger units and 8 smaller units. The facility is currently used as a storage business and was built in 1970. Electric and water service are present on the property.
The asset consists of 2 tax records and is residentially zoned. Located in Baltimore, the property offers an established small-format storage configuration with a projected 9.4% cap rate.
The asset consists of 2 tax records and is residentially zoned. Located in Baltimore, the property offers an established small-format storage configuration with a projected 9.4% cap rate.
Key Highlights
- 10 storage units: 2 larger units and 8 smaller garage‑style units
- 2,000 SF self storage facility
- Residentially zoned property with an existing storage use
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
$17,186
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
7.64%
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%
$343,720
$343.7K
Cap Rate 7%
$245,514
$245.5K
Cap Rate 9%
$190,956
$191.0K
Market Conditions
NOI Build-Up for 2,000 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
$26.4K $13.20/SF
− Vacancy
−$1.8K −$0.92/SF
EGI
$24.6K $12.28/SF
− OpEx
−$7.4K −$3.68/SF
NOI
$17.2K $8.59/SF
Area
Baltimore, MD
Vacancy
7.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$343,720
Cap Rate 7%
$245,514
Cap Rate 9%
$190,956
Alternative Uses
Best Use
Self Storage
$245.5K
$214.8K – $286.4K
NOI $17,186 @ 7.0% cap · market cap 7.64%
Second Best
Warehouse
$188.2K
$164.7K – $219.5K
NOI $13,172 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$479.1K
$419.3K – $559.0K
NOI $33,540 @ 7.0% cap · market cap 14.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
75%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,457
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Baltimore, MD
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Frequently Asked Questions
What type of property is this?
Self storage facility - Existing utility service supports a compact storage operation in Baltimore.
Where is this self storage facility located?
The property is located at 1206 S CAREY ST Baltimore, MD.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 10 storage units: 2 larger units and 8 smaller garage‑style units; 2,000 SF self storage facility; Residentially zoned property with an existing storage use
