Mixed-Use Redevelopment
For Sale
$399,000
319-321 S CENTRAL Avenue, Baltimore, MD 21202
Multi-Family, BALTIMORE, MD
Property Size2,585 SF
Lot Size0.06 Acres
Price / SF$154.35
Days on Market158
Property Features for 319-321 S CENTRAL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Subdivision
LITTLE ITALY
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
2,585 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
7502
Utilities
Heating system
Heat Pump (Heating)
Building Details
Year built
1920
Number of units
1
Building materials
Combination
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Thomas B Maley · License #656646
(410) 274-3326
Added: Mar 26
Changed: Aug 19
Last Checked: Aug 30 at 7:06PM
MLS# MDBA2207824
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use redevelopment property at 319-321 S Central Avenue contains 2,585 square feet on a 0.06-acre parcel. Built in 1920, the structure features combination construction, heat pump heating, a basement, and on-street parking. Approved plans for mixed-use redevelopment are available, and the project is positioned for permit submission with flexible zoning supporting numerous uses.
The property is next to Baltimore’s historic Little Italy and Harbor East communities. It is directly across from the Canal Street Malt House redevelopment property, placing the site within an established urban redevelopment setting. The address is in Baltimore City’s 21202 ZIP Code.
The property is next to Baltimore’s historic Little Italy and Harbor East communities. It is directly across from the Canal Street Malt House redevelopment property, placing the site within an established urban redevelopment setting. The address is in Baltimore City’s 21202 ZIP Code.
Key Highlights
- 2,585‑square‑foot property on a 0.06‑acre parcel
- Approved plans for mixed‑use redevelopment
- Ready for permits with flexible zoning
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
$35,673
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
8.94%
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%
$713,460
$713.5K
Cap Rate 7%
$509,614
$509.6K
Cap Rate 9%
$396,367
$396.4K
Market Conditions
NOI Build-Up for 2,585 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
$62.0K $24.00/SF
− Vacancy
−$5.0K −$1.92/SF
EGI
$57.1K $22.08/SF
− OpEx
−$21.4K −$8.28/SF
NOI
$35.7K $13.80/SF
Area
Baltimore, MD
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$713,460
Cap Rate 7%
$509,614
Cap Rate 9%
$396,367
Alternative Uses
Best Use
Mixed Use
$509.6K
$445.9K – $594.6K
NOI $35,673 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$481.1K
$421.0K – $561.3K
NOI $33,678 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$619.3K
$541.9K – $722.5K
NOI $43,351 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,648
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Approved plans and flexible zoning support permit-ready redevelopment planning.
Where is this mixed-use property located?
The property is located at 319-321 S CENTRAL Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,585‑square‑foot property on a 0.06‑acre parcel; Approved plans for mixed‑use redevelopment; Ready for permits with flexible zoning
