Penthouse Residential Income
For Sale
$279,900
123 W BARRE STREET Unit PH-3, Baltimore, MD 21201
Penthouse residence with skyline views, private balcony, updated finishes, and secure covered parking.
Property Size1,036 SF
Days on Market37
Property Features for 123 W BARRE STREET Unit PH-3
General Information
Standard status
Active
Size
1,036 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,989
Amenities
in-unit washer/dryer
private balcony
community rooftop terrace
24/7 key-fob access
dedicated storage unit
Building Details
Building Size
1,036 SF
Year Built
1985
Listing Agency:
Revol Real Estate, LLC
(443) 244-0155
Listed By:
Ryan C Sebeck · License #597695
(443) 244-0155
Source:
Thehulsmangroup
Added: Jul 17
Changed: Aug 18
Last Checked: Aug 22 at 10:47AM
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 Revol Real Estate, LLC
Investment Insights
Based on property information with market context.
PH-3 is a penthouse residence with a two-bedroom, two-bath layout, abundant natural light, and views from both bedrooms. Interior features include granite countertops, stainless steel appliances, an in-unit washer/dryer, built-ins in the primary suite, and a large walk-in closet. One bathroom includes a recently updated shower. Outdoor space includes a private balcony and access to a community rooftop terrace.
The secure building provides 24/7 key-fob entry, a dedicated storage unit, covered assigned parking, and visitor parking with 2 spaces. The property is near M&T Bank Stadium, Oriole Park at Camden Yards, the Inner Harbor, and Federal Hill, with restaurants, parks, and pocket gardens nearby. Access to I-95/295, MARC Train, and Light Rail supports regional commuting. The community is FHA approved, subject to buyer verification. Built in 1985.
The secure building provides 24/7 key-fob entry, a dedicated storage unit, covered assigned parking, and visitor parking with 2 spaces. The property is near M&T Bank Stadium, Oriole Park at Camden Yards, the Inner Harbor, and Federal Hill, with restaurants, parks, and pocket gardens nearby. Access to I-95/295, MARC Train, and Light Rail supports regional commuting. The community is FHA approved, subject to buyer verification. Built in 1985.
Key Highlights
- 2‑bed, 2‑bath penthouse residence
- Private balcony plus community rooftop terrace
- Granite countertops and stainless steel appliances
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
$13,497
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
4.82%
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%
$269,940
$269.9K
Cap Rate 7%
$192,814
$192.8K
Cap Rate 9%
$149,967
$150.0K
Market Conditions
NOI Build-Up for 1,036 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
$26.1K $25.20/SF
− Vacancy
−$1.6K −$1.51/SF
EGI
$24.5K $23.69/SF
− OpEx
−$11.0K −$10.66/SF
NOI
$13.5K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$269,940
Cap Rate 7%
$192,814
Cap Rate 9%
$149,967
Alternative Uses
Best Use
Apartment 5plus
$192.8K
$168.7K – $225.0K
NOI $13,497 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$248.2K
$217.2K – $289.6K
NOI $17,374 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
9,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 21201, MD
18,382
Population
11,468
Households
1.6
Avg Household Size
34
Median Age
47%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
14,140
Density / Sq Mi
$44,722
Median Household Income
$44,239
Median Earnings
$1,282
Median Rent
$221,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Penthouse residence with skyline views, private balcony, updated finishes, and secure covered parking.
Where is this residential income property located?
The property is located at 123 W BARRE STREET Unit PH-3 Baltimore, MD.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: 2‑bed, 2‑bath penthouse residence; Private balcony plus community rooftop terrace; Granite countertops and stainless steel appliances
