Highlandtown Warehouse Conversion
For Sale
$1,200,000
204 S Eaton St, Baltimore, MD 21224
6,875 SF warehouse with apartment conversion potential and parking.
Property Size6,875 SF
Price / SF$174.55
Days on Market138
Property Features for 204 S Eaton St
General Information
Standard status
Active
Size
6,875 SF
Building Details
Year Built
1940
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Charles W Cockrill · License #34091
(443) 956-6913
Source:
Kandorre
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 8 at 9:49AM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
Located in the Highlandtown neighborhood, 204 S. Eaton Street presents a 6,875 square foot industrial property formerly used for manufacturing. The property features an open format and high-level garage doors. It has zoning approval for up to 28 parking spaces, making it suitable for a 24 to 28-unit apartment conversion with on-site parking. The location offers excellent visibility and accessibility. The area has a walk score of 93, indicating it is a walker's paradise, a bike score of 65, indicating it is bikeable, and a transit score of 70, indicating excellent transit.
Key Highlights
- Approved zoning for 24‑28 unit apartment conversion.
- Includes zoning approval for up to 28 on‑site parking spaces.
- Large 6,875 square foot open warehouse space.
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
$83,531
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
6.96%
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%
$1,670,620
$1.7M
Cap Rate 7%
$1,193,300
$1.2M
Cap Rate 9%
$928,122
$928.1K
Market Conditions
NOI Build-Up for 6,875 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
$148.5K $21.60/SF
− Vacancy
−$14.9K −$2.16/SF
EGI
$133.7K $19.44/SF
− OpEx
−$50.1K −$7.29/SF
NOI
$83.5K $12.15/SF
Area
ZIP 21224
Vacancy
10.00%
Lease Rate
$21.60 /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%
$1,670,620
Cap Rate 7%
$1,193,300
Cap Rate 9%
$928,122
Alternative Uses
Best Use
Mixed Use
$1.19M
$1.04M – $1.39M
NOI $83,531 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,450 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,294 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,091
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21224, MD
54,266
Population
23,433
Households
2.3
Avg Household Size
33
Median Age
50%
College-Educated
85%
High-School Grad
9.3 sq mi
ZIP Area
5,835
Density / Sq Mi
$86,209
Median Household Income
$63,556
Median Earnings
$1,782
Median Rent
$281,400
Median Home Value
Market
Vacancy Rate% for Industrial in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 6,875 SF warehouse with apartment conversion potential and parking.
Where is this warehouse located?
The property is located at 204 S Eaton St Baltimore, MD.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approved zoning for 24‑28 unit apartment conversion.; Includes zoning approval for up to 28 on‑site parking spaces.; Large 6,875 square foot open warehouse space.
