Two-Story Automotive and Residential
For Sale
Contact for pricing
160 S CALVERTON RD, Baltimore, MD 21223
Two-story building with first-floor automotive use and a second-floor residential apartment, offered via online auction.
Property Size1,140 SF
Price / SF$65.79
Days on Market101
Property Features for 160 S CALVERTON RD
General Information
Standard status
Active
Size
1,140 SF
Property subtype
Industrial
Building Details
Year Built
1920
Stories
2
Listing Agency:
Ashland Auction Group
(410) 488-3124
Listed By:
Adam Shpritz · License #528655
Source:
Crexi
Added: May 18
Changed: Jul 21
Last Checked: Aug 25 at 9:09AM
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 Ashland Auction Group
Investment Insights
Based on property information with market context.
This two-story building is industrially zoned and currently occupied. The first floor is utilized as an automotive center, while the second floor is a residential apartment.
The property is located in the Shipley Hill area with easy access to a major traffic artery, Frederick Ave, and is described as being just minutes to Grace Medical Center.
The listing indicates the apartment includes one bedroom and one full and one half bathroom, along with garage/automotive space associated with the property.
The property is located in the Shipley Hill area with easy access to a major traffic artery, Frederick Ave, and is described as being just minutes to Grace Medical Center.
The listing indicates the apartment includes one bedroom and one full and one half bathroom, along with garage/automotive space associated with the property.
Key Highlights
- 2‑story building with first floor currently used as an automotive center and second floor used as a residential apartment
- Industrially zoned property in the Shipley Hill area
- Occupied property; believed to contain 1 bedroom, 1 full bathroom, and 1 half bathroom
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
$6,294
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
8.39%
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%
$125,880
$125.9K
Cap Rate 7%
$89,914
$89.9K
Cap Rate 9%
$69,933
$69.9K
Market Conditions
NOI Build-Up for 1,140 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
$9.6K $8.40/SF
− Vacancy
−$584 −$0.51/SF
EGI
$9.0K $7.89/SF
− OpEx
−$2.7K −$2.37/SF
NOI
$6.3K $5.52/SF
Area
Baltimore, MD
Vacancy
6.10%
Lease Rate
$8.40 /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%
$125,880
Cap Rate 7%
$89,914
Cap Rate 9%
$69,933
Alternative Uses
Best Use
Retail
$230.5K
$201.7K – $268.9K
NOI $16,135 @ 7.0% cap · market cap 21.51%
Second Best
Flex RnD
$176.3K
$154.2K – $205.6K
NOI $12,338 @ 7.0% cap · market cap 16.45%
Theoretical Best
Office A
$273.1K
$239.0K – $318.6K
NOI $19,118 @ 7.0% cap · market cap 25.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,267
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21223, MD
20,438
Population
13,034
Households
1.6
Avg Household Size
37
Median Age
12%
College-Educated
75%
High-School Grad
2.6 sq mi
ZIP Area
7,861
Density / Sq Mi
$41,828
Median Household Income
$33,367
Median Earnings
$1,110
Median Rent
$93,700
Median Home Value
Market
Vacancy Rate% for Industrial in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story building with first-floor automotive use and a second-floor residential apartment, offered via online auction.
Where is this flex space located?
The property is located at 160 S CALVERTON RD Baltimore, MD.
What is the asking price?
The asking price for this property is $75,000.
What are key features of this property?
This property features: 2‑story building with first floor currently used as an automotive center and second floor used as a residential apartment; Industrially zoned property in the Shipley Hill area; Occupied property; believed to contain 1 bedroom, 1 full bathroom, and 1 half bathroom
