Remodeled Office Unit with
For Sale
$275,000
723 S Charles St Unit 103, Baltimore, MD 21230
Ground-level, fully wheelchair-accessible office unit with six private rooms and multiple egress points.
Property Size1,169 SF
Price / SF$235.24
Days on Market40
Property Features for 723 S Charles St Unit 103
General Information
Standard status
Active
Size
1,169 SF
Zoning
OR
Building Details
Year Built
1985
Year Renovated
2023
Construction
block and brick
Listing Agency:
Samson Properties
(240) 413-6252
Listed By:
Keith A Hawkins · License #0225243770
Source:
Kandorre
Added: Jul 21
Changed: Aug 13
Last Checked: Aug 29 at 11:48AM
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 Samson Properties
Investment Insights
Based on property information with market context.
Unit 103 is a ground-level commercial office space remodeled in 2023, including a newer HVAC system. The building is constructed of block and brick. The unit is laid out with six private rooms, one bathroom, and a dedicated laundry room, and four of the rooms feature electric fireplaces built into the wall and included with the sale. The space is fully wheelchair accessible and includes four separate points of egress, including two exits to the parking lot, one exit to E. Hughes Street, and one interior exit through the atrium with direct access to Charles Street.
The property is zoned OR (Office–Residential) and the commercial unit can only be used for commercial purposes, not residential. The condo fee is $500 per month. Unit 103 is located in a well-maintained building with 12 one-bedroom residential units above, and the unit is positioned for street-level use on the ground floor.
The unit’s configuration supports professional office and consulting-style use, with multiple exam/office rooms within a durable, low-maintenance block-and-brick shell.
The property is zoned OR (Office–Residential) and the commercial unit can only be used for commercial purposes, not residential. The condo fee is $500 per month. Unit 103 is located in a well-maintained building with 12 one-bedroom residential units above, and the unit is positioned for street-level use on the ground floor.
The unit’s configuration supports professional office and consulting-style use, with multiple exam/office rooms within a durable, low-maintenance block-and-brick shell.
Key Highlights
- 1,169 SF ground‑level commercial unit (Unit 103) in a building built in 1985, with office/residential zoning OR (Office–Residential).
- Remodeled in 2023 and includes a newer HVAC system, helping reduce near‑term capital expenditure.
- Fully wheelchair accessible with four separate points of egress: two exits to the parking lot, one to E. Hughes St, and one interior exit via the atrium to Charles St.
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
$16,943
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
6.16%
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%
$338,860
$338.9K
Cap Rate 7%
$242,043
$242.0K
Cap Rate 9%
$188,256
$188.3K
Market Conditions
NOI Build-Up for 1,169 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
$30.9K $26.40/SF
− Vacancy
−$2.6K −$2.24/SF
EGI
$28.2K $24.16/SF
− OpEx
−$11.3K −$9.66/SF
NOI
$16.9K $14.49/SF
Area
Baltimore, MD
Vacancy
8.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$338,860
Cap Rate 7%
$242,043
Cap Rate 9%
$188,256
Alternative Uses
Best Use
Healthcare Medical
$242.0K
$211.8K – $282.4K
NOI $16,943 @ 7.0% cap · market cap 6.16%
Second Best
Office B
$232.2K
$203.2K – $270.9K
NOI $16,252 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$280.1K
$245.1K – $326.7K
NOI $19,604 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,994
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
Market
Vacancy Rate% for Office in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Ground-level, fully wheelchair-accessible office unit with six private rooms and multiple egress points.
Where is this office units located?
The property is located at 723 S Charles St Unit 103 Baltimore, MD.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,169 SF ground‑level commercial unit (Unit 103) in a building built in 1985, with office/residential zoning OR (Office–Residential).; Remodeled in 2023 and includes a newer HVAC system, helping reduce near‑term capital expenditure.; Fully wheelchair accessible with four separate points of egress: two exits to the parking lot, one to E. Hughes St, and one interior exit via the atrium to Charles St.
