High-Floor Residential Income
For Sale
$150,000
414 WATER STREET Unit 1109, Baltimore, MD 21202
Updated condominium residence with harbor views, private terrace, covered parking, and access to extensive building amenities.
Property Size980 SF
Days on Market497
Property Features for 414 WATER STREET Unit 1109
General Information
Standard status
Active
Size
980 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,394
Amenities
outdoor pool
fitness center
24-hour concierge
24-hour security
party room
meeting room
Building Details
Building Size
980 SF
Year Built
2007
Listing Agency:
Keller Williams Flagship
(443) 624-4116
Listed By:
Vincent Principe · License #5006318
(443) 624-4116
Source:
Thehulsmangroup
Added: Apr 14, 2025
Changed: Aug 21
Last Checked: Aug 23 at 9:28AM
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 Keller Williams Flagship
Investment Insights
Based on property information with market context.
This updated two-bedroom, two-bath condominium is positioned on a high floor at 414 Water Street in Baltimore. The residence includes a kitchen with wood cabinetry, granite counters, stainless steel appliances, a gas stove, microwave range hood, and center island seating. A family room opens onto a private terrace with harbor and city views. The primary bedroom has a walk-in closet and en-suite bath, while the second bedroom can serve as guest space or an office. Neutral finishes, flooring installed in 2021, and an HVAC system replaced in 2023 complete the interior improvements.
Building amenities include an outdoor pool, fitness center, 24-hour concierge and security, meeting and party rooms, elevators, and a deeded same-floor storage unit measuring approximately 35 sqft. The property also includes an allocated covered parking space. The Inner Harbor setting provides access to the National Aquarium, museums, restaurants, the farmers’ market, major commuter routes including I-95 and I-83, and BWI Airport.
Building amenities include an outdoor pool, fitness center, 24-hour concierge and security, meeting and party rooms, elevators, and a deeded same-floor storage unit measuring approximately 35 sqft. The property also includes an allocated covered parking space. The Inner Harbor setting provides access to the National Aquarium, museums, restaurants, the farmers’ market, major commuter routes including I-95 and I-83, and BWI Airport.
Key Highlights
- Two‑bedroom, two‑bath condominium with harbor and city views
- Private terrace connected to the family room
- Updated kitchen with granite counters, stainless steel appliances, gas stove, and center island
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
$12,768
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
8.51%
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%
$255,360
$255.4K
Cap Rate 7%
$182,400
$182.4K
Cap Rate 9%
$141,867
$141.9K
Market Conditions
NOI Build-Up for 980 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
$24.7K $25.20/SF
− Vacancy
−$1.5K −$1.51/SF
EGI
$23.2K $23.69/SF
− OpEx
−$10.4K −$10.66/SF
NOI
$12.8K $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%
$255,360
Cap Rate 7%
$182,400
Cap Rate 9%
$141,867
Alternative Uses
Best Use
Apartment 5plus
$182.4K
$159.6K – $212.8K
NOI $12,768 @ 7.0% cap · market cap 8.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$234.8K
$205.4K – $273.9K
NOI $16,435 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
8,766
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?
Residential income property - Updated condominium residence with harbor views, private terrace, covered parking, and access to extensive building amenities.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 1109 Baltimore, MD.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with harbor and city views; Private terrace connected to the family room; Updated kitchen with granite counters, stainless steel appliances, gas stove, and center island
