Building Details

Buildings 1

Building Size 8,000 SF

Listing Agency: MacKenzie Commercial Real Estate | Baltimore Show Phone

Listed By: Matt Mueller Show Phone

Source: Moodyscre

Added: Jun 7, 2023 Changed: Oct 16 Last Checked: Oct 16 at 10:59AM

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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 MacKenzie Commercial Real Estate | Baltimore

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Investment Insights

Based on property information with market context.

This flex-space property includes an 8,000 SF building with fenced, secured parking on the premises. A residential apartment of approximately 1,600 SF occupies the second floor, creating a combined commercial and residential configuration.

The property is immediately adjacent to Eastern Avenue and located blocks from Baltimore’s Brewers Hill neighborhood. The owner is willing to renovate the building for multiple use types, providing flexibility for users seeking a tailored layout.

Key Highlights

• 8,000 SF building
• Approximately 1,600 SF residential apartment on the second floor
• Fenced, secured parking on‑site

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,171

Cap Rate

7.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$883,420 $883.4K

Cap Rate 7%

$631,014 $631.0K

Cap Rate 9%

$490,789 $490.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,000 SF

Gross rent

$67.2K $8.40/SF

− Vacancy

−$4.1K −$0.51/SF

EGI

$63.1K $7.89/SF

− OpEx

−$18.9K −$2.37/SF

NOI

$44.2K $5.52/SF

Area

ZIP 21224

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 Rate 5%

$883,420

Cap Rate 7%

$631,014

Cap Rate 9%

$490,789

Alternative Uses

Best Use

Mixed Use

$1.39M

$1.22M – $1.62M (±1% cap)

NOI $97,200 @ 7.0% cap · market cap 16.23%

Second Best

Flex RnD

$1.07M

$932.9K – $1.24M (±1% cap)

NOI $74,630 @ 7.0% cap · market cap 12.46%

Theoretical Best

Office A

$1.92M

$1.68M – $2.24M (±1% cap)

NOI $134,160 @ 7.0% cap · market cap 22.40%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Law Firm Home Appliance Store Nursing Home Bed & Breakfast Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Fenced yard

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

2,366

Businesses Nearby

Under-served

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

6.4% 2019

5.9% 2020

2.6% 2021

3% 2022

3% 2023

7.6% 2024

8.8% 2025

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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Flex space - Two-story property pairs commercial space with an upper-level residential apartment and enclosed on-site parking.

Where is this flex space located?

The property is located at 3729-3737 Gough St Baltimore, MD.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: 8,000 SF building; Approximately 1,600 SF residential apartment on the second floor; Fenced, secured parking on‑site