Residential Income Property with Two
For Sale
$399,000
1400 LANCASTER STREET Unit 605, Baltimore, MD 21231
East-facing condominium with dual primary suites, private balconies, garage parking, and access to Baltimore’s Harbor East amenities.
Property Size1,766 SF
Days on Market265
Property Features for 1400 LANCASTER STREET Unit 605
General Information
Standard status
Active
Size
1,766 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$11,182
Building Details
Building Size
1,766 SF
Year Built
2005
Listing Agency:
Coldwell Banker Realty
(410) 984-2692
Listed By:
Jay T Kramer · License #575267
(410) 984-2692
Source:
Thehulsmangroup
Added: Dec 1, 2025
Changed: Aug 21
Last Checked: Aug 22 at 11:55AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Unit 605 is an east-facing condominium completed in 2005 with an open interior, extensive windows, and two primary suites. The residence includes a custom-finished kitchen with stainless steel appliances, a living room with fireplace and built-ins, a separate dining area, laundry and utility room, and powder room. One suite has a private balcony and bathroom with double vanity, soaking tub, separate shower, and walk-in closet. The second suite includes an en suite bathroom, built-ins, and access to another balcony from both the bedroom and great room.
The property is located at 1400 Lancaster Street in Baltimore’s Harbor East, near Whole Foods Market, restaurants, shopping, a movie theater, Historic Fells Point, Little Italy, and the Inner Harbor. Two garage parking spaces and additional storage are included.
The property is located at 1400 Lancaster Street in Baltimore’s Harbor East, near Whole Foods Market, restaurants, shopping, a movie theater, Historic Fells Point, Little Italy, and the Inner Harbor. Two garage parking spaces and additional storage are included.
Key Highlights
- Two primary suites with en suite bathrooms and substantial closet space
- East‑facing layout with broad window walls, city views, and strong natural light
- Custom kitchen with cabinetry, contemporary countertops, and stainless steel appliances
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
$23,008
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
5.77%
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%
$460,160
$460.2K
Cap Rate 7%
$328,686
$328.7K
Cap Rate 9%
$255,644
$255.6K
Market Conditions
NOI Build-Up for 1,766 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
$44.5K $25.20/SF
− Vacancy
−$2.7K −$1.51/SF
EGI
$41.8K $23.69/SF
− OpEx
−$18.8K −$10.66/SF
NOI
$23.0K $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%
$460,160
Cap Rate 7%
$328,686
Cap Rate 9%
$255,644
Alternative Uses
Best Use
Apartment 5plus
$328.7K
$287.6K – $383.5K
NOI $23,008 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$423.1K
$370.2K – $493.6K
NOI $29,616 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,473
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - East-facing condominium with dual primary suites, private balconies, garage parking, and access to Baltimore’s Harbor East amenities.
Where is this residential income property located?
The property is located at 1400 LANCASTER STREET Unit 605 Baltimore, MD.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two primary suites with en suite bathrooms and substantial closet space; East‑facing layout with broad window walls, city views, and strong natural light; Custom kitchen with cabinetry, contemporary countertops, and stainless steel appliances
