Mixed-Use Property with
New
For Sale
$324,900
151 N HIGHLAND AVENUE, Baltimore, MD 21224
Ground-floor office space is complemented by an upstairs residence and basement storage.
Property Size2,054 SF
Days on Market4
Property Features for 151 N HIGHLAND AVENUE
General Information
Standard status
Active
Size
2,054 SF
Property subtype
MixedUse
Taxes and HOA fees
Annual Taxes
$4,699
Building Details
Building Size
2,054 SF
Year Built
1900
Year Renovated
2023
Buildings
1
Listing Agency:
Keller Williams Gateway LLC
Listed By:
Simon P Tenezaca Huerta I · License #5012848
(443) 804-6824
Source:
Thehulsmangroup
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:29PM
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 Gateway LLC
Investment Insights
Based on property information with market context.
This Baltimore property combines commercial space on the ground floor with a residential apartment above. The first level is arranged as office space and includes a bathroom; basement space provides storage. Upstairs, the apartment has a bedroom, kitchen, and full bathroom. The first-floor layout may be adapted for other commercial uses, subject to zoning, licensing, and required approvals.
Work completed in 2023 included interior painting, drywall work, a remodeled first-floor bathroom, new carpet, electrical and plumbing improvements, door replacement or installation, and additional repairs and finishes on both floors.
Work completed in 2023 included interior painting, drywall work, a remodeled first-floor bathroom, new carpet, electrical and plumbing improvements, door replacement or installation, and additional repairs and finishes on both floors.
Key Highlights
- Two‑story mixed‑use configuration with commercial space below and an apartment above
- Ground floor currently arranged as office space with a bathroom
- Upstairs apartment includes a bedroom, kitchen, and full 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
$24,956
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
7.68%
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%
$499,120
$499.1K
Cap Rate 7%
$356,514
$356.5K
Cap Rate 9%
$277,289
$277.3K
Market Conditions
NOI Build-Up for 2,054 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
$44.4K $21.60/SF
− Vacancy
−$4.4K −$2.16/SF
EGI
$39.9K $19.44/SF
− OpEx
−$15.0K −$7.29/SF
NOI
$25.0K $12.15/SF
Area
ZIP 21224
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$499,120
Cap Rate 7%
$356,514
Cap Rate 9%
$277,289
Alternative Uses
Best Use
Mixed Use
$356.5K
$312.0K – $415.9K
NOI $24,956 @ 7.0% cap · market cap 7.68%
Second Best
Retail
$353.0K
$308.9K – $411.9K
NOI $24,711 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$492.1K
$430.6K – $574.1K
NOI $34,446 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,531
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Baltimore, MD
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor office space is complemented by an upstairs residence and basement storage.
Where is this mixed-use property located?
The property is located at 151 N HIGHLAND AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Two‑story mixed‑use configuration with commercial space below and an apartment above; Ground floor currently arranged as office space with a bathroom; Upstairs apartment includes a bedroom, kitchen, and full bathroom
