Restaurant with Upstairs One-Bed
For Sale
$649,900
1516 HARFORD AVENUE, Baltimore, MD 21202
Well-known neighborhood carry-out restaurant with a fully equipped commercial kitchen and a rented one-bedroom apartment upstairs.
Property Size1,220 SF
Days on Market81
Property Features for 1516 HARFORD AVENUE
General Information
Standard status
Active
Size
1,220 SF
Property subtype
MixedUse
Financials
Gross Income
$14,400
Average Monthly Rent
$1,200
Business Included
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,281
Building Details
Building Size
1,220 SF
Year Built
1918
Year Renovated
2010
Listing Agency:
The KW Collective
(443) 506-5251
Listed By:
Brandon S. Hargreaves · License #519961
(443) 506-5251
Source:
Thehulsmangroup
Added: May 23
Changed: Aug 8
Last Checked: Aug 10 at 9:17AM
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 The KW Collective
Investment Insights
Based on property information with market context.
Restaurant property located at 1516 Harford Avenue in Baltimore, MD 21202. The space is set up for a neighborhood carry-out concept with a fully equipped commercial kitchen built for immediate operation. The building was originally built in 1918 and underwent major rehabilitation in 2010.
In addition to the restaurant area, the property includes a 1-bedroom apartment upstairs that is currently rented, providing an extra source of owner income. The restaurant is positioned among several established neighborhoods.
This configuration supports use as a carry-out restaurant with on-site rental housing in the same building.
In addition to the restaurant area, the property includes a 1-bedroom apartment upstairs that is currently rented, providing an extra source of owner income. The restaurant is positioned among several established neighborhoods.
This configuration supports use as a carry-out restaurant with on-site rental housing in the same building.
Key Highlights
- Neighborhood carry‑out restaurant concept
- Fully equipped commercial kitchen ready for operation
- Major rehabilitation completed in 2010
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
$19,715
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
3.03%
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%
$394,300
$394.3K
Cap Rate 7%
$281,643
$281.6K
Cap Rate 9%
$219,056
$219.1K
Market Conditions
NOI Build-Up for 1,220 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
$27.8K $22.80/SF
− Vacancy
−$1.5K −$1.25/SF
EGI
$26.3K $21.55/SF
− OpEx
−$6.6K −$5.39/SF
NOI
$19.7K $16.16/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$394,300
Cap Rate 7%
$281,643
Cap Rate 9%
$219,056
Alternative Uses
Best Use
Specialty Retail
$281.6K
$246.4K – $328.6K
NOI $19,715 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$227.1K
$198.7K – $264.9K
NOI $15,895 @ 7.0% cap · market cap 2.45%
Theoretical Best
Office A
$292.3K
$255.7K – $341.0K
NOI $20,459 @ 7.0% cap · market cap 3.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,911
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Well-known neighborhood carry-out restaurant with a fully equipped commercial kitchen and a rented one-bedroom apartment upstairs.
Where is this conventional restaurant located?
The property is located at 1516 HARFORD AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Neighborhood carry‑out restaurant concept; Fully equipped commercial kitchen ready for operation; Major rehabilitation completed in 2010
