Fells Point Multifamily
For Sale
$2,000,000
Pending
1516 LANCASTER STREET, Baltimore, MD 21231
Nine-unit property in prime location with parking and storage.
Property Size7,520 SF
Days on Market234
Property Features for 1516 LANCASTER STREET
General Information
Standard status
Pending
Size
7,520 SF
Property subtype
Investment
Site & Location
Neighborhood
Fells Point
Taxes and HOA fees
Annual Taxes
$1,920
Building Details
Building Size
7,520 SF
Year Built
1920
Units
4
Listing Agency:
NEXT STEP REALTY
Listed By:
James T Weiskerger · License #573865
(443) 928-3295
Source:
Elliman
Added: Mar 12
Changed: Oct 25
Last Checked: Oct 30 at 3:50PM
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 NEXT STEP REALTY
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This nine-unit multifamily property is located in Fells Point. Each unit includes 1.5 or 2 bedrooms. The building features 9 dedicated parking spots, 9 storage units, and a detached garage. The property is positioned near the waterfront, restaurants, and nightlife, potentially offering strong rental income and long-term appreciation.
Key Highlights
- High ROI potential in prime Fells Point location.
- 9 units with 1.5 or 2 bedrooms each.
- Rare amenities: 9 dedicated parking spots, 9 storage units, and a detached garage.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$97,974
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,959,480
$2.0M
Cap Rate 7%
$1,399,629
$1.4M
Cap Rate 9%
$1,088,600
$1.1M
Market Conditions
NOI Build-Up for 7,520 SF
Gross rent
$189.5K $25.20/SF
− Vacancy
−$11.4K −$1.51/SF
EGI
$178.1K $23.69/SF
− OpEx
−$80.2K −$10.66/SF
NOI
$98.0K $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 Rate 5%
$1,959,480
Cap Rate 7%
$1,399,629
Cap Rate 9%
$1,088,600
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,974 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,111 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit property in prime location with parking and storage.
Where is this apartment building located?
The property is located at 1516 LANCASTER STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: High ROI potential in prime Fells Point location.; 9 units with 1.5 or 2 bedrooms each.; Rare amenities: **9 dedicated parking spots, 9 storage units, and a detached garage.**
