Built-Out Restaurant with Commercial
For Sale
Contact for pricing
1520 Clipper Mill Rd, Baltimore, MD 21211
Two-level dining space includes outdoor seating, on-site parking, and a licensed commercial kitchen.
Property Size6,000 SF
Price / SF$233.33
Days on Market184
Property Features for 1520 Clipper Mill Rd
General Information
Standard status
Active
Size
6,000 SF
Property subtype
RETAIL
Restaurant
Seating Capacity
190
Patio
Yes
Additional Details
Highway Access
Yes
Building Details
Construction
stone mill
Listing Agency:
MacKenzie Commercial Real Estate - Corporate
(410) 494-4861
Listed By:
Tim Harrington · License #MD 636644
(410) 494-4855
Source:
Moodyscre
Added: Feb 27
Changed: Aug 29
Last Checked: Aug 29 at 3:09PM
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 - Corporate
Investment Insights
Based on property information with market context.
This approximately 6,000-square-foot restaurant property is fully built out for food service, with a commercial kitchen equipped with multiple pizza ovens. The two-level layout accommodates approximately 190 patrons and includes additional outdoor space, creating a mix of interior dining and exterior seating areas. On-site parking supports the operation, while the stone mill construction adds a distinctive physical character.
The property is located within Clipper Mill and Hampden, adjacent to Whitehall Mill. Direct access to I-83 connects the site with surrounding Baltimore destinations, and The Avenue in Hampden is only minutes away. A Class B license authorizes beer, wine, and liquor service seven days a week until 2AM.
The property is located within Clipper Mill and Hampden, adjacent to Whitehall Mill. Direct access to I-83 connects the site with surrounding Baltimore destinations, and The Avenue in Hampden is only minutes away. A Class B license authorizes beer, wine, and liquor service seven days a week until 2AM.
Key Highlights
- Approximately 6,000 square feet ± of fully built‑out restaurant space
- Commercial kitchen with multiple pizza ovens
- Seating for approximately 190 patrons across two floors plus outdoor space
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
$96,957
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
6.93%
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%
$1,939,140
$1.9M
Cap Rate 7%
$1,385,100
$1.4M
Cap Rate 9%
$1,077,300
$1.1M
Market Conditions
NOI Build-Up for 6,000 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
$136.8K $22.80/SF
− Vacancy
−$7.5K −$1.25/SF
EGI
$129.3K $21.55/SF
− OpEx
−$32.3K −$5.39/SF
NOI
$97.0K $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%
$1,939,140
Cap Rate 7%
$1,385,100
Cap Rate 9%
$1,077,300
Alternative Uses
Best Use
Specialty Retail
$1.39M
$1.21M – $1.62M
NOI $96,957 @ 7.0% cap · market cap 6.93%
Second Best
Industrial
$473.3K
$414.1K – $552.1K
NOI $33,128 @ 7.0% cap · market cap 2.37%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,620 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,440
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21211, MD
17,721
Population
9,056
Households
2
Avg Household Size
37
Median Age
61%
College-Educated
93%
High-School Grad
2.9 sq mi
ZIP Area
6,111
Density / Sq Mi
$81,467
Median Household Income
$64,019
Median Earnings
$1,577
Median Rent
$274,000
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 - Two-level dining space includes outdoor seating, on-site parking, and a licensed commercial kitchen.
Where is this conventional restaurant located?
The property is located at 1520 Clipper Mill Rd Baltimore, MD.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Approximately 6,000 square feet ± of fully built‑out restaurant space; Commercial kitchen with multiple pizza ovens; Seating for approximately 190 patrons across two floors plus outdoor space
