Turnkey Irish Pub with Owner
For Sale
$1,000,000
1712 Aliceanna St, Baltimore, MD 21231
Turnkey hospitality property with historic full-service bar, commercial kitchen infrastructure, and an owner suite for live-work use.
Property Size2,944 SF
Price / SF$339.67
Days on Market104
Property Features for 1712 Aliceanna St
General Information
Standard status
Active
Size
2,944 SF
Building Details
Year Built
1920
Listing Agency:
Cummings & Co Realtors
Listed By:
Matthew E Garono · License #627356
(410) 688-5285
Source:
Tbhteam
Added: Jun 16
Changed: Sep 13
Last Checked: Sep 26 at 8:48AM
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 Cummings & Co Realtors
Investment Insights
Based on property information with market context.
The Wren is a turnkey hospitality property configured as a full-service Irish public house with a historic 19th-century bar dating to approximately 1890. The first-floor buildout includes a commercial kitchen infrastructure and flexible seating for daily service, private events, and special programming. A working brick fireplace anchors the interior, constructed in 1993 by the former president of the bricklayers union. The bar includes updated operational components such as a walk-in cooler and a draft beer system, along with refined finishes featuring warm wood elements, custom millwork, and handcrafted lighting. Above the commercial space, the property offers a private owner’s suite spanning half of the second floor and all of the third floor, with updated finishes, mini-split HVAC, an updated bathroom, and historic character.
Located along the highly trafficked Aliceanna Street corridor in Baltimore’s Fell’s Point, the property benefits from strong pedestrian activity and visibility from a dense, walkable entertainment and dining area.
The asset is suitable for an owner-operator seeking a ready-to-run neighborhood concept, with liquor license, furniture, fixtures, equipment, and existing infrastructure included as part of the turnkey offering. It also supports continued hospitality operations or repositioning to another restaurant, bar, or mixed-use concept, backed by recent capital improvements including a multi-zone mini-split HVAC upgrade, refinished hardwood floors, a roof replacement in 2019, and other interior enhancements.
Located along the highly trafficked Aliceanna Street corridor in Baltimore’s Fell’s Point, the property benefits from strong pedestrian activity and visibility from a dense, walkable entertainment and dining area.
The asset is suitable for an owner-operator seeking a ready-to-run neighborhood concept, with liquor license, furniture, fixtures, equipment, and existing infrastructure included as part of the turnkey offering. It also supports continued hospitality operations or repositioning to another restaurant, bar, or mixed-use concept, backed by recent capital improvements including a multi-zone mini-split HVAC upgrade, refinished hardwood floors, a roof replacement in 2019, and other interior enhancements.
Key Highlights
- Nationally recognized hospitality concept named among The New York Times and Bon Appétit’s 20 Best New Restaurants of 2025
- Turnkey operation includes liquor license plus furniture, fixtures, equipment, and existing infrastructure for ongoing hospitality use
- Historic full‑service bar dating to approximately 1890, with a working brick fireplace built in 1993 by the former President of the Bricklayers Union
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
$47,574
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
4.76%
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%
$951,480
$951.5K
Cap Rate 7%
$679,629
$679.6K
Cap Rate 9%
$528,600
$528.6K
Market Conditions
NOI Build-Up for 2,944 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
$67.1K $22.80/SF
− Vacancy
−$3.7K −$1.25/SF
EGI
$63.4K $21.55/SF
− OpEx
−$15.9K −$5.39/SF
NOI
$47.6K $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%
$951,480
Cap Rate 7%
$679,629
Cap Rate 9%
$528,600
Alternative Uses
Best Use
Specialty Retail
$679.6K
$594.7K – $792.9K
NOI $47,574 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$705.3K
$617.1K – $822.9K
NOI $49,371 @ 7.0% cap · market cap 4.94%
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
3,083
Businesses Nearby
Well-served
Demand for This Use
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
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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?
Bar & Pub - Turnkey hospitality property with historic full-service bar, commercial kitchen infrastructure, and an owner suite for live-work use.
Where is this bar & pub located?
The property is located at 1712 Aliceanna St Baltimore, MD.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Nationally recognized hospitality concept named among The New York Times and Bon Appétit’s 20 Best New Restaurants of 2025; Turnkey operation includes liquor license plus furniture, fixtures, equipment, and existing infrastructure for ongoing hospitality use; Historic full‑service bar dating to approximately 1890, with a working brick fireplace built in 1993 by the former President of the Bricklayers Union
