Two-Story Industrial Live-Work
For Sale
$1,200,000
1811 Maryland Avenue, Baltimore, MD 21201
Two-story commercial building with three drive-in loading doors and TOD-4 zoning, offering adaptable space for multiple use types.
Property Size9,580 SF
Lot Size0.23 Acres
Price / SF$125.26
Days on Market52
Property Features for 1811 Maryland Avenue
General Information
Standard status
Active
Size
9,580 SF
Lot size
0.23 Acres
Property subtype
Retail
Zoning
TOD-4
Additional Details
Drive-In Doors
3
Building Details
Building Size
9,580 SF
Stories
2
Listing Agency:
MacKenzie Commercial Real Estate | Baltimore
(410) 494-4866
Listed By:
Patrick Smith, SIOR
(410) 494-4866
Source:
Mackenziecommercial
Added: Jun 22
Changed: Aug 10
Last Checked: Aug 12 at 3:11AM
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 | Baltimore
Investment Insights
Based on property information with market context.
1811 Maryland Avenue presents a 9,580 SF ±, two-story commercial building on 0.23 acres ± in Baltimore’s Station North area. The structure features an American Vernacular industrial/early 20th century commercial utilitarian architectural style with an attractive brick exterior and large industrial windows. The building includes three drive-in loading doors to support loading and operational workflow.
The property is positioned for strong visibility with “excellent exposure” along Maryland Avenue. Zoning is identified as TOD-4 (Transit-Oriented Development), and the flexible zoning is specifically noted as supporting a variety of potential uses.
For tenants, buyers, and operators seeking an adaptable building format, the space can accommodate multiple concepts consistent with the stated zoning flexibility. The remarks highlight potential for creative studio or maker space, adaptive reuse into retail plus live/work, and an EV service center. With on-site drive-in loading and a two-story layout, the property can be suited to operations that benefit from direct loading access and versatile interior configurations, subject to applicable code and permitting for the intended use.
The property is positioned for strong visibility with “excellent exposure” along Maryland Avenue. Zoning is identified as TOD-4 (Transit-Oriented Development), and the flexible zoning is specifically noted as supporting a variety of potential uses.
For tenants, buyers, and operators seeking an adaptable building format, the space can accommodate multiple concepts consistent with the stated zoning flexibility. The remarks highlight potential for creative studio or maker space, adaptive reuse into retail plus live/work, and an EV service center. With on-site drive-in loading and a two-story layout, the property can be suited to operations that benefit from direct loading access and versatile interior configurations, subject to applicable code and permitting for the intended use.
Key Highlights
- 9,580 SF ± two‑story commercial building on 0.23 acres ± in Baltimore’s Station North area
- Three drive‑in loading doors for loading and flexible operations
- TOD‑4 (Transit‑Oriented Development) zoning supports a variety of use types
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
$103,680
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
8.64%
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%
$2,073,600
$2.1M
Cap Rate 7%
$1,481,143
$1.5M
Cap Rate 9%
$1,152,000
$1.2M
Market Conditions
NOI Build-Up for 9,580 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
$172.4K $18.00/SF
− Vacancy
−$12.9K −$1.35/SF
EGI
$159.5K $16.65/SF
− OpEx
−$55.8K −$5.83/SF
NOI
$103.7K $10.82/SF
Area
Baltimore, MD
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,073,600
Cap Rate 7%
$1,481,143
Cap Rate 9%
$1,152,000
Alternative Uses
Best Use
Retail
$1.94M
$1.69M – $2.26M
NOI $135,594 @ 7.0% cap · market cap 11.30%
Second Best
Flex RnD
$1.48M
$1.30M – $1.73M
NOI $103,680 @ 7.0% cap · market cap 8.64%
Theoretical Best
Office A
$2.30M
$2.01M – $2.68M
NOI $160,657 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
3,293
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21201, MD
18,382
Population
11,468
Households
1.6
Avg Household Size
34
Median Age
47%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
14,140
Density / Sq Mi
$44,722
Median Household Income
$44,239
Median Earnings
$1,282
Median Rent
$221,900
Median Home Value
Market
Vacancy Rate% for Industrial in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story commercial building with three drive-in loading doors and TOD-4 zoning, offering adaptable space for multiple use types.
Where is this flex space located?
The property is located at 1811 Maryland Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9,580 SF ± two‑story commercial building on 0.23 acres ± in Baltimore’s Station North area; Three drive‑in loading doors for loading and flexible operations; TOD‑4 (Transit‑Oriented Development) zoning supports a variety of use types
