Mixed-Use Property
For Sale
$459,900
1924 Fleet St, Baltimore, MD 21231
Two Fleet Street buildings combine commercial suites with separately entered residential units above.
Property Size2,390 SF
Price / SF$192.43
Days on Market10
Property Features for 1924 Fleet St
General Information
Standard status
Active
Size
2,390 SF
Property subtype
Commercial
Additional Details
Asking Price
$800,000
Building Details
Year Built
1920
Buildings
2
Listing Agency:
RE/MAX Advantage Realty
(443) 878-3507
Listed By:
Ricky Cantore III · License #676693
Source:
Viewmarylandhomesforsale
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 7:10PM
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 RE/MAX Advantage Realty
Investment Insights
Based on property information with market context.
This offering includes 1924 and 1926 Fleet St, each configured with commercial space on the first floor and a residential unit across the second and third floors. At 1924, the commercial portion measures 1,796 square feet and includes a lobby, open studio area, full bathroom, and private office. The 594-square-foot residence has one bedroom, a living area, full kitchen, full bathroom, and private laundry. At 1926, the 667-square-foot commercial suite provides a lobby, workroom, storage room, and half bathroom. Its 937-square-foot residence includes two bedrooms, two full bathrooms, a living area, kitchen, and private washer/dryer.
Both buildings have private residential entrances, updated kitchen appliances, and granite countertops. The interiors and exteriors at 1924 have been improved, while 1926 is described as being in good interior condition. The properties share a utility closet but maintain separate mechanical systems and meters. Public parking is available nearby, and the buildings are positioned on Fleet Street in Baltimore.
Both buildings have private residential entrances, updated kitchen appliances, and granite countertops. The interiors and exteriors at 1924 have been improved, while 1926 is described as being in good interior condition. The properties share a utility closet but maintain separate mechanical systems and meters. Public parking is available nearby, and the buildings are positioned on Fleet Street in Baltimore.
Key Highlights
- Two‑building mixed‑use offering at 1924 and 1926 Fleet St
- Each building includes first‑floor commercial space with a separately entered residence above
- 1924 provides 1,796 SF commercial space and a 594 SF one‑bedroom residence
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
$33,828
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
7.36%
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%
$676,560
$676.6K
Cap Rate 7%
$483,257
$483.3K
Cap Rate 9%
$375,867
$375.9K
Market Conditions
NOI Build-Up for 2,390 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
$51.6K $21.60/SF
− Vacancy
−$3.3K −$1.38/SF
EGI
$48.3K $20.22/SF
− OpEx
−$14.5K −$6.07/SF
NOI
$33.8K $14.15/SF
Area
Baltimore, MD
Vacancy
6.39%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$676,560
Cap Rate 7%
$483,257
Cap Rate 9%
$375,867
Alternative Uses
Best Use
Retail
$483.3K
$422.9K – $563.8K
NOI $33,828 @ 7.0% cap · market cap 7.36%
Second Best
Office B
$474.7K
$415.4K – $553.8K
NOI $33,228 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$572.6K
$501.0K – $668.0K
NOI $40,080 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,982
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
Market
Vacancy Rate% for Office in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two Fleet Street buildings combine commercial suites with separately entered residential units above.
Where is this mixed-use property located?
The property is located at 1924 Fleet St Baltimore, MD.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: Two‑building mixed‑use offering at 1924 and 1926 Fleet St; Each building includes first‑floor commercial space with a separately entered residence above; 1924 provides 1,796 SF commercial space and a 594 SF one‑bedroom residence
