Mixed-Use Building
For Sale
$339,900
1926 FLEET STREET, Baltimore, MD 21231
Two Fleet Street properties combine commercial space with separate residential accommodations and private entrances.
Property Size1,890 SF
Price / SF$179.84
Days on Market11
Property Features for 1926 FLEET STREET
General Information
Standard status
Active
Size
1,890 SF
Property subtype
Commercial
Additional Details
Asking Price
$800,000
Utilities to Site
Yes
Office Units
2
Building Details
Year Built
1920
Buildings
2
Stories
3
Listing Agency:
RE/MAX Advantage Realty
(443) 878-3507
Listed By:
Ricky Cantore III · License #676693
(443) 878-3507
Source:
Cummingsrealtors
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 30 at 5:32PM
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 two mixed-use properties at 1924 and 1926 Fleet Street, each pairing ground-floor commercial space with residential areas on the second and third floors. The 1926 building provides a professional office layout with a lobby, workroom, storage room, and half bathroom, along with a two-bedroom residence featuring a full kitchen, living area, two full bathrooms, and private laundry. The 1924 building includes a lobby, studio area, private office, and full bathroom, plus a one-bedroom residence with a kitchen, living area, full bathroom, and private washer and dryer.
The properties offer separate entrances to the upper residential spaces, ample public parking, and visibility with foot traffic. They share a utility closet while maintaining separate mechanical systems and meters. The 1926 commercial space is currently used as a professional office; the 1924 space has previously accommodated a boxing gym and tattoo parlor. Both buildings date to 1920.
The properties offer separate entrances to the upper residential spaces, ample public parking, and visibility with foot traffic. They share a utility closet while maintaining separate mechanical systems and meters. The 1926 commercial space is currently used as a professional office; the 1924 space has previously accommodated a boxing gym and tattoo parlor. Both buildings date to 1920.
Key Highlights
- 1924 Fleet St: 1,796 SQFT commercial first floor and 594 SQFT residential unit
- 1926 Fleet St: 667 SQFT commercial first floor and 937 SQFT residential unit
- 1924 includes a studio area, private office, full bathroom, and 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
$26,751
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
7.87%
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%
$535,020
$535.0K
Cap Rate 7%
$382,157
$382.2K
Cap Rate 9%
$297,233
$297.2K
Market Conditions
NOI Build-Up for 1,890 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
$40.8K $21.60/SF
− Vacancy
−$2.6K −$1.38/SF
EGI
$38.2K $20.22/SF
− OpEx
−$11.5K −$6.07/SF
NOI
$26.8K $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%
$535,020
Cap Rate 7%
$382,157
Cap Rate 9%
$297,233
Alternative Uses
Best Use
Retail
$382.2K
$334.4K – $445.9K
NOI $26,751 @ 7.0% cap · market cap 7.87%
Second Best
Office B
$375.4K
$328.5K – $437.9K
NOI $26,276 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$452.8K
$396.2K – $528.3K
NOI $31,695 @ 7.0% cap · market cap 9.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Utilities to site
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 properties combine commercial space with separate residential accommodations and private entrances.
Where is this mixed-use property located?
The property is located at 1926 FLEET STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 1924 Fleet St: 1,796 SQFT commercial first floor and 594 SQFT residential unit; 1926 Fleet St: 667 SQFT commercial first floor and 937 SQFT residential unit; 1924 includes a studio area, private office, full bathroom, and one‑bedroom residence
