Historic Mixed-Use
For Sale
$875,000
2112 Fleet St, Baltimore, MD 21231
Restaurant and bar space occupies the main level, with three apartments above.
Property Size5,288 SF
Price / SF$165.47
Days on Market37
Property Features for 2112 Fleet St
General Information
Standard status
Active
Size
5,288 SF
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 929-2491
Listed By:
Robert J Breeden · License #632462
Source:
Riverfoxrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 25 at 5:22AM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
Built in 1920, this 5,288-square-foot mixed-use building combines a hospitality operation with residential units. The ground floor is configured for bar and restaurant use, including a commercial kitchen, bar area, dining and entertaining areas, several seating zones, storage, and supporting operational infrastructure. Three apartments are located on the levels above, adding a residential component to the property.
The building is positioned on Fleet St in Baltimore’s Fells Point neighborhood, within walking distance of the waterfront, marinas, boutique shopping, restaurants, entertainment venues, and major commuter routes. The surrounding area is also associated with nightlife, tourism, and nearby waterfront attractions, providing an established urban setting for the existing commercial and residential configuration.
The building is positioned on Fleet St in Baltimore’s Fells Point neighborhood, within walking distance of the waterfront, marinas, boutique shopping, restaurants, entertainment venues, and major commuter routes. The surrounding area is also associated with nightlife, tourism, and nearby waterfront attractions, providing an established urban setting for the existing commercial and residential configuration.
Key Highlights
- 5,288 SF mixed‑use building constructed in 1920
- Main‑level bar and restaurant configuration
- Commercial kitchen, bar area, dining space, storage, and operational infrastructure
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
$77,656
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
8.87%
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%
$1,553,120
$1.6M
Cap Rate 7%
$1,109,371
$1.1M
Cap Rate 9%
$862,844
$862.8K
Market Conditions
NOI Build-Up for 5,288 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
$117.4K $22.20/SF
− Vacancy
−$6.5K −$1.22/SF
EGI
$110.9K $20.98/SF
− OpEx
−$33.3K −$6.29/SF
NOI
$77.7K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,553,120
Cap Rate 7%
$1,109,371
Cap Rate 9%
$862,844
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,451 @ 7.0% cap · market cap 9.77%
Second Best
Multifamily LT 5
$1.11M
$970.7K – $1.29M
NOI $77,656 @ 7.0% cap · market cap 8.87%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,680 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,842
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 Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant and bar space occupies the main level, with three apartments above.
Where is this mixed-use property located?
The property is located at 2112 Fleet St Baltimore, MD.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 5,288 SF mixed‑use building constructed in 1920; Main‑level bar and restaurant configuration; Commercial kitchen, bar area, dining space, storage, and operational infrastructure
