Mixed-Use Office and Apartment
For Sale
Contact for pricing
2115 N Charles Street, Baltimore, MD 21218
Four-story brick mixed-use building offers three floors of office space plus a residential apartment.
Property Size3,300 SF
Price / SF$150.45
Days on Market61
Property Features for 2115 N Charles Street
General Information
Standard status
Active
Size
3,300 SF
Total Parking Spaces
4
Property subtype
Mixed Use
Zoning
C-1, Commercial
Occupancy
88%
Investment Type
Value Add
Net Operating Income
$49,787
Additional Details
Multifamily Units
1
Building Details
Year Built
1900
Year Renovated
2003
Stories
4
Units
4
Tenancy
Multi
Listing Agency:
RE/MAX Commercial Logic
(410) 258-1864
Listed By:
Wendy Blair · License #MD 596629
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 10 at 1:36PM
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 Commercial Logic
Investment Insights
Based on property information with market context.
This mixed-use property is built with brick and masonry construction and totals 3,300 square feet across four stories. The configuration includes three floors of office space and a fourth-floor residential apartment. Built in 1900 and renovated in 2003, the building is set up to accommodate both professional and residential use within the same structure.
The property is located at 2115 N. Charles Street in the Old Goucher/Midtown neighborhood of Baltimore. Parking is provided via on-street spaces plus four on-site spaces located at the rear of the building.
For buyers and operators seeking a small mixed-use setup, the asset offers a straightforward split between office occupancy and a residential unit, which can support flexible leasing strategies under one roof. The combination of multiple office floors and a dedicated apartment provides a clear tenant mix, while the available parking options can help limit day-to-day access friction for occupants and visitors.
The property is located at 2115 N. Charles Street in the Old Goucher/Midtown neighborhood of Baltimore. Parking is provided via on-street spaces plus four on-site spaces located at the rear of the building.
For buyers and operators seeking a small mixed-use setup, the asset offers a straightforward split between office occupancy and a residential unit, which can support flexible leasing strategies under one roof. The combination of multiple office floors and a dedicated apartment provides a clear tenant mix, while the available parking options can help limit day-to-day access friction for occupants and visitors.
Key Highlights
- 4‑story brick mixed‑use building with 3,300 SF total across office and residential space
- Includes three floors of office space and a fourth‑floor residential apartment
- Built in 1900 and renovated in 2003
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
$43,560
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
8.77%
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%
$871,200
$871.2K
Cap Rate 7%
$622,286
$622.3K
Cap Rate 9%
$484,000
$484.0K
Market Conditions
NOI Build-Up for 3,300 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
$79.2K $24.00/SF
− Vacancy
−$9.5K −$2.88/SF
EGI
$69.7K $21.12/SF
− OpEx
−$26.1K −$7.92/SF
NOI
$43.6K $13.20/SF
Area
ZIP 21218
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$871,200
Cap Rate 7%
$622,286
Cap Rate 9%
$484,000
Alternative Uses
Best Use
Office B
$706.0K
$617.8K – $823.7K
NOI $49,421 @ 7.0% cap · market cap 9.95%
Second Best
Mixed Use
$622.3K
$544.5K – $726.0K
NOI $43,560 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$897.2K
$785.1K – $1.05M
NOI $62,806 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,859
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
Median Home Value
Market
Vacancy Rate% for Office in Baltimore, MD
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 - Four-story brick mixed-use building offers three floors of office space plus a residential apartment.
Where is this mixed-use property located?
The property is located at 2115 N Charles Street Baltimore, MD.
What is the asking price?
The asking price for this property is $496,500.
What are key features of this property?
This property features: 4‑story brick mixed‑use building with 3,300 SF total across office and residential space; Includes three floors of office space and a fourth‑floor residential apartment; Built in 1900 and renovated in 2003
