Updated Residential Income
For Sale
$299,900
22 W HILL STREET Unit R 11, Baltimore, MD 21230
Two-bedroom condominium with contemporary finishes, in-unit laundry, and gated off-street parking near Baltimore’s major destinations.
Property Size907 SF
Days on Market23
Property Features for 22 W HILL STREET Unit R 11
General Information
Standard status
Active
Size
907 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,757
Amenities
in-unit laundry
off-street parking
secure gated lot
decorative fireplace
Building Details
Building Size
907 SF
Year Built
1986
Listing Agency:
Coldwell Banker Realty
(410) 292-0100
Listed By:
June C. Piper-Brandon · License #579412
(410) 292-0100
Source:
Thehulsmangroup
Added: Jul 31
Changed: Aug 21
Last Checked: Aug 22 at 11:59AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This Harborway East condominium offers a two-bedroom, two-bath layout with contemporary updates and an open arrangement connecting the living, dining, and kitchen areas. Natural light fills the interior, while a decorative fireplace adds a defined focal point to the living room. The primary bedroom includes a private full bath, and both bedrooms provide room for separation and privacy. In-unit laundry adds everyday convenience, with off-street parking provided in a secure gated lot.
The property is located in Baltimore’s Otterbein area, near the Inner Harbor, Federal Hill, Downtown Baltimore, Camden Yards, and M&T Bank Stadium. Access to I-95 supports connections to major commuter routes, while nearby dining, shopping, entertainment, and sporting venues add to the surrounding urban setting. Built in 1986, the condominium combines an established building with updated interior finishes and a central city location.
The property is located in Baltimore’s Otterbein area, near the Inner Harbor, Federal Hill, Downtown Baltimore, Camden Yards, and M&T Bank Stadium. Access to I-95 supports connections to major commuter routes, while nearby dining, shopping, entertainment, and sporting venues add to the surrounding urban setting. Built in 1986, the condominium combines an established building with updated interior finishes and a central city location.
Key Highlights
- Two‑bedroom, two‑bath condominium in Harborway East
- Contemporary updates with an open living, dining, and kitchen layout
- Primary bedroom includes a private full bath
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
$11,817
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
3.94%
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%
$236,340
$236.3K
Cap Rate 7%
$168,814
$168.8K
Cap Rate 9%
$131,300
$131.3K
Market Conditions
NOI Build-Up for 907 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
$22.9K $25.20/SF
− Vacancy
−$1.4K −$1.51/SF
EGI
$21.5K $23.69/SF
− OpEx
−$9.7K −$10.66/SF
NOI
$11.8K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$236,340
Cap Rate 7%
$168,814
Cap Rate 9%
$131,300
Alternative Uses
Best Use
Apartment 5plus
$168.8K
$147.7K – $197.0K
NOI $11,817 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$217.3K
$190.1K – $253.5K
NOI $15,210 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,994
Businesses Nearby
Explore this area
Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with contemporary finishes, in-unit laundry, and gated off-street parking near Baltimore’s major destinations.
Where is this residential income property located?
The property is located at 22 W HILL STREET Unit R 11 Baltimore, MD.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium in Harborway East; Contemporary updates with an open living, dining, and kitchen layout; Primary bedroom includes a private full bath
