Occupied Office
For Sale
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2213 McElderry Street, Baltimore, MD 21205
Baltimore office property leased to Johns Hopkins University through 2031, with proximity to a major hospital campus.
Property Size31,752 SF
Price / SF$305.71
Days on Market9
Property Features for 2213 McElderry Street
General Information
Standard status
Active
Size
31,752 SF
Class
B
Property subtype
Office
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$679,512
Building Details
Year Built
2006
Tenancy
Single
Listing Agency:
CBRE - Healthcare Capital Markets
Listed By:
Jaime Jones Vantsa · License #100103493
Source:
Crexi
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 8 at 8:42AM
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 CBRE - Healthcare Capital Markets
Investment Insights
Based on property information with market context.
The 31,752-square-foot office building at 2213 McElderry Street in Baltimore was completed in 2006 and is fully occupied by Johns Hopkins University’s Bloomberg School of Public Health. A newly executed lease extension continues occupancy through 2031, providing a defined term for the property’s existing tenancy.
The building is within walking distance of one of the area’s leading hospital campuses. The property information also identifies significant capital investment and potential economic and tax incentives associated with the asset.
The building is within walking distance of one of the area’s leading hospital campuses. The property information also identifies significant capital investment and potential economic and tax incentives associated with the asset.
Key Highlights
- 31,752‑square‑foot office building
- 100% occupied by Johns Hopkins University’s Bloomberg School of Public Health
- Newly executed 5‑year lease extension through 2031
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
$441,440
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
4.55%
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%
$8,828,800
$8.8M
Cap Rate 7%
$6,306,286
$6.3M
Cap Rate 9%
$4,904,889
$4.9M
Market Conditions
NOI Build-Up for 31,752 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
$704.9K $22.20/SF
− Vacancy
−$116.3K −$3.66/SF
EGI
$588.6K $18.54/SF
− OpEx
−$147.1K −$4.63/SF
NOI
$441.4K $13.90/SF
Area
Baltimore, MD
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$8,828,800
Cap Rate 7%
$6,306,286
Cap Rate 9%
$4,904,889
Alternative Uses
Best Use
Office B
$6.31M
$5.52M – $7.36M
NOI $441,440 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.61M
$6.66M – $8.87M
NOI $532,483 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,531
Businesses Nearby
Explore this area
Business Placement
Demographics for 21205, MD
14,691
Population
6,502
Households
2.3
Avg Household Size
34
Median Age
16%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
6,996
Density / Sq Mi
$38,723
Median Household Income
$36,735
Median Earnings
$1,052
Median Rent
$94,900
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?
Office building - Baltimore office property leased to Johns Hopkins University through 2031, with proximity to a major hospital campus.
Where is this office building located?
The property is located at 2213 McElderry Street Baltimore, MD.
What is the asking price?
The asking price for this property is $9,707,000.
What are key features of this property?
This property features: 31,752‑square‑foot office building; 100% occupied by Johns Hopkins University’s Bloomberg School of Public Health; Newly executed 5‑year lease extension through 2031
