Two-Level Neighborhood
For Sale
$675,000
2218 Boston St, Baltimore, MD 21231
Bar and lounge space offers varied seating, entertainment flexibility, and a dedicated private office.
Property Size3,325 SF
Price / SF$203.01
Days on Market22
Property Features for 2218 Boston St
General Information
Standard status
Active
Size
3,325 SF
Additional Details
Liquor License
No
Building Details
Year Built
1920
Stories
3
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 929-2491
Listed By:
Robert J Breeden · License #632462
Source:
Theatwoodteam
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 25 at 5:36AM
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 bar and lounge property at 2218 Boston St features service areas arranged over two levels, along with a private office on the third floor. The interior includes booth seating, high-top tables, and traditional bar seating, supporting a range of customer experiences and event formats.
The property sits along the Canton and Fells Point border in Baltimore, within an established nightlife and entertainment corridor. Its layout can accommodate trivia, live performances, private gatherings, and other social programming. The sale does not include a liquor license.
The property sits along the Canton and Fells Point border in Baltimore, within an established nightlife and entertainment corridor. Its layout can accommodate trivia, live performances, private gatherings, and other social programming. The sale does not include a liquor license.
Key Highlights
- Two levels of bar and lounge space
- Private third‑floor office
- Booth, high‑top, and bar seating throughout
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
$53,730
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
7.96%
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%
$1,074,600
$1.1M
Cap Rate 7%
$767,571
$767.6K
Cap Rate 9%
$597,000
$597.0K
Market Conditions
NOI Build-Up for 3,325 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
$75.8K $22.80/SF
− Vacancy
−$4.2K −$1.25/SF
EGI
$71.6K $21.55/SF
− OpEx
−$17.9K −$5.39/SF
NOI
$53.7K $16.16/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.80 /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%
$1,074,600
Cap Rate 7%
$767,571
Cap Rate 9%
$597,000
Alternative Uses
Best Use
Specialty Retail
$767.6K
$671.6K – $895.5K
NOI $53,730 @ 7.0% cap · market cap 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$796.6K
$697.0K – $929.3K
NOI $55,760 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,626
Businesses Nearby
Well-served
Demand for This Use
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 Retail in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hull Street Blues Cafe — 1222 Hull St, Baltimore, MD 21230
- 1157 Bar & Kitchen — 1157 Haubert St, Baltimore, MD 21230
- Sandlot — 1000 Wills St, Baltimore, MD 21231
- Fells Point Tavern — 1606 Thames St, Baltimore, MD 21231
- Dudas Tavern — 1600 Thames St, Baltimore, MD 21231
Frequently Asked Questions
What type of property is this?
Bar & Pub - Bar and lounge space offers varied seating, entertainment flexibility, and a dedicated private office.
Where is this bar & pub located?
The property is located at 2218 Boston St Baltimore, MD.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two levels of bar and lounge space; Private third‑floor office; Booth, high‑top, and bar seating throughout
