Downtown Baltimore Mixed-Use
For Sale
$640,000
222 N LIBERTY St, Baltimore, MD 21201
Fully leased mixed-use property in Downtown Baltimore's Enterprise Zone.
Property Size2,830 SF
Lot Size0.04 Acres
Price / SF$226.15
Days on Market156
Property Features for 222 N LIBERTY St
General Information
Standard status
Active
Size
2,830 SF
Lot size
0.04 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,280
Building Details
Year Built
1920
Units
1
Listing Agency:
(410) 718-4191
Listed By:
Kevia K. Moore
(410) 718-4191
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:11AM
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 Kevia K. Moore
Investment Insights
Based on property information with market context.
Located in Downtown Baltimore, this mixed-use property is situated three blocks from the CFG Bank Arena and the Baltimore Convention Center, offering access to I-295, I-95, and the Baltimore Tunnels. The property benefits from its proximity to dining, shopping, and entertainment venues. The property features a 1,630-square-foot commercial space on the main level, leased at $2,300 per month for five years. Additionally, there are two residential units on the second and third floors, each offering 1,200 square feet of living space. Both residential units are tenant-occupied with one-year leases, generating a monthly income of $1,750. Located within the Enterprise Zone, this fully leased asset provides immediate and stable rental income, making it suitable for investors seeking a cash-flowing property in a commercial district.
Key Highlights
- Fully leased mixed‑use property providing immediate and stable rental income.
- Prime downtown Baltimore location in the Enterprise Zone.
- Strategically located near CFG Bank Arena, Baltimore Convention Center, I‑295, I‑95, and Baltimore Tunnels.
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
$40,055
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
6.26%
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%
$801,100
$801.1K
Cap Rate 7%
$572,214
$572.2K
Cap Rate 9%
$445,056
$445.1K
Market Conditions
NOI Build-Up for 2,830 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
$61.1K $21.60/SF
− Vacancy
−$3.9K −$1.38/SF
EGI
$57.2K $20.22/SF
− OpEx
−$17.2K −$6.07/SF
NOI
$40.1K $14.15/SF
Area
Baltimore, MD
Vacancy
6.39%
Lease Rate
$21.60 /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%
$801,100
Cap Rate 7%
$572,214
Cap Rate 9%
$445,056
Alternative Uses
Best Use
Retail
$572.2K
$500.7K – $667.6K
NOI $40,055 @ 7.0% cap · market cap 6.26%
Second Best
Mixed Use
$557.9K
$488.2K – $650.9K
NOI $39,054 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$678.0K
$593.2K – $791.0K
NOI $47,459 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12,318
Businesses Nearby
Explore this area
Business Placement
Demographics for 21201, MD
18,382
Population
11,468
Households
1.6
Avg Household Size
34
Median Age
47%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
14,140
Density / Sq Mi
$44,722
Median Household Income
$44,239
Median Earnings
$1,282
Median Rent
$221,900
Median Home Value
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property in Downtown Baltimore's Enterprise Zone.
Where is this mixed-use property located?
The property is located at 222 N LIBERTY St Baltimore, MD.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Fully leased mixed‑use property providing immediate and stable rental income.; Prime downtown Baltimore location in the Enterprise Zone.; Strategically located near CFG Bank Arena, Baltimore Convention Center, I‑295, I‑95, and Baltimore Tunnels.
