Mixed-Use Property in Historic
For Sale
$599,990
225 - 227 W Read Street, Baltimore, MD 21201
Income-producing property with commercial and residential units in Baltimore.
Property Size3,600 SF
Price / SF$166.66
Days on Market219
Property Features for 225 - 227 W Read Street
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-Family
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$9,320
Amenities
Electric
Yes
No
Assessor
1
No Pool
Public
C
0.03
On Street
Permanent
78000.00
Building Details
Building Size
3,600 SF
Year Built
1900
Listing Agency:
Samson Properties
(856) 222-0077
Listed By:
Ryan LeBon
Source:
Thetristaterealestategroup
Added: Feb 26
Changed: Sep 30
Last Checked: Oct 2 at 6:11PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This well-maintained, income-producing mixed-use property is located in Baltimore’s historic 21201 corridor. It features a stable commercial anchor and a premium residential unit, presenting an opportunity for investors seeking immediate ROI and rent. The commercial suite is occupied by a long-term, established tenant. This street-level flexible space benefits from high visibility and consistent foot traffic, anchored by the dense population of the Mount Vernon/Downtown area. The property also includes a spacious and modern 3-bedroom, 2-bathroom apartment with an open-floor plan currently occupied by long-term residents. The property is close to the UMD Medical Center, the Penn Station light rail, and the city's cultural heart. The property is registered as 1 parcel and 3 stories. Unit 225 is the commercial ground level portion, while Unit 227 is the residential space comprising the top 2 floors with a separate entrance. This property offers dual functionality and is very bikeable, very walkable and a rider's paradise.
Key Highlights
- Immediate ROI with zero vacancy at closing.
- Stable, long‑term commercial tenant provides consistent income.
- Premium, modern 3‑Bedroom, 2‑Bathroom residential unit with open‑floor plan and long‑term residents.
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
$49,680
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
8.28%
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%
$993,600
$993.6K
Cap Rate 7%
$709,714
$709.7K
Cap Rate 9%
$552,000
$552.0K
Market Conditions
NOI Build-Up for 3,600 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
$86.4K $24.00/SF
− Vacancy
−$6.9K −$1.92/SF
EGI
$79.5K $22.08/SF
− OpEx
−$29.8K −$8.28/SF
NOI
$49.7K $13.80/SF
Area
Baltimore, MD
Vacancy
8.00%
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%
$993,600
Cap Rate 7%
$709,714
Cap Rate 9%
$552,000
Alternative Uses
Best Use
Mixed Use
$709.7K
$621.0K – $828.0K
NOI $49,680 @ 7.0% cap · market cap 8.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$862.5K
$754.7K – $1.01M
NOI $60,372 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,037
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Income-producing property with commercial and residential units in Baltimore.
Where is this mixed-use property located?
The property is located at 225 - 227 W Read Street Baltimore, MD.
What is the asking price?
The asking price for this property is $599,990.
What are key features of this property?
This property features: Immediate ROI with zero vacancy at closing.; Stable, long‑term commercial tenant provides consistent income.; Premium, modern 3‑Bedroom, 2‑Bathroom residential unit with open‑floor plan and long‑term residents.
