Three-Story Mixed-Use
For Sale
$599,990
225 - 227 W READ Street, Baltimore, MD 21201
MULTI_FAMILY - BALTIMORE, MD
Property Size3,600 SF
Lot Size0.03 Acres
Price / SF$166.66
Days on Market176
Property Features for 225 - 227 W READ Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
3,600 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
9320
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1900
Number of units
1
Building materials
Brick
Listing Agency:
Redfin Corp
(301) 658-6186
Listed By:
Bryan Carnaggio · License #677096
(443) 617-6592
Added: Feb 26
Changed: Aug 12
Last Checked: Aug 21 at 9:06AM
MLS# MDBA2204120
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,600-square-foot mixed-use property contains a street-level commercial suite at Unit 225 and a residential component at Unit 227 spanning the upper two floors. The apartment includes 3 bedrooms and 2 bathrooms, with a separate entrance from the commercial space. Built in 1900, the building features brick construction, heat pump heating, and central air conditioning.
The property occupies 0.0275 acres at 225–227 W Read Street in Baltimore’s 21201 ZIP code. The commercial suite is occupied by a long-term tenant, while the apartment is occupied by long-term residents. On-street parking serves the property, which is arranged as one parcel and three stories.
The property occupies 0.0275 acres at 225–227 W Read Street in Baltimore’s 21201 ZIP code. The commercial suite is occupied by a long-term tenant, while the apartment is occupied by long-term residents. On-street parking serves the property, which is arranged as one parcel and three stories.
Key Highlights
- 3,600‑square‑foot mixed‑use building arranged as one parcel and three stories
- Street‑level commercial suite identified as Unit 225
- Unit 227 includes a 3‑bedroom, 2‑bathroom apartment across the upper 2 floors
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
$50,954
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
8.49%
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%
$1,019,080
$1.0M
Cap Rate 7%
$727,914
$727.9K
Cap Rate 9%
$566,156
$566.2K
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
$77.8K $21.60/SF
− Vacancy
−$5.0K −$1.38/SF
EGI
$72.8K $20.22/SF
− OpEx
−$21.8K −$6.07/SF
NOI
$51.0K $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%
$1,019,080
Cap Rate 7%
$727,914
Cap Rate 9%
$566,156
Alternative Uses
Best Use
Retail
$727.9K
$636.9K – $849.2K
NOI $50,954 @ 7.0% cap · market cap 8.49%
Second Best
Mixed Use
$709.7K
$621.0K – $828.0K
NOI $49,680 @ 7.0% cap · market cap 8.28%
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
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
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 - Street-level commercial space pairs with a three-bedroom apartment above, each with its own entrance.
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: 3,600‑square‑foot mixed‑use building arranged as one parcel and three stories; Street‑level commercial suite identified as Unit 225; Unit 227 includes a 3‑bedroom, 2‑bathroom apartment across the upper 2 floors
