Waterfront Residential Income
For Sale
$135,000
23 PIERSIDE DRIVE Unit 127, Baltimore, MD 21230
A private patio overlooks the water and provides direct access to the promenade.
Property Size775 SF
Price / SF$174.19
Days on Market13
Property Features for 23 PIERSIDE DRIVE Unit 127
General Information
Standard status
Active
Size
775 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Key Highway
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,755
Amenities
24/7 lobby staff
2 gyms
pool
mail room
conference room
dog walk area
guest parking lot
secure bike storage
Building Details
Building Size
775 SF
Year Built
2005
Listing Agency:
Cummings & Co. Realtors
Listed By:
William B Birrane · License #621004
(410) 215-7501
Source:
Genedru
Added: Oct 17
Changed: Oct 27
Last Checked: Oct 26 at 3:08PM
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 Cummings & Co. Realtors
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Investment Insights
Based on property information with market context.
This 775-square-foot residential income property contains one bedroom and one bathroom, including a soaking tub and ample closet storage. A private walkout patio faces the water, with access to the promenade. The building was completed in 2005.
A dedicated parking space is located beside the elevators, and secure bicycle storage is available in the garage. Building amenities include 24-hour lobby staff, two gyms, a pool, a mail room, a conference room, a dog-walking area, and guest parking. The HVAC system was replaced in 2022, and the water heater in 2024.
A dedicated parking space is located beside the elevators, and secure bicycle storage is available in the garage. Building amenities include 24-hour lobby staff, two gyms, a pool, a mail room, a conference room, a dog-walking area, and guest parking. The HVAC system was replaced in 2022, and the water heater in 2024.
Key Highlights
- 775‑square‑foot unit with one bedroom and one bathroom
- Private walkout patio with water views and promenade access
- Dedicated parking space beside the elevators; secure bike storage in the garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,097
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$201,940
$201.9K
Cap Rate 7%
$144,243
$144.2K
Cap Rate 9%
$112,189
$112.2K
Market Conditions
NOI Build-Up for 775 SF
Gross rent
$19.5K $25.20/SF
− Vacancy
−$1.2K −$1.51/SF
EGI
$18.4K $23.69/SF
− OpEx
−$8.3K −$10.66/SF
NOI
$10.1K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$201,940
Cap Rate 7%
$144,243
Cap Rate 9%
$112,189
Alternative Uses
Best Use
Apartment 5plus
$144.2K
$126.2K – $168.3K
NOI $10,097 @ 7.0% cap · market cap 7.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$185.7K
$162.5K – $216.6K
NOI $12,997 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,463
Businesses Nearby
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Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A private patio overlooks the water and provides direct access to the promenade.
Where is this residential income property located?
The property is located at 23 PIERSIDE DRIVE Unit 127 Baltimore, MD.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 775‑square‑foot unit with one bedroom and one bathroom; Private walkout patio with water views and promenade access; Dedicated parking space beside the elevators; secure bike storage in the garage
