Penthouse Condominium with Private
For Sale
$799,000
250 PRESIDENT STREET Unit 1402, Baltimore, MD 21202
Three-bedroom residence with fireplaces, bonus space, dedicated parking, and access to full-service building amenities.
Property Size3,000 SF
Days on Market63
Property Features for 250 PRESIDENT STREET Unit 1402
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$16,064
Amenities
24/7 front desk service
indoor pool
fitness center
library
billiards room
community room
Building Details
Building Size
3,000 SF
Year Built
1988
Listing Agency:
Cummings & Co. Realtors
(410) 303-8700
Listed By:
Angela M Stevens · License #96906
(410) 303-8700
Source:
Thehulsmangroup
Added: Jun 22
Changed: Aug 20
Last Checked: Aug 22 at 11:05AM
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
Investment Insights
Based on property information with market context.
This penthouse residence at Scarlett Place Condominiums offers a three-bedroom, 2.5-bath layout with an open-concept floor plan and two large private balconies. Three fireplaces add character throughout the home, while the upstairs bonus room provides flexible space for a fourth bedroom, home office, media room, or exercise area. The upper level also includes two storage areas and a separate HVAC system. Built in 1988, the residence includes two dedicated parking spaces located next to the elevator.
Building amenities include 24/7 front desk service, an indoor pool, fitness center, library, billiards room, and community room. The property is within walking distance of Little Italy and Harbor East, as well as the National Aquarium and Inner Harbor, with access to restaurants, cafes, boutiques, entertainment, waterfront attractions, cultural destinations, shopping, dining, and year-round events.
Building amenities include 24/7 front desk service, an indoor pool, fitness center, library, billiards room, and community room. The property is within walking distance of Little Italy and Harbor East, as well as the National Aquarium and Inner Harbor, with access to restaurants, cafes, boutiques, entertainment, waterfront attractions, cultural destinations, shopping, dining, and year-round events.
Key Highlights
- Three‑bedroom, 2.5‑bath penthouse residence with open‑concept floor plan
- Two large private balconies provide additional outdoor living space
- Three fireplaces plus an upstairs bonus room with flexible use options
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
$39,085
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
4.89%
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%
$781,700
$781.7K
Cap Rate 7%
$558,357
$558.4K
Cap Rate 9%
$434,278
$434.3K
Market Conditions
NOI Build-Up for 3,000 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
$75.6K $25.20/SF
− Vacancy
−$4.5K −$1.51/SF
EGI
$71.1K $23.69/SF
− OpEx
−$32.0K −$10.66/SF
NOI
$39.1K $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 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%
$781,700
Cap Rate 7%
$558,357
Cap Rate 9%
$434,278
Alternative Uses
Best Use
Apartment 5plus
$558.4K
$488.6K – $651.4K
NOI $39,085 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$718.7K
$628.9K – $838.5K
NOI $50,310 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,864
Businesses Nearby
Explore this area
Business Placement
Demographics for 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom residence with fireplaces, bonus space, dedicated parking, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 250 PRESIDENT STREET Unit 1402 Baltimore, MD.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three‑bedroom, 2.5‑bath penthouse residence with open‑concept floor plan; Two large private balconies provide additional outdoor living space; Three fireplaces plus an upstairs bonus room with flexible use options
