Rebuilt Office
For Sale
Contact for pricing
2514 Greenmount Ave, Baltimore, MD 21218
Updated commercial building with on-site parking and C-1 zoning for office, medical, or counseling uses.
Property Size7,126 SF
Price / SF$199.97
Days on Market182
Property Features for 2514 Greenmount Ave
General Information
Standard status
Active
Size
7,126 SF
Property subtype
OFFICE
Zoning
C-1
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2017
Buildings
1
Listing Agency:
MacKenzie Commercial Real Estate | Baltimore
(410) 494-6644
Listed By:
Chris Boland
Source:
Moodyscre
Added: Mar 2
Changed: Aug 29
Last Checked: Aug 30 at 8:12PM
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 MacKenzie Commercial Real Estate | Baltimore
Investment Insights
Based on property information with market context.
This 7,126-square-foot office building was fully rebuilt in 2017 and is configured for office, medical, or counseling use. The property includes on-site parking and carries C-1 zoning within the Neighborhood Business District designation.
The building is positioned near Charles Village, Johns Hopkins University, and Downtown Baltimore, with access to I-83 and North Avenue, also identified as Route 40. Its 2017 reconstruction provides a recent baseline for the building’s improvements and systems.
The building is positioned near Charles Village, Johns Hopkins University, and Downtown Baltimore, with access to I-83 and North Avenue, also identified as Route 40. Its 2017 reconstruction provides a recent baseline for the building’s improvements and systems.
Key Highlights
- 7,126‑square‑foot office building fully rebuilt in 2017
- C‑1 zoning within the Neighborhood Business District
- Suitable for office, medical, or counseling use
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
$106,719
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
7.49%
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%
$2,134,380
$2.1M
Cap Rate 7%
$1,524,557
$1.5M
Cap Rate 9%
$1,185,767
$1.2M
Market Conditions
NOI Build-Up for 7,126 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
$171.0K $24.00/SF
− Vacancy
−$28.7K −$4.03/SF
EGI
$142.3K $19.97/SF
− OpEx
−$35.6K −$4.99/SF
NOI
$106.7K $14.98/SF
Area
ZIP 21218
Vacancy
16.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,134,380
Cap Rate 7%
$1,524,557
Cap Rate 9%
$1,185,767
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.78M
NOI $106,719 @ 7.0% cap · market cap 7.49%
Second Best
Healthcare Medical
$1.45M
$1.27M – $1.69M
NOI $101,588 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.94M
$1.70M – $2.26M
NOI $135,622 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,859
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
Median Home Value
Market
Vacancy Rate% for Office in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Updated commercial building with on-site parking and C-1 zoning for office, medical, or counseling uses.
Where is this office building located?
The property is located at 2514 Greenmount Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 7,126‑square‑foot office building fully rebuilt in 2017; C‑1 zoning within the Neighborhood Business District; Suitable for office, medical, or counseling use
