End-Unit Brick
For Sale
$99,990
2601 WASHINGTON Boulevard, Baltimore, MD 21230
Commercial Sale, BALTIMORE, MD
Property Size480 SF
Lot Size0.05 Acres
Price / SF$208.31
Days on Market52
Property Features for 2601 WASHINGTON Boulevard
General Information
Property type
Other
Property subtype
Retail
Parking features
On Street
Subdivision
MORRELL PARK
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
880
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1920
Number of units
1
Building materials
Brick
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Randy Pomfrey · License #608875
(443) 330-7889
Added: Jul 16
Changed: Sep 5
Last Checked: Sep 5 at 5:06PM
MLS# MDBA2223546
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 vacant 480-square-foot end-unit storefront offers a compact commercial footprint for a small retail or service operation. The 1920 building has brick construction, electric baseboard heating, and on-street parking. Uses identified for the property include a convenience store, barbershop, liquor store, smoke shop, or similar retail concept.
The property fronts Washington Boulevard in Baltimore’s Pigtown/Washington Village area, along a walkable retail strip. Camden Yards, M&T Bank Stadium, Downtown Baltimore, and the Inner Harbor are within minutes, with access to I-95 and I-395 also noted. The property is offered vacant for immediate occupancy.
The property fronts Washington Boulevard in Baltimore’s Pigtown/Washington Village area, along a walkable retail strip. Camden Yards, M&T Bank Stadium, Downtown Baltimore, and the Inner Harbor are within minutes, with access to I-95 and I-395 also noted. The property is offered vacant for immediate occupancy.
Key Highlights
- 480 SF vacant end‑unit storefront
- Brick construction dating to 1920
- Frontage on Washington Boulevard in Baltimore’s Pigtown/Washington Village area
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
$6,794
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
6.79%
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%
$135,880
$135.9K
Cap Rate 7%
$97,057
$97.1K
Cap Rate 9%
$75,489
$75.5K
Market Conditions
NOI Build-Up for 480 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
$10.4K $21.60/SF
− Vacancy
−$663 −$1.38/SF
EGI
$9.7K $20.22/SF
− OpEx
−$2.9K −$6.07/SF
NOI
$6.8K $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%
$135,880
Cap Rate 7%
$97,057
Cap Rate 9%
$75,489
Alternative Uses
Best Use
Retail
$97.1K
$84.9K – $113.2K
NOI $6,794 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$115.0K
$100.6K – $134.2K
NOI $8,050 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
492
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Vacant commercial space on Washington Boulevard with street parking and access to Baltimore’s established retail corridor.
Where is this storefront property located?
The property is located at 2601 WASHINGTON Boulevard Baltimore, MD.
What is the asking price?
The asking price for this property is $99,990.
What are key features of this property?
This property features: 480 SF vacant end‑unit storefront; Brick construction dating to 1920; Frontage on Washington Boulevard in Baltimore’s Pigtown/Washington Village area
