Two-Level Residential Income
For Sale
$194,999
2639 BOSTON STREET Unit 102, Baltimore, MD 21224
Two-level condominium with reserved parking, updated finishes, tall windows, and in-unit laundry.
Property Size693 SF
Days on Market122
Property Features for 2639 BOSTON STREET Unit 102
General Information
Standard status
Active
Size
693 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,196
Amenities
in-unit washer/dryer
secure building
Building Details
Building Size
693 SF
Year Built
2006
Listing Agency:
Corner House Realty
(443) 968-0213
Listed By:
Abdur Javed · License #659814
(443) 968-0213
Source:
Thehulsmangroup
Added: Apr 24
Changed: Aug 21
Last Checked: Aug 22 at 10:48AM
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 Corner House Realty
Investment Insights
Based on property information with market context.
This two-level condominium offers a practical residential layout with high ceilings, tall windows, and generous closet storage. Interior improvements include granite countertops, ceramic tile in the kitchen and bathrooms, new carpet, and fresh paint. An all-in-one washer and dryer is located within the unit, and one reserved parking space is included. The property is in a secure building completed in 2006.
The residence is positioned directly across from Safeway in Canton, with restaurants, shops, and other local amenities nearby. The waterfront is less than a block away, providing immediate access to the surrounding neighborhood’s central destinations.
The residence is positioned directly across from Safeway in Canton, with restaurants, shops, and other local amenities nearby. The waterfront is less than a block away, providing immediate access to the surrounding neighborhood’s central destinations.
Key Highlights
- Two‑level condominium with high ceilings and tall windows
- Granite countertops and ceramic tile in the kitchen and bathrooms
- New carpet and fresh paint throughout
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
$8,412
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
4.31%
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%
$168,240
$168.2K
Cap Rate 7%
$120,171
$120.2K
Cap Rate 9%
$93,467
$93.5K
Market Conditions
NOI Build-Up for 693 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
$16.1K $23.28/SF
− Vacancy
−$839 −$1.21/SF
EGI
$15.3K $22.07/SF
− OpEx
−$6.9K −$9.93/SF
NOI
$8.4K $12.14/SF
Area
ZIP 21224
Vacancy
5.20%
Lease Rate
$23.28 /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%
$168,240
Cap Rate 7%
$120,171
Cap Rate 9%
$93,467
Alternative Uses
Best Use
Apartment 5plus
$120.2K
$105.2K – $140.2K
NOI $8,412 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$166.0K
$145.3K – $193.7K
NOI $11,622 @ 7.0% cap · market cap 5.96%
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
1,754
Businesses Nearby
Explore this area
Business Placement
Demographics for 21224, MD
54,266
Population
23,433
Households
2.3
Avg Household Size
33
Median Age
50%
College-Educated
85%
High-School Grad
9.3 sq mi
ZIP Area
5,835
Density / Sq Mi
$86,209
Median Household Income
$63,556
Median Earnings
$1,782
Median Rent
$281,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level condominium with reserved parking, updated finishes, tall windows, and in-unit laundry.
Where is this residential income property located?
The property is located at 2639 BOSTON STREET Unit 102 Baltimore, MD.
What is the asking price?
The asking price for this property is $194,999.
What are key features of this property?
This property features: Two‑level condominium with high ceilings and tall windows; Granite countertops and ceramic tile in the kitchen and bathrooms; New carpet and fresh paint throughout
