Waterfront Condo in Canton
For Sale
$389,000
2901 BOSTON St 206, Baltimore, MD 21224
Stylish 2BR/2BA condo with waterfront access and modern updates.
Property Size1,348 SF
Days on Market267
Property Features for 2901 BOSTON St 206
General Information
Standard status
Active
Size
1,348 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$7,900
Building Details
Building Size
1,348 SF
Year Built
1985
Listing Agency:
Coldwell Banker Realty
(443) 987-4021
Listed By:
JoAnn N Brothers · License #647689
(443) 987-4021
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 16
Last Checked: Aug 21 at 10:02AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This stylish 2-story condo is located in Canton Cove, a waterfront community. The property features an open layout with soaring ceilings and floor-to-ceiling windows. The updated kitchen includes shaker cabinets, quartz counters, stainless steel appliances, gas cooking, and a Moroccan-inspired backsplash. The main level has a bedroom with a walk-in closet, a full bath, a coat closet, and in-unit laundry. The upper level contains a private primary suite with a full bath, a walk-in closet, and a loft space suitable for an office, gym, or reading nook. Recent updates include HVAC (2023) and LVP flooring upstairs, as well as a washer and dryer (2024). Building amenities include a 24-hour front desk and package service, plus deeded, secure garage parking. The property is located steps from the waterfront promenade, dining, parks, and shops, with quick access to Hopkins, UMD, and major highways.
Key Highlights
- Waterfront location in Canton Cove with access to promenade, dining, parks, and shops.
- 2‑story condo with 2 bedrooms and 2 bathrooms.
- Updated kitchen with shaker cabinets, quartz counters, stainless steel appliances, and gas cooking.**
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
$16,362
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
4.21%
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%
$327,240
$327.2K
Cap Rate 7%
$233,743
$233.7K
Cap Rate 9%
$181,800
$181.8K
Market Conditions
NOI Build-Up for 1,348 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
$31.4K $23.28/SF
− Vacancy
−$1.6K −$1.21/SF
EGI
$29.7K $22.07/SF
− OpEx
−$13.4K −$9.93/SF
NOI
$16.4K $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%
$327,240
Cap Rate 7%
$233,743
Cap Rate 9%
$181,800
Alternative Uses
Best Use
Apartment 5plus
$233.7K
$204.5K – $272.7K
NOI $16,362 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$322.9K
$282.6K – $376.8K
NOI $22,606 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,119
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Stylish 2BR/2BA condo with waterfront access and modern updates.
Where is this apartment building located?
The property is located at 2901 BOSTON St 206 Baltimore, MD.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Waterfront location in Canton Cove with access to promenade, dining, parks, and shops.; 2‑story condo with 2 bedrooms and 2 bathrooms.; Updated kitchen with shaker cabinets, quartz counters, stainless steel appliances, and gas cooking.**
