Waterfront Residential Income
For Sale
$950,000
2901 BOSTON STREET Unit 102, Baltimore, MD 21224
Three-level condominium residence with renovated interiors, private outdoor spaces, and direct waterfront and skyline views.
Property Size2,800 SF
Price / SF$339.29
Days on Market8
Property Features for 2901 BOSTON STREET Unit 102
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$17,842
Amenities
fully staffed front desk
private meeting room
private snow removal
waterfront promenade walking/jogging/biking path
beautifully landscaped grounds
Building Details
Building Size
2,800 SF
Year Built
1985
Stories
3
Listing Agency:
Ganz Exclusive Real Estate
(443) 756-3218
Listed By:
William J Ganz III · License #601639
(443) 756-3218
Source:
Barnesrealestatecompany
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 20 at 5:16AM
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 Ganz Exclusive Real Estate
Investment Insights
Based on property information with market context.
This three-level, townhome-style condominium residence contains 2,800 square feet with direct waterfront and city skyline views. Interior updates include fresh paint, hardwood flooring on the main level, kitchen improvements, a ductless-split system, new carpeting in the level one primary suite, and new HVAC serving levels two and three. A covered main-level balcony and roof-level observatory add two distinct outdoor areas.
The property includes parking for two vehicles, with one space in the enclosed garage and another in the exterior surface lot. Building amenities include a staffed front desk, private meeting room, private snow removal, landscaped grounds, and a waterfront promenade with walking, jogging, and biking paths. Multiple private marinas are nearby, and a water taxi provides access to neighborhoods throughout Baltimore.
Built in 1985, the residence is located in Canton and is close to shopping, dining, and entertainment options.
The property includes parking for two vehicles, with one space in the enclosed garage and another in the exterior surface lot. Building amenities include a staffed front desk, private meeting room, private snow removal, landscaped grounds, and a waterfront promenade with walking, jogging, and biking paths. Multiple private marinas are nearby, and a water taxi provides access to neighborhoods throughout Baltimore.
Built in 1985, the residence is located in Canton and is close to shopping, dining, and entertainment options.
Key Highlights
- 2,800‑square‑foot, three‑level townhome‑style condominium residence
- Direct waterfront views with city skyline outlooks
- Recent updates include kitchen improvements, hardwood flooring, carpeting, paint, and HVAC work
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
$33,987
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
3.58%
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%
$679,740
$679.7K
Cap Rate 7%
$485,529
$485.5K
Cap Rate 9%
$377,633
$377.6K
Market Conditions
NOI Build-Up for 2,800 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
$65.2K $23.28/SF
− Vacancy
−$3.4K −$1.21/SF
EGI
$61.8K $22.07/SF
− OpEx
−$27.8K −$9.93/SF
NOI
$34.0K $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%
$679,740
Cap Rate 7%
$485,529
Cap Rate 9%
$377,633
Alternative Uses
Best Use
Apartment 5plus
$485.5K
$424.8K – $566.5K
NOI $33,987 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$670.8K
$587.0K – $782.6K
NOI $46,956 @ 7.0% cap · market cap 4.94%
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-level condominium residence with renovated interiors, private outdoor spaces, and direct waterfront and skyline views.
Where is this residential income property located?
The property is located at 2901 BOSTON STREET Unit 102 Baltimore, MD.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,800‑square‑foot, three‑level townhome‑style condominium residence; Direct waterfront views with city skyline outlooks; Recent updates include kitchen improvements, hardwood flooring, carpeting, paint, and HVAC work
