Mixed-Use Property With Operating
For Sale
$595,500
301 S Ann St, Baltimore, MD 21231
Two rented apartments occupy the upper levels above an operating bar in a historic Baltimore property.
Property Size3,771 SF
Price / SF$157.92
Days on Market13
Property Features for 301 S Ann St
General Information
Standard status
Active
Size
3,771 SF
Building Details
Year Built
1900
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 929-2491
Listed By:
Robert J Breeden · License #632462
Source:
Premierehomegroup
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 28 at 6:59AM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use property combines an operating bar on the main level with residential apartments above. Both apartments are currently rented, creating a commercial and residential configuration within the same building.
The property is located at 301 S Ann St in Baltimore’s Fells Point neighborhood, an area identified in the source information as being surrounded by dining, nightlife, and entertainment. The building offers an established bar use alongside residential occupancy in a single mixed-use asset.
The property is located at 301 S Ann St in Baltimore’s Fells Point neighborhood, an area identified in the source information as being surrounded by dining, nightlife, and entertainment. The building offers an established bar use alongside residential occupancy in a single mixed-use asset.
Key Highlights
- Operating bar occupies the main level
- Residential apartments are located above the bar
- Both apartments are currently rented
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
$52,040
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
8.74%
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%
$1,040,800
$1.0M
Cap Rate 7%
$743,429
$743.4K
Cap Rate 9%
$578,222
$578.2K
Market Conditions
NOI Build-Up for 3,771 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
$90.5K $24.00/SF
− Vacancy
−$7.2K −$1.92/SF
EGI
$83.3K $22.08/SF
− OpEx
−$31.2K −$8.28/SF
NOI
$52.0K $13.80/SF
Area
Baltimore, MD
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,040,800
Cap Rate 7%
$743,429
Cap Rate 9%
$578,222
Alternative Uses
Best Use
Specialty Retail
$870.5K
$761.7K – $1.02M
NOI $60,937 @ 7.0% cap · market cap 10.23%
Second Best
Mixed Use
$743.4K
$650.5K – $867.3K
NOI $52,040 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$903.4K
$790.5K – $1.05M
NOI $63,240 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,419
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two rented apartments occupy the upper levels above an operating bar in a historic Baltimore property.
Where is this mixed-use property located?
The property is located at 301 S Ann St Baltimore, MD.
What is the asking price?
The asking price for this property is $595,500.
What are key features of this property?
This property features: Operating bar occupies the main level; Residential apartments are located above the bar; Both apartments are currently rented
