Fully Leased Retail Investment
For Sale
$500,000
3019-3021 GREENMOUNT AVENUE, Baltimore, MD 21218
Two-unit retail property generating $36,000 annually with recent upgrades.
Property Size1,950 SF
Days on Market158
Property Features for 3019-3021 GREENMOUNT AVENUE
General Information
Standard status
Active
Size
1,950 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$1,064
Building Details
Building Size
1,950 SF
Year Built
1920
Listing Agency:
Monument Sotheby's International Realty
(443) 858-3766
Listed By:
Hulya Demir · License #5018756
(443) 858-3766
Source:
Thehulsmangroup
Added: Mar 27
Changed: Aug 28
Last Checked: Aug 30 at 10:56PM
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 Monument Sotheby's International Realty
Investment Insights
Based on property information with market context.
This two-unit retail property is fully leased and generates immediate income. The property features two spacious units, each currently rented at $1,500 per month, resulting in a total monthly income of $3,000 or $36,000 annually. Recent major upgrades include a new HVAC system, a new roof, fresh flooring throughout, and new interior and exterior paint. The building is move-in ready and requires very low maintenance. Located on high-traffic Greenmount Avenue in Baltimore, the property benefits from excellent visibility and strong rental demand. It is suitable for investors seeking stable cash flow or an owner-user looking to occupy one unit while collecting rent from the other. The location has a bike score of 87, indicating it is very bikeable, a walk score of 95, designating it as a walker's paradise, and a transit score of 73, reflecting excellent transit options.
Key Highlights
- Fully leased, generating $3,000 monthly income.
- Recent major upgrades including new HVAC and roof.
- High‑traffic location on Greenmount Avenue with excellent visibility.
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
$19,066
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
3.81%
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%
$381,320
$381.3K
Cap Rate 7%
$272,371
$272.4K
Cap Rate 9%
$211,844
$211.8K
Market Conditions
NOI Build-Up for 1,950 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
$35.1K $18.00/SF
− Vacancy
−$7.9K −$4.03/SF
EGI
$27.2K $13.97/SF
− OpEx
−$8.2K −$4.19/SF
NOI
$19.1K $9.78/SF
Area
ZIP 21218
Vacancy
22.40%
Lease Rate
$18.00 /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%
$381,320
Cap Rate 7%
$272,371
Cap Rate 9%
$211,844
Alternative Uses
Best Use
Retail
$272.4K
$238.3K – $317.8K
NOI $19,066 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$530.2K
$463.9K – $618.5K
NOI $37,112 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,579
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
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 - Two-unit retail property generating $36,000 annually with recent upgrades.
Where is this storefront property located?
The property is located at 3019-3021 GREENMOUNT AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Fully leased, generating $3,000 monthly income.; Recent major upgrades including new HVAC and roof.; High‑traffic location on Greenmount Avenue with excellent visibility.
