Historic Rowhouse Office
For Sale
$449,900
3211 Eastern Ave, Baltimore, MD 21224
Renovated two-story office rowhouse with finished basement, courtyard, and carriage-house conference room with skylights.
Property Size1,980 SF
Days on Market184
Property Features for 3211 Eastern Ave
General Information
Standard status
Active
Size
1,980 SF
Class
B
Property subtype
Multi Tenant Office
Lease Type
Gross
Additional Details
Highway Access
Yes
Amenities
finished basement
courtyard
light filled carriage house conference room with skylights and oversized windows
tasteful built in office pods with custom molding and built in desks
high ceilings
ample natural light
Building Details
Building Size
1,980 SF
Year Built
1920
Stories
2
Construction
historic
Tenancy
Single
Listing Agency:
Lee & Associates | Chesapeake Region, LLC
(410) 336-5314
Listed By:
Kate Jordan
(410) 336-5314
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 19
Last Checked: Aug 21 at 3:59AM
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 Lee & Associates | Chesapeake Region, LLC
Investment Insights
Based on property information with market context.
Fully renovated historic rowhouse configured for office use, presented as a well-maintained owner-occupied property. The building is arranged as a two office story layout with a finished basement, a courtyard, and a light-filled carriage house conference room featuring skylights and oversized windows. Tasteful built-in office pods with custom molding and built-in desks create private desk areas, with the option to remove the pods for a more open, flexible layout.
Located in the heart of Canton along the Eastern Avenue retail corridor, the property is described as being in close proximity to The Creative Alliance, Patterson Park, and Matthew’s Pizza. The offering is positioned as a modern, versatile office space at 3211 Eastern Ave in Baltimore, with an emphasis on natural light and high ceilings.
Located in the heart of Canton along the Eastern Avenue retail corridor, the property is described as being in close proximity to The Creative Alliance, Patterson Park, and Matthew’s Pizza. The offering is positioned as a modern, versatile office space at 3211 Eastern Ave in Baltimore, with an emphasis on natural light and high ceilings.
Key Highlights
- Fully renovated historic rowhouse, built in 1920
- Two‑office‑story layout plus finished basement
- Courtyard and light‑filled carriage house conference room with skylights and oversized windows
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
$27,002
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
6.00%
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%
$540,040
$540.0K
Cap Rate 7%
$385,743
$385.7K
Cap Rate 9%
$300,022
$300.0K
Market Conditions
NOI Build-Up for 1,980 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
$43.5K $21.96/SF
− Vacancy
−$7.5K −$3.78/SF
EGI
$36.0K $18.18/SF
− OpEx
−$9.0K −$4.55/SF
NOI
$27.0K $13.64/SF
Area
ZIP 21224
Vacancy
17.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$540,040
Cap Rate 7%
$385,743
Cap Rate 9%
$300,022
Alternative Uses
Best Use
Office B
$385.7K
$337.5K – $450.0K
NOI $27,002 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$474.4K
$415.1K – $553.4K
NOI $33,205 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,581
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 Office in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated two-story office rowhouse with finished basement, courtyard, and carriage-house conference room with skylights.
Where is this office building located?
The property is located at 3211 Eastern Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Fully renovated historic rowhouse, built in 1920; Two‑office‑story layout plus finished basement; Courtyard and light‑filled carriage house conference room with skylights and oversized windows
