Mixed-Use Investment Near Patterson
For Sale
$850,000
3344 BALTIMORE STREET, Baltimore, MD 21224
Six-unit mixed-use property with stable income and growth potential.
Property Size4,840 SF
Price / SF$175.62
Days on Market164
Property Features for 3344 BALTIMORE STREET
General Information
Standard status
Active
Size
4,840 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$13,421
Amenities
Central Air
3
Driveway.
30' x 80'
Building Details
Year Built
1925
Listing Agency:
Ben Frederick Realty, Inc.
(410) 916-3331
Listed By:
Will Cannon · License #649854
(410) 916-3331
Source:
Xome
Added: Mar 14
Changed: Aug 23
Last Checked: Aug 24 at 4:07AM
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 Ben Frederick Realty, Inc.
Investment Insights
Based on property information with market context.
The property at 3344 East Baltimore Street is a six-unit mixed-use investment located at a corner location just north of Patterson Park. The property features four residential apartments, a corner restaurant, and a retail storefront. The two commercial leases are in place through 2028–2030 and include annual rent increases. The residential units were renovated in 2011. The building is fully electric with 600 amps of service, separately metered, and fully sprinklered. The property is located in a Walk Score 96 corridor, with access to neighborhood retail, dining, and daily conveniences. Patterson Park is five blocks south. The location is 1.5 miles from Johns Hopkins Hospital and one mile from the Bayview campus. The property benefits from a bike score of 65, a walk score of 93, and a transit score of 70.
Key Highlights
- Stable commercial income with leases in place through 2028‑2030 featuring annual rent increases.
- Highly walkable location (Walk Score 93)** with immediate access to retail, dining, and daily conveniences.
- Mixed‑use property with four residential apartments, a corner restaurant, and a retail storefront.
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
$58,806
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
6.92%
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%
$1,176,120
$1.2M
Cap Rate 7%
$840,086
$840.1K
Cap Rate 9%
$653,400
$653.4K
Market Conditions
NOI Build-Up for 4,840 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
$104.5K $21.60/SF
− Vacancy
−$10.5K −$2.16/SF
EGI
$94.1K $19.44/SF
− OpEx
−$35.3K −$7.29/SF
NOI
$58.8K $12.15/SF
Area
ZIP 21224
Vacancy
10.00%
Lease Rate
$21.60 /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%
$1,176,120
Cap Rate 7%
$840,086
Cap Rate 9%
$653,400
Alternative Uses
Best Use
Mixed Use
$840.1K
$735.1K – $980.1K
NOI $58,806 @ 7.0% cap · market cap 6.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,167 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,972
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?
Mixed-use property - Six-unit mixed-use property with stable income and growth potential.
Where is this mixed-use property located?
The property is located at 3344 BALTIMORE STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Stable commercial income with leases in place through 2028‑2030 featuring annual rent increases.; Highly walkable location (Walk Score 93)** with immediate access to retail, dining, and daily conveniences.; Mixed‑use property with four residential apartments, a corner restaurant, and a retail storefront.
