Multi-Level Flex
New
For Sale
Contact for pricing
3424 Eastern Ave, Baltimore, MD 21224
Vacant commercial space includes retail, office, storage, and loading infrastructure.
Property Size19,863 SF
Price / SF$115.79
Days on Market3
Property Features for 3424 Eastern Ave
General Information
Standard status
Active
Size
19,863 SF
Property subtype
RETAIL
Listing Agency:
Greysteel | Dallas
(410) 227-7342
Listed By:
Benjamin Wilson · License #649631
(410) 227-7342
Source:
Moodyscre
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 21 at 1:51AM
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 Greysteel | Dallas
Investment Insights
Based on property information with market context.
This vacant flex property contains 19,863 square feet across a multi-level commercial layout. The existing configuration includes street-level retail space, second-floor office and administrative areas, and lower-level storage. An elevator, freight elevator, and loading dock are already in place, supporting movement between the building’s different areas. The property was previously used for retail operations, office functions, and inventory processing.
The building is located on Eastern Avenue between Patterson Park, Johns Hopkins, and Canton. Its existing improvements provide a combination of customer-facing, administrative, storage, and loading functions within one commercial facility.
The building is located on Eastern Avenue between Patterson Park, Johns Hopkins, and Canton. Its existing improvements provide a combination of customer-facing, administrative, storage, and loading functions within one commercial facility.
Key Highlights
- 19,863‑square‑foot vacant commercial building
- Street‑level retail, second‑floor office, and lower‑level storage areas
- Includes both a passenger elevator and freight elevator
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
$185,298
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
8.06%
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%
$3,705,960
$3.7M
Cap Rate 7%
$2,647,114
$2.6M
Cap Rate 9%
$2,058,867
$2.1M
Market Conditions
NOI Build-Up for 19,863 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
$309.9K $15.60/SF
− Vacancy
−$24.8K −$1.25/SF
EGI
$285.1K $14.35/SF
− OpEx
−$99.8K −$5.02/SF
NOI
$185.3K $9.33/SF
Area
ZIP 21224
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$3,705,960
Cap Rate 7%
$2,647,114
Cap Rate 9%
$2,058,867
Alternative Uses
Best Use
Office B
$3.87M
$3.39M – $4.51M
NOI $270,875 @ 7.0% cap · market cap 11.78%
Second Best
Retail
$3.41M
$2.99M – $3.98M
NOI $238,967 @ 7.0% cap · market cap 10.39%
Theoretical Best
Office A
$4.76M
$4.16M – $5.55M
NOI $333,103 @ 7.0% cap · market cap 14.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,366
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Vacant commercial space includes retail, office, storage, and loading infrastructure.
Where is this flex space located?
The property is located at 3424 Eastern Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 19,863‑square‑foot vacant commercial building; Street‑level retail, second‑floor office, and lower‑level storage areas; Includes both a passenger elevator and freight elevator
