Street Retail Building with Enclosed
For Sale
$1,950,000
3535 Chestnut Ave, Baltimore, MD 21211
Single-unit street retail building in C-1 zoning with a large open sales area and an enclosed bar, plus basement space.
Property Size5,920 SF
Price / SF$329.39
Days on Market49
Property Features for 3535 Chestnut Ave
General Information
Standard status
Active
Size
5,920 SF
Property subtype
Retail
Zoning
C-1
Building Details
Building Size
5,920 SF
Year Built
1930
Tenancy
Single
Listing Agency:
Avenue Real Estate, LLC
(301) 275-5509
Listed By:
Ross Conn · License #633650
(301) 275-5509
Source:
Avenuerealestatellc
Added: Jun 25
Changed: Aug 10
Last Checked: Aug 12 at 4:33AM
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 Avenue Real Estate, LLC
Investment Insights
Based on property information with market context.
This for-sale street retail building offers a single-unit layout with a large open area and a stylish enclosed bar located toward the rear. The property includes an additional basement level for added operational or storage use. It is configured for hospitality-style service and can also support general retail uses under the current zoning framework described in the offering.
The building is located at 3535 Chestnut Ave in Baltimore, MD and is offered within C-1 zoning as stated in the materials. The asset’s storefront-oriented format is designed for tenant-facing customer flow, with the primary interior space arranged to support walk-in sales and service.
For restaurateurs and operators, the enclosed bar and open main area can accommodate a range of layouts for dining or counter-service concepts. For retail users, the same open footprint supports merchandising and customer-facing operations, while the basement adds flexibility for back-of-house needs. Because the property is presented as a single, self-contained unit, it is well suited for an owner-operator or an investor looking for a straightforward retail/street retail tenancy structure consistent with C-1 zoning.
The building is located at 3535 Chestnut Ave in Baltimore, MD and is offered within C-1 zoning as stated in the materials. The asset’s storefront-oriented format is designed for tenant-facing customer flow, with the primary interior space arranged to support walk-in sales and service.
For restaurateurs and operators, the enclosed bar and open main area can accommodate a range of layouts for dining or counter-service concepts. For retail users, the same open footprint supports merchandising and customer-facing operations, while the basement adds flexibility for back-of-house needs. Because the property is presented as a single, self-contained unit, it is well suited for an owner-operator or an investor looking for a straightforward retail/street retail tenancy structure consistent with C-1 zoning.
Key Highlights
- 5,920 SF single‑unit street retail building (C‑1 zoning)
- Additional 2,000 SF basement space
- Large open sales area for retail use
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
$83,791
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
4.30%
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%
$1,675,820
$1.7M
Cap Rate 7%
$1,197,014
$1.2M
Cap Rate 9%
$931,011
$931.0K
Market Conditions
NOI Build-Up for 5,920 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
$127.9K $21.60/SF
− Vacancy
−$8.2K −$1.38/SF
EGI
$119.7K $20.22/SF
− OpEx
−$35.9K −$6.07/SF
NOI
$83.8K $14.15/SF
Area
Baltimore, MD
Vacancy
6.39%
Lease Rate
$21.60 /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%
$1,675,820
Cap Rate 7%
$1,197,014
Cap Rate 9%
$931,011
Alternative Uses
Best Use
Retail
$1.20M
$1.05M – $1.40M
NOI $83,791 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,279 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,922
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21211, MD
17,721
Population
9,056
Households
2
Avg Household Size
37
Median Age
61%
College-Educated
93%
High-School Grad
2.9 sq mi
ZIP Area
6,111
Density / Sq Mi
$81,467
Median Household Income
$64,019
Median Earnings
$1,577
Median Rent
$274,000
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 - Single-unit street retail building in C-1 zoning with a large open sales area and an enclosed bar, plus basement space.
Where is this storefront property located?
The property is located at 3535 Chestnut Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 5,920 SF single‑unit street retail building (C‑1 zoning); Additional 2,000 SF basement space; Large open sales area for retail use
