Retail Streetfront with Enclosed
For Sale
$1,950,000
3535 Chestnut Avenue, Baltimore, MD 21211
Single-unit retail building with a large open sales area and a rear enclosed bar, zoned C-1.
Property Size7,920 SF
Price / SF$246.21
Days on Market411
Property Features for 3535 Chestnut Avenue
General Information
Standard status
Active
Size
7,920 SF
Property subtype
Commercial
Zoning
C-1
Building Details
Year Built
1930
Listing Agency:
Avenue Real Estate
Listed By:
Ross M Conn · License #633650
(410) 342-5263
Source:
Ournexthouse
Added: Jul 22, 2025
Changed: Sep 4
Last Checked: Sep 4 at 10:31AM
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
Investment Insights
Based on property information with market context.
This retail streetfront building offers a single-unit layout with a large open area designed for retail use, plus a stylish enclosed bar area in the rear. The building totals 5,920 square feet, with an additional 2,000 square feet in the basement, providing extra space beyond the main floor.
The property is located at 3535 Chestnut Ave in Baltimore, Maryland, and is described as being within the Hampden area. The surrounding neighborhood includes nearby retail and dining activity, and access to the Jones Falls Trail is referenced in the area description.
Zoned C-1, the space is presented as suitable for general retail uses and street retail investment. It is best suited for operators looking for a configuration that combines an open retail floor with a dedicated rear bar buildout.
The property is located at 3535 Chestnut Ave in Baltimore, Maryland, and is described as being within the Hampden area. The surrounding neighborhood includes nearby retail and dining activity, and access to the Jones Falls Trail is referenced in the area description.
Zoned C-1, the space is presented as suitable for general retail uses and street retail investment. It is best suited for operators looking for a configuration that combines an open retail floor with a dedicated rear bar buildout.
Key Highlights
- 5,920 SF single‑unit retail building at 3535 Chestnut Ave, Baltimore, MD
- 2,000 SF basement provides additional space
- Large open sales area suited for retail or street retail uses
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
$112,098
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
5.75%
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%
$2,241,960
$2.2M
Cap Rate 7%
$1,601,400
$1.6M
Cap Rate 9%
$1,245,533
$1.2M
Market Conditions
NOI Build-Up for 7,920 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
$171.1K $21.60/SF
− Vacancy
−$10.9K −$1.38/SF
EGI
$160.1K $20.22/SF
− OpEx
−$48.0K −$6.07/SF
NOI
$112.1K $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%
$2,241,960
Cap Rate 7%
$1,601,400
Cap Rate 9%
$1,245,533
Alternative Uses
Best Use
Retail
$1.60M
$1.40M – $1.87M
NOI $112,098 @ 7.0% cap · market cap 5.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.21M
NOI $132,819 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 retail building with a large open sales area and a rear enclosed bar, zoned C-1.
Where is this storefront property located?
The property is located at 3535 Chestnut Avenue 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 retail building at 3535 Chestnut Ave, Baltimore, MD; 2,000 SF basement provides additional space; Large open sales area suited for retail or street retail uses
