Baltimore Commercial Building For
For Sale
$2,200,000
3615 East Northern Pkwy, Baltimore, MD 21206
Commercial property for sale in Baltimore, MD
Property Size8,100 SF
Lot Size0.70 Acres
Price / SF$271.60
Days on Market261
Property Features for 3615 East Northern Pkwy
General Information
Standard status
Active
Property type
Storefront properties, Individual retail properties
Size
8,100 SF
Class
C
Lot size
0.70 Acres
Listing Agency:
Gold and Company, LLC.
Listed By:
Jim Chivers · License #617251
(443) 928-7522
Added: Dec 19, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This commercial property in Baltimore, Maryland, features a free-standing, single-story building with approximately 8,100 square feet of space. The property is situated on a 0.7-acre lot and includes ample parking. Located at a signalized intersection, the property is zoned for commercial 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
$91,344
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
4.15%
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%
$1,826,880
$1.8M
Cap Rate 7%
$1,304,914
$1.3M
Cap Rate 9%
$1,014,933
$1.0M
Market Conditions
NOI Build-Up for 8,100 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
$145.8K $18.00/SF
− Vacancy
−$15.3K −$1.89/SF
EGI
$130.5K $16.11/SF
− OpEx
−$39.1K −$4.83/SF
NOI
$91.3K $11.28/SF
Area
ZIP 21206
Vacancy
10.50%
Lease Rate
$18.00 /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%
$1,826,880
Cap Rate 7%
$1,304,914
Cap Rate 9%
$1,014,933
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,344 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.70M
$1.49M – $1.99M
NOI $119,329 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 84%
Apparel 16%
Popeyes Louisiana Kitchen
Dining
9,833 visits/mo
0.4 miles
Pizza Hut
Dining
2,609 visits/mo
0.5 miles
Coach
Apparel
2,412 visits/mo
0.4 miles
Demographics for 21206, MD
49,470
Population
21,939
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
89%
High-School Grad
7.3 sq mi
ZIP Area
6,777
Density / Sq Mi
$62,965
Median Household Income
$46,426
Median Earnings
$1,215
Median Rent
$213,700
Median Home Value
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Dino Designs of Baltimore — 6507 Hilltop Ave, Baltimore, MD 21206
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial property for sale in Baltimore, MD
Where is this storefront property located?
The property is located at 3615 East Northern Pkwy Baltimore, MD.
What is the asking price?
The asking price for this property is $2,200,000.
