Flex Space with Secured
For Sale
Contact for pricing
3729-3737 Gough St, Baltimore, MD 21224
Two-story property pairs commercial space with an upper-level residential apartment and enclosed on-site parking.
Property Size8,000 SF
Price / SF$74.88
Days on Market1183
Property Features for 3729-3737 Gough St
General Information
Standard status
Active
Size
8,000 SF
Property subtype
FLEX_R_AND_D
Site & Location
Road Access
Yes
Fenced Yard
Yes
Building Details
Buildings
1
Building Size
8,000 SF
Listing Agency:
MacKenzie Commercial Real Estate | Baltimore
(410) 494-6658
Listed By:
Mike Ruocco
(410) 627-6881
Source:
Moodyscre
Added: Jun 7, 2023
Changed: Aug 29
Last Checked: Aug 31 at 1:24PM
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 MacKenzie Commercial Real Estate | Baltimore
Investment Insights
Based on property information with market context.
This flex-space property includes an 8,000 SF building with fenced, secured parking on the premises. A residential apartment of approximately 1,600 SF occupies the second floor, creating a combined commercial and residential configuration.
The property is immediately adjacent to Eastern Avenue and located blocks from Baltimore’s Brewers Hill neighborhood. The owner is willing to renovate the building for multiple use types, providing flexibility for users seeking a tailored layout.
The property is immediately adjacent to Eastern Avenue and located blocks from Baltimore’s Brewers Hill neighborhood. The owner is willing to renovate the building for multiple use types, providing flexibility for users seeking a tailored layout.
Key Highlights
- 8,000 SF building
- Approximately 1,600 SF residential apartment on the second floor
- Fenced, secured parking on‑site
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
$44,171
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
7.37%
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%
$883,420
$883.4K
Cap Rate 7%
$631,014
$631.0K
Cap Rate 9%
$490,789
$490.8K
Market Conditions
NOI Build-Up for 8,000 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
$67.2K $8.40/SF
− Vacancy
−$4.1K −$0.51/SF
EGI
$63.1K $7.89/SF
− OpEx
−$18.9K −$2.37/SF
NOI
$44.2K $5.52/SF
Area
ZIP 21224
Vacancy
6.10%
Lease Rate
$8.40 /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%
$883,420
Cap Rate 7%
$631,014
Cap Rate 9%
$490,789
Alternative Uses
Best Use
Mixed Use
$1.39M
$1.22M – $1.62M
NOI $97,200 @ 7.0% cap · market cap 16.23%
Second Best
Flex RnD
$1.07M
$932.9K – $1.24M
NOI $74,630 @ 7.0% cap · market cap 12.46%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,160 @ 7.0% cap · market cap 22.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
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 Industrial in Baltimore, MD
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story property pairs commercial space with an upper-level residential apartment and enclosed on-site parking.
Where is this flex space located?
The property is located at 3729-3737 Gough St Baltimore, MD.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 8,000 SF building; Approximately 1,600 SF residential apartment on the second floor; Fenced, secured parking on‑site
