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    401 S High St Baltimore, MD 21202

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    For Sale
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    Multi-building property in Little Italy with redevelopment potential.

    Property Features for 401 S High St

    General Information

    Standard status
    Active
    Zoning
    C-1

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    Listing Contact
    Matthew Cooper
    Source: Crexi

    Listing Agency: Alex Cooper Auctioneers, Inc Listing Agent: Matthew Cooper

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    Little Italy Multi-Building Opportunity

    Located in the heart of Little Italy, this multi-building property at 401–405 S. High Street presents potential for investors or developers seeking a value-add project. The property consists of three attached structures with multiple residential units, a garage, and additional space suitable for expansion or reconfiguration. 401 S. High Street is configured as commercial space and four fully leased residential units with a scheduled gross monthly rent of $4,750 and a scheduled gross year rent of $57,000. The main level has an undivided floor plan. The rear of the main level includes additional storage space with potential to convert into another unit or usable living area. The second level includes a shared covered patio-style walkway and laundry area serving two 2-bedroom, 1-bathroom residences with eat-in kitchens and spacious living areas. One unit also includes a bonus walk-through room. The third level offers one 1-bedroom, 1-bathroom unit and one 2-bedroom, 1-bathroom unit, both featuring eat-in kitchens. Residential units were renovated across 2013 and 2014, including new flooring, cabinets, granite counters, appliances and 100 Amp electric service for each unit. Units have independent utilities with forced hot air heating and gas water heaters. In 2016, all the HVAC units were replaced. The roof was completed in 2011. 403 S. High Street includes an open main-level space with garage door, offering flexibility for additional residential conversion, storage, or mixed-use possibilities. Behind the structure is a large gated open area that may provide future off-street parking, courtyard, or outdoor amenity space with approximately 6-10 parking spots. 405 S. High Street is a commercial building that requires a complete rehabilitation. A new roof was installed in 2010. Access to the upper levels is currently unavailable due to missing staircases. The property offers potential to reposition a centrally located property with existing unit infrastructure, flexible layouts, and additional development potential. Projected select annual expenses include $9,793 in taxes and $5,220 for water.
    Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Baltimore
    County
    Baltimore
    State
    Maryland
    Longitude
    -76.6011092
    Latitude
    39.2856326

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    FAQs

    What type of property is this?
    Mixed-use property - Multi-building property in Little Italy with redevelopment potential.
    Where is this mixed-use property located?
    The property is located at 401 S High St Baltimore, MD.
    What are key features of this property?
    This property features: - Located in the heart of Little Italy, offering a prime location.; - Value-add opportunity with three attached structures offering significant upside through renovation and redevelopment.; - 401 S. High Street has existing income with 4 fully leased residential units, generating a scheduled gross annual rent of $57,000.
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    401 S High St Baltimore, MD 21202
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    401 S High St Baltimore, MD 21202
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    Listing Contact
    Matthew Cooper
    Real Estate License ID: 594308
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