Renovated Mixed-Use
For Sale
$600,000
4101 Wilkens Ave, Baltimore, MD 21229
BL-zoned property combines residential and commercial occupancy across multiple spaces and two buildings.
Property Size3,471 SF
Lot Size0.19 Acres
Price / SF$172.86
Days on Market27
Property Features for 4101 Wilkens Ave
General Information
Standard status
Active
Size
3,471 SF
Lot size
0.19 Acres
Zoning
BL
Building Details
Year Built
1897
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Keller Williams Flagship
(410) 618-2585
Listed By:
Sam M Tanner · License #638462
Source:
Soldbypattie
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 28 at 12:39PM
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 Keller Williams Flagship
Investment Insights
Based on property information with market context.
The primary building contains approximately 3,471 square feet on roughly 8,400 square feet of BL-zoned property. Its layout includes a leased two-bedroom apartment upstairs, three main-level commercial areas, and two basement spaces in shell condition. Current commercial occupancy includes a diabetic supply store and a retail showroom carrying furniture, electronics, bedding, and related merchandise.
A separate approximately 454-square-foot building is leased for deli and convenience-store use. The primary and secondary structures have received extensive updates, including electrical, HVAC, plumbing, wall, flooring, and lighting improvements; the basement areas remain unfinished. The primary building may be purchased separately, or both buildings may be acquired together. Sale is contingent upon completion of a subdivision.
A separate approximately 454-square-foot building is leased for deli and convenience-store use. The primary and secondary structures have received extensive updates, including electrical, HVAC, plumbing, wall, flooring, and lighting improvements; the basement areas remain unfinished. The primary building may be purchased separately, or both buildings may be acquired together. Sale is contingent upon completion of a subdivision.
Key Highlights
- Approximately 3,471 SF primary building on roughly 8,400 SF of BL‑zoned property
- Six potential tenant spaces, including a leased two‑bedroom apartment and three main‑level commercial areas
- Two basement spaces remain in shell condition for future buildout
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
$47,233
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
7.87%
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%
$944,660
$944.7K
Cap Rate 7%
$674,757
$674.8K
Cap Rate 9%
$524,811
$524.8K
Market Conditions
NOI Build-Up for 3,471 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
$66.6K $19.20/SF
− Vacancy
−$3.7K −$1.06/SF
EGI
$63.0K $18.14/SF
− OpEx
−$15.7K −$4.54/SF
NOI
$47.2K $13.61/SF
Area
ZIP 21229
Vacancy
5.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$944,660
Cap Rate 7%
$674,757
Cap Rate 9%
$524,811
Alternative Uses
Best Use
Specialty Retail
$674.8K
$590.4K – $787.2K
NOI $47,233 @ 7.0% cap · market cap 7.87%
Second Best
Mixed Use
$669.4K
$585.7K – $781.0K
NOI $46,859 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$827.5K
$724.1K – $965.4K
NOI $57,926 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 21229, MD
43,464
Population
20,653
Households
2.1
Avg Household Size
38
Median Age
22%
College-Educated
89%
High-School Grad
5.9 sq mi
ZIP Area
7,367
Density / Sq Mi
$55,457
Median Household Income
$40,627
Median Earnings
$1,210
Median Rent
$184,900
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?
Mixed-use property - BL-zoned property combines residential and commercial occupancy across multiple spaces and two buildings.
Where is this mixed-use property located?
The property is located at 4101 Wilkens Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Approximately 3,471 SF primary building on roughly 8,400 SF of BL‑zoned property; Six potential tenant spaces, including a leased two‑bedroom apartment and three main‑level commercial areas; Two basement spaces remain in shell condition for future buildout
