Harbor-View Residential Income
For Sale
$124,900
414 WATER STREET Unit 1404, Baltimore, MD 21202
Granite kitchen, updated appliances, balcony, and a light-filled living room distinguish this downtown unit.
Property Size660 SF
Days on Market30
Property Features for 414 WATER STREET Unit 1404
General Information
Standard status
Active
Size
660 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,608
Amenities
balcony
granite kitchen
updated appliances
Building Details
Building Size
660 SF
Year Built
2007
Listing Agency:
Century 21 Downtown
(410) 547-1116
Listed By:
Gina M Gargeu · License #510631
(410) 547-1116
Source:
Thehulsmangroup
Added: Jul 24
Changed: Aug 21
Last Checked: Aug 22 at 10:43AM
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 Century 21 Downtown
Investment Insights
Based on property information with market context.
This residential income property occupies the 14th floor at 414 Water Street, Unit 1404. The unit includes a balcony with a harbor view, a granite kitchen with updated appliances, a light-filled living room, and a master bedroom. Built in 2007, the property offers a defined residential layout within a downtown setting.
The property is located one block from the Inner Harbor, with access to restaurants and shopping. Little Italy, Fells Point, and Federal Hill are also identified as walkable destinations, along with additional downtown attractions.
The property is located one block from the Inner Harbor, with access to restaurants and shopping. Little Italy, Fells Point, and Federal Hill are also identified as walkable destinations, along with additional downtown attractions.
Key Highlights
- 14th‑floor unit at 414 Water Street, Unit 1404
- Balcony with harbor view
- Granite kitchen with updated appliances
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
$8,599
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
6.88%
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%
$171,980
$172.0K
Cap Rate 7%
$122,843
$122.8K
Cap Rate 9%
$95,544
$95.5K
Market Conditions
NOI Build-Up for 660 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
$16.6K $25.20/SF
− Vacancy
−$998 −$1.51/SF
EGI
$15.6K $23.69/SF
− OpEx
−$7.0K −$10.66/SF
NOI
$8.6K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$171,980
Cap Rate 7%
$122,843
Cap Rate 9%
$95,544
Alternative Uses
Best Use
Apartment 5plus
$122.8K
$107.5K – $143.3K
NOI $8,599 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$158.1K
$138.4K – $184.5K
NOI $11,068 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
8,766
Businesses Nearby
Explore this area
Business Placement
Demographics for 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Granite kitchen, updated appliances, balcony, and a light-filled living room distinguish this downtown unit.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 1404 Baltimore, MD.
What is the asking price?
The asking price for this property is $124,900.
What are key features of this property?
This property features: 14th‑floor unit at 414 Water Street, Unit 1404; Balcony with harbor view; Granite kitchen with updated appliances
