Residential Income Property with City
For Sale
$165,000
414 WATER STREET Unit 1501, Baltimore, MD 21202
Two-bedroom, two-bath unit with concierge service, resident amenities, and refreshed interior finishes.
Property Size1,067 SF
Days on Market230
Property Features for 414 WATER STREET Unit 1501
General Information
Standard status
Active
Size
1,067 SF
Property subtype
Penthouse Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$5,286
Building Details
Building Size
1,067 SF
Year Built
2007
Listing Agency:
Homewise Realty Services, LLC
Listed By:
Ross Levin · License #599619
(240) 888-1847
Source:
Thehulsmangroup
Added: Jan 18
Changed: Sep 5
Last Checked: Sep 5 at 8:00AM
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 Homewise Realty Services, LLC
Investment Insights
Based on property information with market context.
Unit 1501 at 414 Water Street is a two-bedroom, two-bath residential income property completed in 2007. The unit features new carpet, fresh paint, and broad city views, along with access to a fitness center, swimming pool, and party room.
Building services include 24-hour concierge coverage and 24-hour security. The property is located in Baltimore near the Inner Harbor, dining, shopping, entertainment, and public transit, placing a range of urban amenities within immediate reach.
Building services include 24-hour concierge coverage and 24-hour security. The property is located in Baltimore near the Inner Harbor, dining, shopping, entertainment, and public transit, placing a range of urban amenities within immediate reach.
Key Highlights
- Two‑bedroom, two‑bath unit at 414 Water Street Unit 1501
- Completed in 2007
- New carpet and fresh paint throughout
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
$13,901
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
8.42%
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%
$278,020
$278.0K
Cap Rate 7%
$198,586
$198.6K
Cap Rate 9%
$154,456
$154.5K
Market Conditions
NOI Build-Up for 1,067 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
$26.9K $25.20/SF
− Vacancy
−$1.6K −$1.51/SF
EGI
$25.3K $23.69/SF
− OpEx
−$11.4K −$10.66/SF
NOI
$13.9K $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%
$278,020
Cap Rate 7%
$198,586
Cap Rate 9%
$154,456
Alternative Uses
Best Use
Apartment 5plus
$198.6K
$173.8K – $231.7K
NOI $13,901 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$255.6K
$223.7K – $298.2K
NOI $17,894 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Two-bedroom, two-bath unit with concierge service, resident amenities, and refreshed interior finishes.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 1501 Baltimore, MD.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath unit at 414 Water Street Unit 1501; Completed in 2007; New carpet and fresh paint throughout
