Residential Income Property with
For Sale
$219,000
414 WATER STREET Unit 1612, Baltimore, MD 21202
Corner residence with three-sided windows, open-concept living, and a granite kitchen with gas cooking.
Property Size1,089 SF
Days on Market59
Property Features for 414 WATER STREET Unit 1612
General Information
Standard status
Active
Size
1,089 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,774
Amenities
24-hour front desk
parking attendant
on-site management
rooftop pool
fitness center
community lounge
business center
in-unit laundry
granite and stainless steel kitchen with gas cooking
private balcony
double closets
walk-in closet
soaking tub
walk-in shower
breakfast bar
Building Details
Building Size
1,089 SF
Year Built
2007
Listing Agency:
Long & Foster Real Estate, Inc.
(443) 821-8253
Listed By:
Gregory R Osborn · License #653361
(443) 821-8253
Source:
Thehulsmangroup
Added: Jul 3
Changed: Aug 29
Last Checked: Aug 29 at 3:48PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This residential income property is a corner unit in a 2007 high-rise building, with windows on three sides and southern exposure overlooking Baltimore’s Outer Harbor. The open-concept interior includes a granite-and-stainless kitchen with gas cooking and a breakfast bar that adds seating and dining space. A private corner balcony complements the living area, while the primary suite features double closets, including a walk-in closet, plus a soaking tub and separate walk-in shower. In-unit stackable laundry adds convenience.
Building amenities include a 24-hour front desk, parking attendant, on-site management, rooftop pool, fitness center, community lounge, business center with internet access, and secure elevator access. The property is located at 414 Water Street, Unit 1612, in Baltimore, Maryland.
Building amenities include a 24-hour front desk, parking attendant, on-site management, rooftop pool, fitness center, community lounge, business center with internet access, and secure elevator access. The property is located at 414 Water Street, Unit 1612, in Baltimore, Maryland.
Key Highlights
- Corner unit with windows on three sides and southern exposure
- Private corner balcony with views of Baltimore’s Outer Harbor
- Granite‑and‑stainless kitchen with gas cooking and breakfast bar
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
$14,188
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
6.48%
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%
$283,760
$283.8K
Cap Rate 7%
$202,686
$202.7K
Cap Rate 9%
$157,644
$157.6K
Market Conditions
NOI Build-Up for 1,089 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
$27.4K $25.20/SF
− Vacancy
−$1.6K −$1.51/SF
EGI
$25.8K $23.69/SF
− OpEx
−$11.6K −$10.66/SF
NOI
$14.2K $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%
$283,760
Cap Rate 7%
$202,686
Cap Rate 9%
$157,644
Alternative Uses
Best Use
Apartment 5plus
$202.7K
$177.4K – $236.5K
NOI $14,188 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$260.9K
$228.3K – $304.4K
NOI $18,263 @ 7.0% cap · market cap 8.34%
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 - Corner residence with three-sided windows, open-concept living, and a granite kitchen with gas cooking.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 1612 Baltimore, MD.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Corner unit with windows on three sides and southern exposure; Private corner balcony with views of Baltimore’s Outer Harbor; Granite‑and‑stainless kitchen with gas cooking and breakfast bar
