Residential Income Property with
New
For Sale
$139,900
414 WATER STREET Unit 2110, Baltimore, MD 21202
One-bedroom condominium with private outdoor space, in-unit laundry, and deeded garage parking.
Property Size637 SF
Price / SF$219.62
Days on Market5
Property Features for 414 WATER STREET Unit 2110
General Information
Standard status
Active
Size
637 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,310
Amenities
swimming pool
fitness center
hot tub
business center
security
hardwood and tile flooring
equipped kitchen
in-unit washer and dryer
central cooling
private balcony
Building Details
Building Size
637 SF
Year Built
2008
Listing Agency:
Homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #5014919
(888) 400-2513
Source:
Thehulsmangroup
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 21 at 5:34AM
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 Homecoin.com
Investment Insights
Based on property information with market context.
This residential income property is a 637-square-foot condominium with one bedroom and one bathroom. The unit combines hardwood and tile flooring with an equipped kitchen, central cooling, in-unit washer and dryer, and a private balcony offering city views. The building was completed in 2008 and provides a swimming pool, fitness center, hot tub, business center, and security. One assigned and deeded garage parking space transfers with the sale.
The property is located at 414 Water Street in downtown Baltimore, with access to downtown destinations, dining, entertainment, and nearby services. Its central setting and condominium format provide a defined residential layout within an amenity-supported building.
The property is located at 414 Water Street in downtown Baltimore, with access to downtown destinations, dining, entertainment, and nearby services. Its central setting and condominium format provide a defined residential layout within an amenity-supported building.
Key Highlights
- 637‑square‑foot condominium with 1 bedroom and 1 bathroom
- Private balcony with city views
- Hardwood and tile flooring, equipped kitchen, and central cooling
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
$8,299
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
5.93%
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%
$165,980
$166.0K
Cap Rate 7%
$118,557
$118.6K
Cap Rate 9%
$92,211
$92.2K
Market Conditions
NOI Build-Up for 637 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
$16.1K $25.20/SF
− Vacancy
−$963 −$1.51/SF
EGI
$15.1K $23.69/SF
− OpEx
−$6.8K −$10.66/SF
NOI
$8.3K $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%
$165,980
Cap Rate 7%
$118,557
Cap Rate 9%
$92,211
Alternative Uses
Best Use
Apartment 5plus
$118.6K
$103.7K – $138.3K
NOI $8,299 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$152.6K
$133.5K – $178.1K
NOI $10,683 @ 7.0% cap · market cap 7.64%
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 - One-bedroom condominium with private outdoor space, in-unit laundry, and deeded garage parking.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 2110 Baltimore, MD.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: 637‑square‑foot condominium with 1 bedroom and 1 bathroom; Private balcony with city views; Hardwood and tile flooring, equipped kitchen, and central cooling
