One-Bedroom Residential Income
New
For Sale
$135,000
414 WATER STREET Unit 2306, Baltimore, MD 21202
Condominium residence with garage parking, concierge service, and access to extensive on-site amenities.
Property Size630 SF
Price / SF$214.29
Days on Market4
Property Features for 414 WATER STREET Unit 2306
General Information
Standard status
Active
Size
630 SF
Total Parking Spaces
1
Property subtype
Penthouse Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,274
Amenities
on-site concierge
exterior in-ground pool
exercise room
party room
multi-purpose room
business center
gas fireplace
Building Details
Building Size
630 SF
Year Built
2008
Listing Agency:
CENTURY 21 New Millennium
Listed By:
Candide G Rayle · License #505871
(301) 752-1987
Source:
Thehulsmangroup
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 3 at 2:35AM
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 New Millennium
Investment Insights
Based on property information with market context.
This condominium residence provides 630 square feet with one bedroom and one full bathroom. Interior details include wood flooring, granite countertops, and a gas fireplace. A covered garage parking space is included, while on-site concierge service adds building support.
Residents have access to an exterior in-ground pool, exercise room, party room, multipurpose room, and business center. The property is positioned near Baltimore’s Inner Harbor, waterfront dining, shopping, entertainment, and public transportation. Built in 2008, the unit can serve as a full-time residence, city retreat, or investment property, as stated in the listing information.
Residents have access to an exterior in-ground pool, exercise room, party room, multipurpose room, and business center. The property is positioned near Baltimore’s Inner Harbor, waterfront dining, shopping, entertainment, and public transportation. Built in 2008, the unit can serve as a full-time residence, city retreat, or investment property, as stated in the listing information.
Key Highlights
- 630‑square‑foot condominium with 1 bedroom and 1 full bathroom
- Wood floors, granite countertops, and a gas fireplace
- Covered garage parking space included
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
$8,208
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
6.08%
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%
$164,160
$164.2K
Cap Rate 7%
$117,257
$117.3K
Cap Rate 9%
$91,200
$91.2K
Market Conditions
NOI Build-Up for 630 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
$15.9K $25.20/SF
− Vacancy
−$953 −$1.51/SF
EGI
$14.9K $23.69/SF
− OpEx
−$6.7K −$10.66/SF
NOI
$8.2K $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%
$164,160
Cap Rate 7%
$117,257
Cap Rate 9%
$91,200
Alternative Uses
Best Use
Apartment 5plus
$117.3K
$102.6K – $136.8K
NOI $8,208 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$150.9K
$132.1K – $176.1K
NOI $10,565 @ 7.0% cap · market cap 7.83%
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 - Condominium residence with garage parking, concierge service, and access to extensive on-site amenities.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 2306 Baltimore, MD.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 630‑square‑foot condominium with 1 bedroom and 1 full bathroom; Wood floors, granite countertops, and a gas fireplace; Covered garage parking space included
