One-Bedroom Residential Income
For Sale
$114,900
414 WATER STREET Unit 2411, Baltimore, MD 21202
High-rise condominium with a balcony, gas fireplace, garage parking, and access to shared fitness and pool amenities.
Property Size637 SF
Days on Market9
Property Features for 414 WATER STREET Unit 2411
General Information
Standard status
Active
Size
637 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,310
Amenities
24 hour front desk staff
fitness center
outdoor swimming pool
Building Details
Building Size
637 SF
Year Built
2008
Listing Agency:
Redfin Corp
(443) 602-2047
Listed By:
Zachary M. Pencarski
(443) 602-2047
Source:
Thehulsmangroup
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 22 at 12:01PM
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 Redfin Corp
Investment Insights
Based on property information with market context.
This residential income property is a one-bedroom, one-bath condominium in a high-rise building constructed in 2008. The interior includes a combined living and dining area with a gas fireplace and balcony, along with a kitchen equipped with stainless steel appliances, a gas range, granite countertops, maple cabinetry, and a breakfast bar. Luxury vinyl plank flooring is installed in the living and dining area and bedroom.
Building amenities include 24-hour front desk service, a fitness center, and an outdoor swimming pool. Garage parking is included, adding a practical feature for residents and guests.
Building amenities include 24-hour front desk service, a fitness center, and an outdoor swimming pool. Garage parking is included, adding a practical feature for residents and guests.
Key Highlights
- One‑bedroom, one‑bath condominium in a high‑rise building
- Constructed in 2008
- Balcony and gas fireplace in the combined living and dining area
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
7.22%
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 7.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$152.6K
$133.5K – $178.1K
NOI $10,683 @ 7.0% cap · market cap 9.30%
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 - High-rise condominium with a balcony, gas fireplace, garage parking, and access to shared fitness and pool amenities.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 2411 Baltimore, MD.
What is the asking price?
The asking price for this property is $114,900.
What are key features of this property?
This property features: One‑bedroom, one‑bath condominium in a high‑rise building; Constructed in 2008; Balcony and gas fireplace in the combined living and dining area
