Renovated Residential Income
For Sale
$157,500
414 WATER STREET Unit 2805, Baltimore, MD 21202
Two-bedroom condominium with modern finishes, private parking, storage, and access to shared recreational space.
Property Size789 SF
Days on Market242
Property Features for 414 WATER STREET Unit 2805
General Information
Standard status
Active
Size
789 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,182
Amenities
pool
gym
community recreational space
secure parking
additional storage
Building Details
Building Size
789 SF
Year Built
2008
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 271-2318
Listed By:
Sandy Savani · License #33492
(410) 271-2318
Source:
Thehulsmangroup
Added: Jan 1
Changed: Aug 29
Last Checked: Aug 30 at 11:45PM
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 Berkshire Hathaway HomeServices Homesale Realty
Investment Insights
Based on property information with market context.
This 2 bedroom condominium at 414 Water Street Unit 2805 features a renovated interior with driftwood flooring, neutral paint, contemporary cabinetry, granite countertops, and stainless steel appliances. The residence includes views, private secured parking, additional storage, and access to shared community recreational space within the high-rise building.
Built in 2008, the property is positioned in Baltimore’s Inner Harbour area, with walkable access to dining, shopping, museums, and public transportation. The location combines a central urban setting with residential amenities and updated interior finishes.
Built in 2008, the property is positioned in Baltimore’s Inner Harbour area, with walkable access to dining, shopping, museums, and public transportation. The location combines a central urban setting with residential amenities and updated interior finishes.
Key Highlights
- Renovated 2 bedroom condominium with driftwood floors and neutral paint
- Granite countertops, stainless steel appliances, and updated cabinetry
- Views from a high‑rise residence at 414 Water Street Unit 2805
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
$10,279
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
6.53%
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%
$205,580
$205.6K
Cap Rate 7%
$146,843
$146.8K
Cap Rate 9%
$114,211
$114.2K
Market Conditions
NOI Build-Up for 789 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
$19.9K $25.20/SF
− Vacancy
−$1.2K −$1.51/SF
EGI
$18.7K $23.69/SF
− OpEx
−$8.4K −$10.66/SF
NOI
$10.3K $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%
$205,580
Cap Rate 7%
$146,843
Cap Rate 9%
$114,211
Alternative Uses
Best Use
Apartment 5plus
$146.8K
$128.5K – $171.3K
NOI $10,279 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$189.0K
$165.4K – $220.5K
NOI $13,232 @ 7.0% cap · market cap 8.40%
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 - Two-bedroom condominium with modern finishes, private parking, storage, and access to shared recreational space.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 2805 Baltimore, MD.
What is the asking price?
The asking price for this property is $157,500.
What are key features of this property?
This property features: Renovated 2 bedroom condominium with driftwood floors and neutral paint; Granite countertops, stainless steel appliances, and updated cabinetry; Views from a high‑rise residence at 414 Water Street Unit 2805
