High-Rise Residential Income Property with
For Sale
$249,900
414 WATER STREET Unit 1813, Baltimore, MD 21202
Two bedroom suites, a den, private balcony, and in-unit laundry support flexible downtown living.
Property Size1,403 SF
Days on Market80
Property Features for 414 WATER STREET Unit 1813
General Information
Standard status
Active
Size
1,403 SF
Total Parking Spaces
2
Property subtype
Penthouse Unit/Flat/Apartment
Units
Multifamily Units
1
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$6,622
Amenities
24-hour concierge and security
fitness center
business center
party room/lounge
outdoor pool and sundeck
hot tub
gas fireplace
private balcony
in-unit washer and dryer
granite countertops
upgraded appliances
whirlpool tub
separate shower
walk-in closet
breakfast bar
powder room
Building Details
Building Size
1,403 SF
Year Built
2008
Listing Agency:
Cummings & Co. Realtors
(443) 904-5750
Listed By:
Eleni T Bonds · License #579496
(443) 904-5750
Source:
Thehulsmangroup
Added: Jun 4
Changed: Aug 20
Last Checked: Aug 21 at 10:39AM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
Located on the 18th floor of a 2008 condominium, this residence features two bedroom suites positioned at opposite ends of the layout, along with a separate den, powder room, and open living and dining areas. The kitchen includes granite counters, upgraded appliances, extensive cabinetry, and a raised breakfast bar. A gas fireplace, private balcony, in-unit washer and dryer, and two deeded parking spaces add practical value. The primary suite includes a whirlpool tub, separate shower, and walk-in closet.
Residents have access to 24-hour concierge and security services, a fitness center, business center, party room and lounge, outdoor pool with sundeck, and hot tub. The property is minutes from Johns Hopkins Hospital and UMMC and near the Inner Harbor, Harbor East, and Fells Point dining, shopping, and entertainment districts.
Residents have access to 24-hour concierge and security services, a fitness center, business center, party room and lounge, outdoor pool with sundeck, and hot tub. The property is minutes from Johns Hopkins Hospital and UMMC and near the Inner Harbor, Harbor East, and Fells Point dining, shopping, and entertainment districts.
Key Highlights
- 18th‑floor residence with eastern and southern harbor and skyline views
- Two bedroom suites, each with a private ensuite bath
- Den positioned between the living room and primary suite
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
$18,279
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
7.31%
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%
$365,580
$365.6K
Cap Rate 7%
$261,129
$261.1K
Cap Rate 9%
$203,100
$203.1K
Market Conditions
NOI Build-Up for 1,403 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
$35.4K $25.20/SF
− Vacancy
−$2.1K −$1.51/SF
EGI
$33.2K $23.69/SF
− OpEx
−$15.0K −$10.66/SF
NOI
$18.3K $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%
$365,580
Cap Rate 7%
$261,129
Cap Rate 9%
$203,100
Alternative Uses
Best Use
Apartment 5plus
$261.1K
$228.5K – $304.7K
NOI $18,279 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$336.1K
$294.1K – $392.1K
NOI $23,528 @ 7.0% cap · market cap 9.41%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two bedroom suites, a den, private balcony, and in-unit laundry support flexible downtown living.
Where is this residential income property located?
The property is located at 414 WATER STREET Unit 1813 Baltimore, MD.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 18th‑floor residence with eastern and southern harbor and skyline views; Two bedroom suites, each with a private ensuite bath; Den positioned between the living room and primary suite
