Three-Level Mixed-Use Brick
For Sale
$1,450,000
435 S BROADWAY, Baltimore, MD 21231
Fully renovated brick building with income-producing street-level businesses and residential apartment units across three levels.
Property Size6,300 SF
Price / SF$230.16
Days on Market51
Property Features for 435 S BROADWAY
General Information
Standard status
Active
Size
6,300 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$9,995
Amenities
Central Air
3
Parking.
Public, On Street.
Building Details
Year Built
1920
Stories
3
Tenancy
Multi
Listing Agency:
Long & Foster Real Estate, Inc.
(443) 253-5218
Listed By:
Ken Zeng · License #52295
(443) 253-5218
Source:
Xome
Added: Jul 7
Changed: Aug 24
Last Checked: Aug 25 at 6:23AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This fully renovated three-level brick building offers versatile space and a mixed-use setup totaling over 6,300 sq. ft. The main level includes two established businesses: a carry-out restaurant and a cigar shop. The second level features six spacious rooms and two full baths, currently configured for office use, with potential to convert to residential apartments with city approval. The third level provides additional rental income with two- and three-bedroom apartments.
Located at 435 South Broadway in Baltimore, the property is described as being just moments from the vibrant heart of Fells Point.
For a buyer seeking a live-on-site approach or a fully leased structure, the building’s current income from street-level operations combined with residential units offers multiple ways to structure occupancy and returns.
Located at 435 South Broadway in Baltimore, the property is described as being just moments from the vibrant heart of Fells Point.
For a buyer seeking a live-on-site approach or a fully leased structure, the building’s current income from street-level operations combined with residential units offers multiple ways to structure occupancy and returns.
Key Highlights
- Fully renovated three‑level brick building (built 1920) with 6,300+ sq. ft. of versatile space
- Street‑level includes two established businesses: a carry‑out restaurant and a cigar shop
- Second level offers six spacious rooms and two full baths, currently set up for office use
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
$101,805
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
7.02%
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%
$2,036,100
$2.0M
Cap Rate 7%
$1,454,357
$1.5M
Cap Rate 9%
$1,131,167
$1.1M
Market Conditions
NOI Build-Up for 6,300 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
$143.6K $22.80/SF
− Vacancy
−$7.9K −$1.25/SF
EGI
$135.7K $21.55/SF
− OpEx
−$33.9K −$5.39/SF
NOI
$101.8K $16.16/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
25.00%
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%
$2,036,100
Cap Rate 7%
$1,454,357
Cap Rate 9%
$1,131,167
Alternative Uses
Best Use
Specialty Retail
$1.45M
$1.27M – $1.70M
NOI $101,805 @ 7.0% cap · market cap 7.02%
Second Best
Retail
$1.27M
$1.11M – $1.49M
NOI $89,169 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,651 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,324
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
Median Home Value
Market
Vacancy Rate% for Office in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully renovated brick building with income-producing street-level businesses and residential apartment units across three levels.
Where is this conventional restaurant located?
The property is located at 435 S BROADWAY Baltimore, MD.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Fully renovated three‑level brick building (built 1920) with 6,300+ sq. ft. of versatile space; Street‑level includes two established businesses: a carry‑out restaurant and a cigar shop; Second level offers six spacious rooms and two full baths, currently set up for office use
