Hollins Market Mixed-Use
For Sale
$1,300,000
5-7 S CARROLLTON AVENUE, Baltimore, MD 21223
Updated commercial property in a thriving business district.
Property Size4,950 SF
Days on Market244
Property Features for 5-7 S CARROLLTON AVENUE
General Information
Standard status
Active
Size
4,950 SF
Property subtype
MixedUse
Taxes and HOA fees
Annual Taxes
$1,253
Building Details
Building Size
4,950 SF
Year Built
1900
Listing Agency:
Century 21 Downtown
Listed By:
Gina M Gargeu · License #510631
(410) 547-1116
Source:
Barnesrealestatecompany
Added: Jan 13
Changed: Sep 8
Last Checked: Sep 13 at 11:27AM
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 Downtown
Investment Insights
Based on property information with market context.
Located in the Hollins Market business district, this updated commercial property, constructed in 1900, features brick and frame construction. The first floor includes two commercial units and one studio apartment. The second floor contains a two-bedroom apartment, while the third floor has a one-bedroom apartment. The building has been renovated and includes sprinkler systems and separate meters. Flooring options include vinyl, ceramic tile, and concrete. Situated on a corner lot, the property offers visibility and accessibility. The surrounding area features a mix of shops, restaurants, and local attractions. The location has a walk score of 94, a bike score of 84, and a transit score of 90. The property offers city and street views. It is suited for various business ventures and positions investors for long-term growth.
Key Highlights
- Prime location in the Hollins Market business district with high walk, bike, and transit scores.
- Completely renovated building with sprinkler system and separate utility meters.
- Versatile layout with a mix of commercial units and apartments.
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
$68,310
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
5.25%
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%
$1,366,200
$1.4M
Cap Rate 7%
$975,857
$975.9K
Cap Rate 9%
$759,000
$759.0K
Market Conditions
NOI Build-Up for 4,950 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
$118.8K $24.00/SF
− Vacancy
−$9.5K −$1.92/SF
EGI
$109.3K $22.08/SF
− OpEx
−$41.0K −$8.28/SF
NOI
$68.3K $13.80/SF
Area
Baltimore, MD
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,366,200
Cap Rate 7%
$975,857
Cap Rate 9%
$759,000
Alternative Uses
Best Use
Mixed Use
$975.9K
$853.9K – $1.14M
NOI $68,310 @ 7.0% cap · market cap 5.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.38M
NOI $83,012 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,706
Businesses Nearby
Explore this area
Business Placement
Demographics for 21223, MD
20,438
Population
13,034
Households
1.6
Avg Household Size
37
Median Age
12%
College-Educated
75%
High-School Grad
2.6 sq mi
ZIP Area
7,861
Density / Sq Mi
$41,828
Median Household Income
$33,367
Median Earnings
$1,110
Median Rent
$93,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated commercial property in a thriving business district.
Where is this mixed-use property located?
The property is located at 5-7 S CARROLLTON AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Prime location in the Hollins Market business district with high walk, bike, and transit scores.; Completely renovated building with sprinkler system and separate utility meters.; Versatile layout with a mix of commercial units and apartments.
