Renovated Sports Bar and Event
New
For Sale
$550,000
500 S LEHIGH STREET, Baltimore, MD 21224
Furniture, fixtures, and equipment convey, with a fully equipped bar and separate lounge and upper-level entertainment areas.
Property Size3,360 SF
Price / SF$163.69
Days on Market6
Property Features for 500 S LEHIGH STREET
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Commercial
Building Details
Year Built
1910
Listing Agency:
Hestia Realtors
Listed By:
Maria Fernanda Delgado · License #0225061218
(703) 898-1810
Source:
Cummingsrealtors
Added: Sep 25
Changed: Sep 29
Last Checked: Sep 30 at 1:38PM
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 Hestia Realtors
Investment Insights
Based on property information with market context.
This three-level bar and event property has a renovated first floor arranged as a lounge, with a fully equipped bar, seating, and two bathrooms. The remodeled second floor is configured as a sports bar and includes two pool tables, two bay windows, and two additional bathrooms. The basement contains offices, storage, and a bathroom. Furniture, fixtures, and equipment are included, subject to the attached list. A rear patio has composite flooring, skylights, roof improvements, and surround-sound equipment. The building is offered as-is, and the buyer is responsible for obtaining pending sprinkler permits. Food preparation is not currently approved on site; the occupancy permit is for 75 people.
The property occupies a corner site on Eastern Avenue in Baltimore’s Greektown district, with access to I-895 and I-95. Street parking is available. The property is zoned C-1 Commercial, and the source indicates that current licenses are in place, while any licenses required by the buyer must be obtained directly from the County.
The property occupies a corner site on Eastern Avenue in Baltimore’s Greektown district, with access to I-895 and I-95. Street parking is available. The property is zoned C-1 Commercial, and the source indicates that current licenses are in place, while any licenses required by the buyer must be obtained directly from the County.
Key Highlights
- Three‑level bar and event property with a 75‑person occupancy permit
- Zoned C‑1 Commercial; located on a corner along Eastern Avenue
- First floor includes a fully equipped bar, lounge seating, and 2 bathrooms
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
$45,723
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
8.31%
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%
$914,460
$914.5K
Cap Rate 7%
$653,186
$653.2K
Cap Rate 9%
$508,033
$508.0K
Market Conditions
NOI Build-Up for 3,360 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
$64.5K $19.20/SF
− Vacancy
−$3.5K −$1.06/SF
EGI
$61.0K $18.14/SF
− OpEx
−$15.2K −$4.54/SF
NOI
$45.7K $13.61/SF
Area
ZIP 21224
Vacancy
5.50%
Lease Rate
$19.20 /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%
$914,460
Cap Rate 7%
$653,186
Cap Rate 9%
$508,033
Alternative Uses
Best Use
Specialty Retail
$653.2K
$571.5K – $762.1K
NOI $45,723 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$805.0K
$704.3K – $939.1K
NOI $56,347 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,899
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21224, MD
54,266
Population
23,433
Households
2.3
Avg Household Size
33
Median Age
50%
College-Educated
85%
High-School Grad
9.3 sq mi
ZIP Area
5,835
Density / Sq Mi
$86,209
Median Household Income
$63,556
Median Earnings
$1,782
Median Rent
$281,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Lighthouse Tavern — 1226 S Clinton St, Baltimore, MD 21224
- Bark Social — 3822 Boston St, Baltimore, MD 21224
- Mike McGovern's — 1129 S Clinton St, Baltimore, MD 21224
- Walt's Inn — 3201 O'Donnell St, Baltimore, MD 21224
- Olar — 1028 S Conkling St, Baltimore, MD 21224
Frequently Asked Questions
What type of property is this?
Bar & Pub - Furniture, fixtures, and equipment convey, with a fully equipped bar and separate lounge and upper-level entertainment areas.
Where is this bar & pub located?
The property is located at 500 S LEHIGH STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three‑level bar and event property with a 75‑person occupancy permit; Zoned C‑1 Commercial; located on a corner along Eastern Avenue; First floor includes a fully equipped bar, lounge seating, and 2 bathrooms
