Renovated Residential Income
For Sale
$130,000
511 S BOND STREET Unit 107, Baltimore, MD 21231
One-bedroom condominium with updated kitchen and bath within a restored former school building.
Property Size645 SF
Days on Market127
Property Features for 511 S BOND STREET Unit 107
General Information
Standard status
Active
Size
645 SF
Property subtype
Penthouse Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$3,196
Building Details
Building Size
645 SF
Year Built
1892
Listing Agency:
Monument Sotheby's International Realty
(443) 928-7347
Listed By:
Heidi Topaz · License #5002773
(443) 928-7347
Source:
Thehulsmangroup
Added: Apr 18
Changed: Aug 20
Last Checked: Aug 21 at 12:01PM
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 Monument Sotheby's International Realty
Investment Insights
Based on property information with market context.
This first-level residential condominium occupies a former school building constructed in 1892 and renovated in 2006. The one-bedroom layout includes a combined living and dining area, a kitchen with 42-inch cabinetry, granite countertops, and stainless steel appliances, plus a bedroom with room for a desk or office area. The bathroom features a large walk-in shower with subway tile, marble flooring, a fogless mirror, and a linen closet.
A secure entrance serves the building, which is located in Fells Point in Baltimore. The property combines period architecture with updated interior finishes and a contemporary residential layout.
A secure entrance serves the building, which is located in Fells Point in Baltimore. The property combines period architecture with updated interior finishes and a contemporary residential layout.
Key Highlights
- Constructed in 1892 and renovated in 2006
- One‑bedroom, first‑level condominium in a former school building
- Kitchen with 42‑inch cabinets, granite counters, and stainless steel appliances
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
$8,403
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
6.46%
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%
$168,060
$168.1K
Cap Rate 7%
$120,043
$120.0K
Cap Rate 9%
$93,367
$93.4K
Market Conditions
NOI Build-Up for 645 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
$16.3K $25.20/SF
− Vacancy
−$975 −$1.51/SF
EGI
$15.3K $23.69/SF
− OpEx
−$6.9K −$10.66/SF
NOI
$8.4K $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%
$168,060
Cap Rate 7%
$120,043
Cap Rate 9%
$93,367
Alternative Uses
Best Use
Apartment 5plus
$120.0K
$105.0K – $140.1K
NOI $8,403 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$154.5K
$135.2K – $180.3K
NOI $10,817 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,682
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with updated kitchen and bath within a restored former school building.
Where is this residential income property located?
The property is located at 511 S BOND STREET Unit 107 Baltimore, MD.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Constructed in 1892 and renovated in 2006; One‑bedroom, first‑level condominium in a former school building; Kitchen with 42‑inch cabinets, granite counters, and stainless steel appliances
