Renovated Office/Retail Building For
For Sale
$2,750,000
6 S Gay Street, Baltimore, MD 21202
Versatile, renovated office/retail building in Baltimore's CBD.
Property Size17,998 SF
Days on Market202
Property Features for 6 S Gay Street
General Information
Standard status
Active
Size
17,998 SF
Property subtype
Office
Zoning
C-5-TO (Downtown Zoning District)
Building Details
Building Size
17,998 SF
Listed By:
Jim Grieves
(443) 573-3202
Source:
Mackenziecommercial
Added: Apr 3
Changed: Oct 13
Last Checked: Oct 20 at 5:04PM
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 Jim Grieves
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Investment Insights
Based on property information with market context.
The property at 6 S. Gay Street is available for sale or lease and is in excellent condition. A full renovation was completed in 2015, with additional upgrades including a new roof in 2019 and individual HVAC units for each office in 2018. The building features high-end finishes and updated utilities. It can be easily subdivided into four units across two floors, with private entrances on the first floor suitable for potential retail tenants. An ADA-compliant passenger elevator serves all levels. Most furniture and audio/video equipment convey with the sale. The property is located in the CBD, just blocks from the Inner Harbor, City Hall, and the city courthouses, and benefits from proximity to a 24-hour 1,107-space garage and new residential and retail developments along Gay Street. Zoning permits a variety of commercial uses.
Key Highlights
- Prime CBD location near Inner Harbor, City Hall, and courthouses.
- Fully renovated in 2015 with high‑end finishes and updated utilities.
- Versatile building easily subdivisible into four units with private entrances.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$250,222
Cap Rate
9.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,004,440
$5.0M
Cap Rate 7%
$3,574,600
$3.6M
Cap Rate 9%
$2,780,244
$2.8M
Market Conditions
NOI Build-Up for 17,998 SF
Gross rent
$399.6K $22.20/SF
− Vacancy
−$65.9K −$3.66/SF
EGI
$333.6K $18.54/SF
− OpEx
−$83.4K −$4.63/SF
NOI
$250.2K $13.90/SF
Area
Baltimore, MD
Vacancy
16.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,004,440
Cap Rate 7%
$3,574,600
Cap Rate 9%
$2,780,244
Alternative Uses
Best Use
Office B
$3.57M
$3.13M – $4.17M
NOI $250,222 @ 7.0% cap · market cap 9.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.31M
$3.77M – $5.03M
NOI $301,827 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
8,928
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Baltimore, MD
Frequently Asked Questions
What type of property is this?
Office building - Versatile, renovated office/retail building in Baltimore's CBD.
Where is this office building located?
The property is located at 6 S Gay Street Baltimore, MD.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Prime CBD location near Inner Harbor, City Hall, and courthouses.; Fully renovated in 2015 with high‑end finishes and updated utilities.; Versatile building easily subdivisible into four units with private entrances.
