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 Market188
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: Sep 11
Last Checked: Oct 5 at 3:02PM
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
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.
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Baltimore, MD
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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.
