Two-Story Restaurant and
New
For Sale
$500,000
617 N DUNCAN STREET, Baltimore, MD 21205
Existing kitchen, bar, dining, and lounge areas support multiple service formats.
Property Size3,444 SF
Price / SF$145.18
Days on Market7
Property Features for 617 N DUNCAN STREET
General Information
Standard status
Active
Size
3,444 SF
Property subtype
Commercial
Additional Details
Liquor License
Yes
Building Details
Year Built
1900
Stories
2
Listing Agency:
Ashland Auction Group LLC
(410) 488-3124
Listed By:
Adam M Shpritz · License #RMR004765
(410) 365-3595
Source:
Cummingsrealtors
Added: Aug 30
Changed: Sep 4
Last Checked: Sep 4 at 5:15AM
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 Ashland Auction Group LLC
Investment Insights
Based on property information with market context.
This 3,444-square-foot, two-story restaurant property includes a commercial kitchen, dining space, bar service, and lounge areas. A liquor license is in place, and the existing configuration supports continued restaurant operations or a reimagined hospitality concept. Built in 1900, the property is currently owner-occupied and will be delivered vacant at settlement.
The building is directly across from Northeast Market and near Johns Hopkins Hospital. Access is provided through E. Monument Street and Orleans Street, connecting the property with surrounding Baltimore destinations and nearby residential areas.
The building is directly across from Northeast Market and near Johns Hopkins Hospital. Access is provided through E. Monument Street and Orleans Street, connecting the property with surrounding Baltimore destinations and nearby residential areas.
Key Highlights
- 3,444‑square‑foot two‑story restaurant and lounge property
- Commercial kitchen with dining, bar, and lounge configuration
- Liquor license included
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
$19,015
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
3.80%
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%
$380,300
$380.3K
Cap Rate 7%
$271,643
$271.6K
Cap Rate 9%
$211,278
$211.3K
Market Conditions
NOI Build-Up for 3,444 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
$28.9K $8.40/SF
− Vacancy
−$1.8K −$0.51/SF
EGI
$27.2K $7.89/SF
− OpEx
−$8.1K −$2.37/SF
NOI
$19.0K $5.52/SF
Area
Baltimore, MD
Vacancy
6.10%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
30.00%
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%
$380,300
Cap Rate 7%
$271,643
Cap Rate 9%
$211,278
Alternative Uses
Best Use
Specialty Retail
$795.0K
$695.7K – $927.6K
NOI $55,653 @ 7.0% cap · market cap 11.13%
Second Best
Industrial
$271.6K
$237.7K – $316.9K
NOI $19,015 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$825.1K
$722.0K – $962.6K
NOI $57,756 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
6,531
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 21205, MD
14,691
Population
6,502
Households
2.3
Avg Household Size
34
Median Age
16%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
6,996
Density / Sq Mi
$38,723
Median Household Income
$36,735
Median Earnings
$1,052
Median Rent
$94,900
Median Home Value
Market
Vacancy Rate% for Retail in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Existing kitchen, bar, dining, and lounge areas support multiple service formats.
Where is this conventional restaurant located?
The property is located at 617 N DUNCAN STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3,444‑square‑foot two‑story restaurant and lounge property; Commercial kitchen with dining, bar, and lounge configuration; Liquor license included
