As-Is Office Building on
For Sale
$600,000
6224 EASTERN AVENUE, Baltimore, MD 21224
As-is office building offering high visibility and accessibility along a heavily traveled Baltimore corridor.
Property Size3,805 SF
Price / SF$157.69
Days on Market49
Property Features for 6224 EASTERN AVENUE
General Information
Standard status
Active
Size
3,805 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
1926
Listing Agency:
Coldwell Banker Realty
(410) 721-0103
Listed By:
Emanuel Williams · License #DCSP98360836
(301) 509-4481
Source:
Cummingsrealtors
Added: Jul 20
Changed: Sep 5
Last Checked: Sep 6 at 7:08AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
6224 Eastern Avenue is an office building positioned along Baltimore’s heavily traveled Eastern Avenue corridor, designed to provide visibility and convenient access for employees and clients. The property does need renovation and is being sold as-is.
The site is located minutes from Interstate 95 and Interstate 895, and it benefits from proximity to Canton, Brewers Hill, Highlandtown, and Downtown Baltimore. The surrounding area includes established commercial activity with national retailers, neighborhood businesses, healthcare institutions, and major employment centers.
Overall, this is a straightforward office asset on a prominent local corridor that may suit buyers looking for an as-is office property with corridor exposure, with plans to address renovations after closing.
The site is located minutes from Interstate 95 and Interstate 895, and it benefits from proximity to Canton, Brewers Hill, Highlandtown, and Downtown Baltimore. The surrounding area includes established commercial activity with national retailers, neighborhood businesses, healthcare institutions, and major employment centers.
Overall, this is a straightforward office asset on a prominent local corridor that may suit buyers looking for an as-is office property with corridor exposure, with plans to address renovations after closing.
Key Highlights
- As‑is office building built in 1926
- Located along Baltimore’s heavily traveled Eastern Avenue corridor
- Minutes to I‑95 and I‑895
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
$51,889
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
8.65%
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%
$1,037,780
$1.0M
Cap Rate 7%
$741,271
$741.3K
Cap Rate 9%
$576,544
$576.5K
Market Conditions
NOI Build-Up for 3,805 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
$83.6K $21.96/SF
− Vacancy
−$14.4K −$3.78/SF
EGI
$69.2K $18.18/SF
− OpEx
−$17.3K −$4.55/SF
NOI
$51.9K $13.64/SF
Area
ZIP 21224
Vacancy
17.20%
Lease Rate
$21.96 /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%
$1,037,780
Cap Rate 7%
$741,271
Cap Rate 9%
$576,544
Alternative Uses
Best Use
Office B
$741.3K
$648.6K – $864.8K
NOI $51,889 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$911.6K
$797.6K – $1.06M
NOI $63,810 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,895
Businesses Nearby
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
Market
Vacancy Rate% for Office in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - As-is office building offering high visibility and accessibility along a heavily traveled Baltimore corridor.
Where is this office building located?
The property is located at 6224 EASTERN AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: As‑is office building built in 1926; Located along Baltimore’s heavily traveled Eastern Avenue corridor; Minutes to I‑95 and I‑895
