Renovated Residential Income
For Sale
$775,000
700 WASHINGTON PLACE Unit 3A, Baltimore, MD 21201
Three-bedroom co-op residence with historic character, modern finishes, concierge service, and access to separately deeded parking.
Property Size2,061 SF
Days on Market42
Property Features for 700 WASHINGTON PLACE Unit 3A
General Information
Standard status
Active
Size
2,061 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,007,233
Amenities
24-hour concierge service
Building Details
Building Size
2,061 SF
Year Built
1906
Year Renovated
2020
Listing Agency:
Homewise Realty Services, LLC
(240) 888-1847
Listed By:
Ross Levin · License #599619
(240) 888-1847
Source:
Barnesrealestatecompany
Added: Jul 11
Changed: Aug 21
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 Homewise Realty Services, LLC
Investment Insights
Based on property information with market context.
This residential income property is a three-bedroom, two-bath co-op residence in a 1906 building. Renovated in 2020, the unit combines original architectural elements with contemporary finishes, tall ceilings, inlaid hardwood flooring, and an open interior arrangement. Floor-to-ceiling windows bring substantial natural light, while the kitchen is designed for full meal preparation and the bedrooms provide generous living space.
A separately deeded parking space is available, and the building provides 24-hour concierge service. The property is positioned near restaurants, cafes, museums, Penn Station, downtown Baltimore, major commuter routes, and Metro access. The University of Maryland Medical Center Midtown Campus is approximately three blocks away.
A separately deeded parking space is available, and the building provides 24-hour concierge service. The property is positioned near restaurants, cafes, museums, Penn Station, downtown Baltimore, major commuter routes, and Metro access. The University of Maryland Medical Center Midtown Campus is approximately three blocks away.
Key Highlights
- Three‑bedroom, two‑bath co‑op residence in a 1906 building
- Renovated in 2020 with original architectural details retained
- Floor‑to‑ceiling windows, inlaid hardwood floors, and tall ceilings
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
$26,852
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
3.46%
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%
$537,040
$537.0K
Cap Rate 7%
$383,600
$383.6K
Cap Rate 9%
$298,356
$298.4K
Market Conditions
NOI Build-Up for 2,061 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
$51.9K $25.20/SF
− Vacancy
−$3.1K −$1.51/SF
EGI
$48.8K $23.69/SF
− OpEx
−$22.0K −$10.66/SF
NOI
$26.9K $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%
$537,040
Cap Rate 7%
$383,600
Cap Rate 9%
$298,356
Alternative Uses
Best Use
Apartment 5plus
$383.6K
$335.7K – $447.5K
NOI $26,852 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$493.8K
$432.0K – $576.1K
NOI $34,563 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,539
Businesses Nearby
Explore this area
Business Placement
Demographics for 21201, MD
18,382
Population
11,468
Households
1.6
Avg Household Size
34
Median Age
47%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
14,140
Density / Sq Mi
$44,722
Median Household Income
$44,239
Median Earnings
$1,282
Median Rent
$221,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom co-op residence with historic character, modern finishes, concierge service, and access to separately deeded parking.
Where is this residential income property located?
The property is located at 700 WASHINGTON PLACE Unit 3A Baltimore, MD.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bath co‑op residence in a 1906 building; Renovated in 2020 with original architectural details retained; Floor‑to‑ceiling windows, inlaid hardwood floors, and tall ceilings
