Historic Beaux Arts Building
For Sale
$660,000
Pending
700 WASHINGTON PLACE 3B, Baltimore, MD 21201
Updated 3-bedroom apartment with views and historic charm.
Property Size2,037 SF
Days on Market267
Property Features for 700 WASHINGTON PLACE 3B
General Information
Standard status
Pending
Size
2,037 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$53,774
Building Details
Building Size
2,037 SF
Year Built
1906
Units
30
Listing Agency:
(202) 236-2200
Listed By:
Julie A Canard · License #68745
(202) 236-2200
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Jul 23 at 4:20AM
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 Julie A Canard
Investment Insights
Based on property information with market context.
This historic Beaux Arts building offers views of Mount Vernon and the original monument to George Washington. The updated apartment features 3 bedrooms and 2 full baths. In-laid hardwood flooring extends throughout the unit, which includes a large dining room and a double living room with a decorative fireplace. High ceilings and floor-to-ceiling windows are present. A large storage room is located in the lower level. The property is situated within close distance to Penn Station, historic mansions, fine restaurants, the Baltimore Symphony Orchestra, The Walters Art Gallery, Peabody Institute, and Center Stage. Taxes are included in the coop fee, and a 24-hour door person is provided.
Key Highlights
- Unparalleled views of Mount Vernon and the original Washington Monument.
- Located in a historic Beaux Arts building.
- Boasts 3 bedrooms and 2 full bathrooms.
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
$26,539
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
4.02%
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%
$530,780
$530.8K
Cap Rate 7%
$379,129
$379.1K
Cap Rate 9%
$294,878
$294.9K
Market Conditions
NOI Build-Up for 2,037 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
$51.3K $25.20/SF
− Vacancy
−$3.1K −$1.51/SF
EGI
$48.3K $23.69/SF
− OpEx
−$21.7K −$10.66/SF
NOI
$26.5K $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%
$530,780
Cap Rate 7%
$379,129
Cap Rate 9%
$294,878
Alternative Uses
Best Use
Apartment 5plus
$379.1K
$331.7K – $442.3K
NOI $26,539 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$488.0K
$427.0K – $569.4K
NOI $34,161 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated 3-bedroom apartment with views and historic charm.
Where is this apartment building located?
The property is located at 700 WASHINGTON PLACE 3B Baltimore, MD.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Unparalleled views of Mount Vernon and the original Washington Monument.; Located in a historic Beaux Arts building.; Boasts 3 bedrooms and 2 full bathrooms.
