Lower-Level Flex Space with Natural
For Sale
$145,000
723 S CHARLES ST #LL2 LL2, Baltimore, MD 21230
Compact mixed-use unit offering a flexible lower-level layout for office, wellness, consulting, or creative work.
Property Size684 SF
Price / SF$211.99
Days on Market50
Property Features for 723 S CHARLES ST #LL2 LL2
General Information
Standard status
Active
Size
684 SF
Additional Details
Floor
Lower Level
Listing Agency:
Coldwell Banker Realty
(301) 983-0202
Listed By:
Jody Bell · License #657917
Source:
Towncentermd
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 30 at 5:45PM
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.
Unit LL2 is a 684-square-foot lower-level flex space at 723 S Charles St in Baltimore’s Federal Hill area. The mixed-use layout is suited to smaller business operations, including consulting, wellness services, private offices, and creative workspaces. Natural light adds functionality to the below-grade setting.
The unit is offered for sale and may be combined with Unit 102 to create a larger contiguous occupancy. Its location in South Baltimore provides a setting for users seeking a compact commercial footprint within an established urban district.
The unit is offered for sale and may be combined with Unit 102 to create a larger contiguous occupancy. Its location in South Baltimore provides a setting for users seeking a compact commercial footprint within an established urban district.
Key Highlights
- 684 SF lower‑level flex space
- Natural light in a below‑grade commercial unit
- Mixed‑use layout for office, wellness, consulting, or creative users
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
$9,509
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
6.56%
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%
$190,180
$190.2K
Cap Rate 7%
$135,843
$135.8K
Cap Rate 9%
$105,656
$105.7K
Market Conditions
NOI Build-Up for 684 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
$15.2K $22.20/SF
− Vacancy
−$2.5K −$3.66/SF
EGI
$12.7K $18.54/SF
− OpEx
−$3.2K −$4.63/SF
NOI
$9.5K $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 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%
$190,180
Cap Rate 7%
$135,843
Cap Rate 9%
$105,656
Alternative Uses
Best Use
Office B
$135.8K
$118.9K – $158.5K
NOI $9,509 @ 7.0% cap · market cap 6.56%
Second Best
Flex RnD
$105.8K
$92.5K – $123.4K
NOI $7,403 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$163.9K
$143.4K – $191.2K
NOI $11,471 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
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?
Flex space - Compact mixed-use unit offering a flexible lower-level layout for office, wellness, consulting, or creative work.
Where is this flex space located?
The property is located at 723 S CHARLES ST #LL2 LL2 Baltimore, MD.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: 684 SF lower‑level flex space; Natural light in a below‑grade commercial unit; Mixed‑use layout for office, wellness, consulting, or creative users
