Lower-Level Flex
For Sale
$145,000
723 S Charles Street Ll2, Baltimore, MD 21230
Natural light enhances this flexible commercial workspace in a lower-level setting.
Property Size684 SF
Price / SF$211.99
Days on Market42
Property Features for 723 S Charles Street Ll2
General Information
Standard status
Active
Size
684 SF
Building Details
Year Built
1985
Listing Agency:
Coldwell Banker Realty
(240) 674-3937
Listed By:
Jody Bell · License #MD657917
Source:
Theatwoodteam
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 8:49PM
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 an approximately 684-square-foot lower-level flex space with a mixed-use configuration and natural light. The compact layout is suited to flexible commercial occupancy, including office, consulting, wellness, and creative work uses identified for the unit. Built in 1985, the property offers a smaller-footprint option in Baltimore’s Federal Hill area.
The unit is located at 723 S Charles Street in South Baltimore. Unit LL2 may be combined with Unit 102, creating the opportunity for a larger contiguous occupancy arrangement.
The unit is located at 723 S Charles Street in South Baltimore. Unit LL2 may be combined with Unit 102, creating the opportunity for a larger contiguous occupancy arrangement.
Key Highlights
- Approximately 684 square feet of lower‑level flex space
- Natural light in a lower‑level commercial unit
- Mixed‑use configuration for flexible occupancy
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,994
Businesses Nearby
Under-served
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 - Natural light enhances this flexible commercial workspace in a lower-level setting.
Where is this flex space located?
The property is located at 723 S Charles Street 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: Approximately 684 square feet of lower‑level flex space; Natural light in a lower‑level commercial unit; Mixed‑use configuration for flexible occupancy
