Lower-Level Mixed-Use Office
For Sale
$205,000
723 S Charles Street Ll3, Baltimore, MD 21230
Flexible lower-level suite with natural light and approximately 1,083 SF, suitable for office, creative, studio, or wellness uses.
Property Size1,083 SF
Price / SF$189.29
Days on Market47
Property Features for 723 S Charles Street Ll3
General Information
Standard status
Active
Size
1,083 SF
Building Details
Year Built
1988
Listing Agency:
Coldwell Banker Realty
Listed By:
Jody Bell · License #MD657917
(240) 674-3937
Source:
Kandorre
Added: Jul 21
Changed: Sep 3
Last Checked: Sep 5 at 11:19AM
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 LL3 is a spacious lower-level mixed-use space offering approximately 1,083 square feet of flexible layout. The space benefits from natural light, supporting a range of business and occupancy configurations. It is positioned as a private footprint option for owner-users, entrepreneurs, and investors.
The property is located at 723 S Charles Street, Baltimore, MD, and is being marketed as part of a mixed-use setting. The unit is described as well-suited for office, administrative, creative, studio, wellness, or specialty commercial use.
In addition, the owner is willing to pass through available insurance proceeds totaling $26,409.04 to a purchaser to help complete repairs and improvements and tailor the space to their needs.
The property is located at 723 S Charles Street, Baltimore, MD, and is being marketed as part of a mixed-use setting. The unit is described as well-suited for office, administrative, creative, studio, wellness, or specialty commercial use.
In addition, the owner is willing to pass through available insurance proceeds totaling $26,409.04 to a purchaser to help complete repairs and improvements and tailor the space to their needs.
Key Highlights
- Approximately 1,083 SF flexible lower‑level mixed‑use suite (LL3).
- Suitable for office, administrative, creative, studio, wellness, or specialty commercial use.
- Lower‑level space includes natural light.
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
$15,057
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
7.34%
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%
$301,140
$301.1K
Cap Rate 7%
$215,100
$215.1K
Cap Rate 9%
$167,300
$167.3K
Market Conditions
NOI Build-Up for 1,083 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
$24.0K $22.20/SF
− Vacancy
−$4.0K −$3.66/SF
EGI
$20.1K $18.54/SF
− OpEx
−$5.0K −$4.63/SF
NOI
$15.1K $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%
$301,140
Cap Rate 7%
$215,100
Cap Rate 9%
$167,300
Alternative Uses
Best Use
Office B
$215.1K
$188.2K – $251.0K
NOI $15,057 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$259.5K
$227.0K – $302.7K
NOI $18,162 @ 7.0% cap · market cap 8.86%
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
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?
Office units - Flexible lower-level suite with natural light and approximately 1,083 SF, suitable for office, creative, studio, or wellness uses.
Where is this office units located?
The property is located at 723 S Charles Street Ll3 Baltimore, MD.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: Approximately 1,083 SF flexible lower‑level mixed‑use suite (LL3).; Suitable for office, administrative, creative, studio, wellness, or specialty commercial use.; Lower‑level space includes natural light.
