Renovated Apartment
For Sale
$1,195,000
825 North Charles Street, Baltimore, MD 21201
Four-story historic building combines updated apartments with a ground-floor commercial space in Baltimore’s Mount Vernon district.
Property Size7,240 SF
Price / SF$165.06
Days on Market448
Property Features for 825 North Charles Street
General Information
Standard status
Active
Size
7,240 SF
Property subtype
Multi-Family / Fee Simple
Zoning
C-2
Occupancy
100%
Units
Unit Mix
5 x 1 Br-1 Ba, 2 x 2 Br-1 Ba
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$18,938
Amenities
granite counters
hardwood floors
designer cabinets
built-in microwaves
dishwashers
stainless steel appliances
stackable washer/dryer
central HVAC
No
No Pool
Building Details
Year Built
1900
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Cummings & Co. Realtors
(410) 274-3326
Listed By:
Thomas B Maley · License #656646
(410) 274-3326
Source:
Compass
Added: Jun 10, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:56PM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
Built in 1900, this four-story property contains 7,240 SF and has been renovated for residential and commercial occupancy. The building includes eight units: five one-bedroom, one-bath apartments, two two-bedroom, one-bath apartments, and one ground-floor commercial space occupied by a clothing retailer. Residential interiors feature granite countertops, hardwood flooring, designer cabinetry, built-in microwaves, dishwashers, stainless steel appliances, stackable washers and dryers, central HVAC, high ceilings, and large windows. The property is fully occupied and zoned C-2.
Located at 825 North Charles Street in Baltimore’s Mount Vernon area, the building is near restaurants, shopping, The Peabody Institute of Johns Hopkins University, and several medical centers. The property is within Baltimore city limits and is served by Baltimore City Public Schools.
Located at 825 North Charles Street in Baltimore’s Mount Vernon area, the building is near restaurants, shopping, The Peabody Institute of Johns Hopkins University, and several medical centers. The property is within Baltimore city limits and is served by Baltimore City Public Schools.
Key Highlights
- 8‑unit configuration with five 1 Br‑1 Ba apartments and two 2 Br‑1 Ba apartments
- 1 commercial space on the ground floor, currently occupied by a clothing retailer
- 7,240 SF, four‑story building constructed in 1900
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
$102,474
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
8.58%
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%
$2,049,480
$2.0M
Cap Rate 7%
$1,463,914
$1.5M
Cap Rate 9%
$1,138,600
$1.1M
Market Conditions
NOI Build-Up for 7,240 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
$156.4K $21.60/SF
− Vacancy
−$10.0K −$1.38/SF
EGI
$146.4K $20.22/SF
− OpEx
−$43.9K −$6.07/SF
NOI
$102.5K $14.15/SF
Area
Baltimore, MD
Vacancy
6.39%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,049,480
Cap Rate 7%
$1,463,914
Cap Rate 9%
$1,138,600
Alternative Uses
Best Use
Retail
$1.46M
$1.28M – $1.71M
NOI $102,474 @ 7.0% cap · market cap 8.58%
Second Best
Mixed Use
$1.43M
$1.25M – $1.67M
NOI $99,912 @ 7.0% cap · market cap 8.36%
Theoretical Best
Office A
$1.73M
$1.52M – $2.02M
NOI $121,415 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,696
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 - Four-story historic building combines updated apartments with a ground-floor commercial space in Baltimore’s Mount Vernon district.
Where is this apartment building located?
The property is located at 825 North Charles Street Baltimore, MD.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 8‑unit configuration with five 1 Br‑1 Ba apartments and two 2 Br‑1 Ba apartments; 1 commercial space on the ground floor, currently occupied by a clothing retailer; 7,240 SF, four‑story building constructed in 1900
