Baltimore Warehouse in
For Sale
$350,000
858 CARROLL St, Baltimore, MD 21230
4,176 sq ft warehouse in Baltimore's Pigtown neighborhood.
Property Size4,176 SF
Lot Size0.10 Acres
Price / SF$83.81
Days on Market164
Property Features for 858 CARROLL St
General Information
Standard status
Active
Size
4,176 SF
Lot size
0.10 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,632
Building Details
Year Built
1920
Units
1
Listing Agency:
LONG & FOSTER REAL ESTATE, INC.
(571) 235-9315
Listed By:
Cameron Alice Dodd
(571) 235-9315
Source:
Elliman
Added: Mar 11
Changed: Aug 21
Last Checked: Aug 20 at 11:59AM
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 LONG & FOSTER REAL ESTATE, INC.
Investment Insights
Based on property information with market context.
This 4,176 sq ft warehouse is located in Baltimore’s historic Pigtown neighborhood. The space features two drive-in garage doors, making it suitable for light industrial, storage, or distribution purposes. The property is conveniently situated near downtown Baltimore and major highways, providing easy access for trucks and deliveries.
Key Highlights
- 4,176 sq ft warehouse space suitable for light industrial, storage, or distribution.
- Located in Baltimore’s historic Pigtown neighborhood.
- Two drive‑in garage doors for easy access.
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
$27,503
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
7.86%
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%
$550,060
$550.1K
Cap Rate 7%
$392,900
$392.9K
Cap Rate 9%
$305,589
$305.6K
Market Conditions
NOI Build-Up for 4,176 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
$35.1K $8.40/SF
− Vacancy
−$2.7K −$0.65/SF
EGI
$32.4K $7.75/SF
− OpEx
−$4.9K −$1.16/SF
NOI
$27.5K $6.59/SF
Area
Baltimore, MD
Vacancy
7.76%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$550,060
Cap Rate 7%
$392,900
Cap Rate 9%
$305,589
Alternative Uses
Best Use
Warehouse
$392.9K
$343.8K – $458.4K
NOI $27,503 @ 7.0% cap · market cap 7.86%
Second Best
Industrial
$329.4K
$288.2K – $384.3K
NOI $23,057 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$1.00M
$875.4K – $1.17M
NOI $70,032 @ 7.0% cap · market cap 20.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,614
Businesses Nearby
Well-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 Industrial in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 4,176 sq ft warehouse in Baltimore's Pigtown neighborhood.
Where is this warehouse located?
The property is located at 858 CARROLL St Baltimore, MD.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 4,176 sq ft warehouse space suitable for light industrial, storage, or distribution.; Located in Baltimore’s historic Pigtown neighborhood.; Two drive‑in garage doors for easy access.
