Move-in Ready Highlandtown Office
For Sale
Contact for pricing
Pending
3200 Eastern Ave, Baltimore, MD 21224
Two-story office building with on-site parking in Highlandtown.
Property Size5,400 SF
Days on Market945
Property Features for 3200 Eastern Ave
General Information
Standard status
Pending
Size
5,400 SF
Class
A
Property subtype
Office
Occupancy
100%
Lease Type
Net
Building Details
Year Renovated
2012
Tenancy
Single
Listing Agency:
Cummings & Co. Realtors
Listed By:
Patrick Richards · License #MD 524643
Source:
Crexi
Added: Jan 24, 2024
Changed: Aug 25
Last Checked: Aug 23 at 3:53PM
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.
This two-story office building offers over 5,400 square feet of move-in ready office space. The layout is suitable for medical, counseling, or non-profit uses. A full building renovation was completed in 2012. The property features on-site parking with 16 spaces. An unfinished lower level, approximately 1,800 square feet, provides additional storage space. The building is located on Eastern Avenue in Highlandtown.
Key Highlights
- Move‑in ready office space with over 5,400 sqft.
- Convenient location on Eastern Ave in Highlandtown.
- On‑site parking with 16 spaces.
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
$74,708
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
5.98%
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%
$1,494,160
$1.5M
Cap Rate 7%
$1,067,257
$1.1M
Cap Rate 9%
$830,089
$830.1K
Market Conditions
NOI Build-Up for 5,400 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
$136.1K $25.20/SF
− Vacancy
−$11.6K −$2.14/SF
EGI
$124.5K $23.06/SF
− OpEx
−$49.8K −$9.22/SF
NOI
$74.7K $13.83/SF
Area
ZIP 21224
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,494,160
Cap Rate 7%
$1,067,257
Cap Rate 9%
$830,089
Alternative Uses
Best Use
Healthcare Medical
$1.07M
$933.9K – $1.25M
NOI $74,708 @ 7.0% cap · market cap 5.98%
Second Best
Office B
$1.05M
$920.5K – $1.23M
NOI $73,641 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,558 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,444
Businesses Nearby
Explore this area
Business Placement
Demographics for 21224, MD
54,266
Population
23,433
Households
2.3
Avg Household Size
33
Median Age
50%
College-Educated
85%
High-School Grad
9.3 sq mi
ZIP Area
5,835
Density / Sq Mi
$86,209
Median Household Income
$63,556
Median Earnings
$1,782
Median Rent
$281,400
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 building - Two-story office building with on-site parking in Highlandtown.
Where is this office building located?
The property is located at 3200 Eastern Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Move‑in ready office space with over **5,400 sqft.**; Convenient location on Eastern Ave in Highlandtown.; On‑site parking with **16 spaces.**
