Refrigerated & Cold Storage
For Sale
Contact for pricing
934 S Lakewood Ave, Baltimore, MD 21224
Existing wholesale produce facility with cold storage, loading access, and flexible commercial utility.
Property Size6,648 SF
Price / SF$195.55
Days on Market433
Property Features for 934 S Lakewood Ave
General Information
Standard status
Active
Size
6,648 SF
Property subtype
Industrial, Retail
Zoning
C-2
Investment Type
Owner/User
Warehouse & Industrial
Clear Height
20 ft
Mezzanine
1,200 SF
Cold Storage
Yes
Additional Details
Road Access
Yes
Listing Agency:
NAI KLNB (Baltimore, MD)
Listed By:
Don Schline · License #MD 529192
Source:
Crexi
Added: Jun 26, 2025
Changed: Aug 31
Last Checked: Aug 30 at 5:22AM
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 NAI KLNB (Baltimore, MD)
Investment Insights
Based on property information with market context.
This 6,648-square-foot refrigerated and cold storage facility includes an existing wholesale produce operation, two walk-in coolers, and a 1,200-square-foot mezzanine. Loading is supported by four doors measuring 10 feet wide by 8.5 feet high. The property is zoned C-2 and provides a combination of temperature-controlled space, supplemental mezzanine area, and commercial receiving capability.
The facility is accessible and visible from Lakewood and the Safeway parking lot. Its existing configuration supports continued produce-related operations while providing a physical layout that may accommodate other commercial applications identified for the property, including restaurant, brewery, fitness, medical, and warehouse uses.
The facility is accessible and visible from Lakewood and the Safeway parking lot. Its existing configuration supports continued produce-related operations while providing a physical layout that may accommodate other commercial applications identified for the property, including restaurant, brewery, fitness, medical, and warehouse uses.
Key Highlights
- 6,648‑square‑foot refrigerated and cold storage facility
- Two walk‑in coolers included
- 1,200 sf mezzanine
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
$45,660
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
3.51%
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%
$913,200
$913.2K
Cap Rate 7%
$652,286
$652.3K
Cap Rate 9%
$507,333
$507.3K
Market Conditions
NOI Build-Up for 6,648 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
$58.2K $8.76/SF
− Vacancy
−$4.5K −$0.68/SF
EGI
$53.7K $8.08/SF
− OpEx
−$8.1K −$1.21/SF
NOI
$45.7K $6.87/SF
Area
ZIP 21224
Vacancy
7.76%
Lease Rate
$8.76 /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%
$913,200
Cap Rate 7%
$652,286
Cap Rate 9%
$507,333
Alternative Uses
Best Use
Warehouse
$652.3K
$570.8K – $761.0K
NOI $45,660 @ 7.0% cap · market cap 3.51%
Second Best
Industrial
$524.4K
$458.8K – $611.8K
NOI $36,706 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,487 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,959
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 Industrial in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Existing wholesale produce facility with cold storage, loading access, and flexible commercial utility.
Where is this refrigerated & cold storage located?
The property is located at 934 S Lakewood Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 6,648‑square‑foot refrigerated and cold storage facility; Two walk‑in coolers included; 1,200 sf mezzanine
