Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3232 Eastern Ave Baltimore, MD 21224-4047

    • Apartment buildings
    • 54,266 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $9,805,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US40-0310349
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Highland Haus Apartments / Apartment Building / Apartment Complex
    • Off the Rox Wine & Beer / Specialty Food Shop / Wine and Liquor Store
    • 3232 Eastern Avenue Parking / Parking Lot & Garage
    • Ceymar / Specialty Food Shop / Supermarket

    Property Details for 3232 Eastern Ave

    Year built
    2017
    Construction
    BRICK
    Lot size
    0.04 lot acres
    Property size
    54,266 SF
    Zone code
    C-1
    Property type
    Apartment buildings
    APN
    26-12-6298 -005
    APU
    26126298005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,574,000
      Market price range: $3.69M - $11.6M
      AI Estimate
      $8,038,000
      Market price range: $1.09M - $8.04M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $7,015,000
      Current use
      OFFICE BUILDING
      $15,825,000
      Change: +126% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $12,520,000
      Change: +79% Conversion: Difficult
      RESTAURANT
      $10,775,000
      Change: +54% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $9,940,000
      Change: +42% Conversion: Difficult
      WAREHOUSE, STORAGE
      $8,255,000
      Change: +18% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,905,000
      Change: +13% Conversion: Moderate
      MEDICAL BUILDING
      $7,885,000
      Change: +12% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Baltimore
    County
    Baltimore City
    State
    Maryland
    Longitude
    -76.5703
    Latitude
    39.2868
    CBSA code
    12580
    CBSA name
    BALTIMORE-TOWSON, MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $290,046
    $0.00
    $0.00
    $12,290,100
    -
    $571,500
    $11,758,600
    $12,330,100

    Comparable in this City

    • Value Estimation
      $865,000
      19,236 SF

      35 Lakewood Ave

      APARTMENT HOUSE (5+ UNITS) • 19,236 SF
      35 Lakewood Ave, Baltimore, MD 21224-1149
      View Details
    • Value Estimation
      $1,355,000
      7,510 SF

      1438 Hornel St

      APARTMENT HOUSE (5+ UNITS) • 7,510 SF
      1438 Hornel St, Baltimore, MD 21224-5555
      View Details
    • Value Estimation by Request
      7,692 SF

      414 Conkling St

      Multifamily properties • 7,692 SF
      414 Conkling St, Baltimore, MD 21224
      View Details
    • Value Estimation
      $545,000
      5,669 SF

      6600 Boston St

      APARTMENT HOUSE (5+ UNITS) • 5,669 SF
      6600 Boston St, Baltimore, MD 21224-3048
      View Details
    • Value Estimation
      $5,100,000
      45,427 SF

      4001 Lombard St

      APARTMENT HOUSE (5+ UNITS) • 45,427 SF
      4001 Lombard St, Baltimore, MD 21224
      View Details
    • Value Estimation by Request
      9,264 SF

      6525 Brown Ave

      APARTMENT HOUSE (5+ UNITS) • 9,264 SF
      6525 Brown Ave, Baltimore, MD 21224-6220
      View Details

    Similar Nearby for Sale

    • $500,000
      1,862 SF

      Highlandtown Multi-Unit with Commercial Space

      Vacant multi-unit property with commercial space in Highlandtown, Baltimore.
      3418 Eastern Ave, Baltimore, MD 21224
      View Details
    • Contact for pricing
      8,000 SF

      Baltimore City Mixed-Use Opportunity

      Mixed-use property with secured parking and residential apartment available for rent.
      3729-3737 Gough St, Baltimore, MD 21224
      View Details
    • $450,000
      2,560 SF

      Turnkey Bar and Apartment Building

      Mixed-use property with bar, apartment, and liquor license.
      3301 Foster Ave, Baltimore, MD 21224
      View Details
    • $895,000

      Mixed-Use Investment Near Patterson Park

      Six-unit mixed-use property with stable income and growth potential.
      3344 E Baltimore St, Baltimore, MD 21224
      View Details
    • $560,000
      3,540 SF

      Highlandtown Multi-Unit Building with Parking

      Four units, parking, desirable location near Canton waterfront.
      215 S Eaton St, Baltimore, MD 21224
      View Details

    Similar Nearby for Lease

    • $1,800 /Mo

      Established Salon Space Available

      Turnkey salon space with optional apartment in Baltimore.
      3400 Esther Pl, Baltimore, MD 21224
      View Details
    • $4,150 /Mo
      1,307 SF

      Historic Canton Square Office Space

      Office space in a renovated building with high traffic exposure.
      2938 O'donnell St, Baltimore, MD 21224
      View Details
    • Contact for pricing

      6600 Holabird Ave, Baltimore, MD 21224

      Retail space
      6600 Holabird Ave, Baltimore, MD 21224
      View Details
    • $7,200 /Mo

      Renovated Flex Space in Baltimore Highlands

      First-floor, 4800 SF flex space in renovated industrial building.
      1 N Haven St, Baltimore, MD 21224
      View Details
    • Contact for pricing

      Modern Versatile Space For Lease

      Modern space for lease in a convenient Baltimore location.
      3211 Eastern Ave, Baltimore, MD 21224
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3232 Eastern Ave
    Baltimore, MD 21224-4047
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!