Owner-User & Value-Add Opportunity | Long-Term Income In-Place 

​

The property is being marketed broadly to investors and owner-users, with final pricing to be determined through a competitive online auction process. 

 

Executive Summary

​

343 North Charles Street presents a rare opportunity to acquire a historic, mixed-occupancy asset with long-term in-place income and immediate lease-up and occupancy potential in one of Baltimore’s most desirable corridors. Offered via Ten-X auction, the property provides a compelling opportunity for a basis-driven acquisition with multiple paths to value creation. 

​

The ground floor is occupied by Live Baltimore, a well-established nonprofit tenant with over 20 years of occupancy at the property. The tenant recently executed a new long-term lease extending through June 2031, with additional extension options into the 2030s, providing stable, durable occupancy and street-level activation. 

​

The upper floors offer a flexible occupancy profile, allowing a buyer to occupy, lease, or reposition space while maintaining income from the ground-floor tenancy. This structure allows a buyer to control and monetize the upper floors in a highly desirable location while maintaining stable income from the ground-floor tenancy. 

​

Positioned at the intersection of North Charles Street and Mulberry Street, directly adjacent to the Baltimore Basilica, the property sits within a premier stretch of the Charles Street corridor that serves as a critical link between the Central Business District and the Mount Vernon neighborhood. This location is widely regarded as one of the city’s most walkable, amenity-rich, and architecturally distinguished environments, characterized by boutique retail, acclaimed local restaurants, institutional anchors, and a strong base of professional and nonprofit office users. 

​

The property consists of a four-story, 13,333-square-foot historic office building featuring a distinctive stone façade, vintage storefront presence, and elevator service. The building is currently configured as a two-tenant asset with additional available space, creating a hybrid profile that appeals to both investors and owner-users. 

​

With below-market rents, flexible tenancy, and highly adaptable zoning, the asset offers multiple paths to value creation through lease-up, rent growth, and repositioning strategies. Offered via Ten-X auction, this is an opportunity to acquire a well-located, character-rich property at a potentially attractive basis within one of Baltimore’s most sought-after corridors. 

​

Investment Snapshot 
Basis Opportunity via Auction Process 

​

- Current Income: ~$51,000 annually  

- Stabilized Potential: ~$132,000 annually  

- Upside: +$80,000+ income growth  

- NOI: (~$22K)  ~$55K–$60K  

​

Long-Term Tenant in Place Through 2031 (+ options)  

​

The asset combines downside protection through long-term tenancy with clear upside through lease-up, rent growth, and repositioning of the upper floors. 

​

Investment Highlights 

​

343 North Charles Street offers a differentiated investment profile defined by its ability to provide both immediate income and near-term control of space within one of Baltimore’s most sought-after corridors. Unlike traditional small office assets, the property allows a buyer to blend owner occupancy with stabilized cash flow, while maintaining flexibility to reposition or enhance the asset over time. 

​

The presence of a long-term, street-level tenant establishes a reliable income base, while the structure of the upper-floor tenancy introduces a level of optionality that is rarely available in comparable properties. Combined with below-market rents and highly flexible zoning, the asset presents multiple avenues for value creation, all anchored by a location that continues to attract both users and investors. 

​

Key Highlights 

​

- Ability to occupy or control entire upper floors while maintaining income in place  
- Established street-level tenant in place for 20+ years with new lease through 2031 and 
   extension options  
- Near-term ability to lease, reposition, or convert upper floors  
- Below-market rents creating clear mark-to-market opportunity  
- Flexible C-5-HT zoning supporting office, retail, residential, or mixed-use  
- Vacancy and lease structure enable immediate value-add execution  
- Offered via Ten-X auction enabling competitive, market-driven pricing 

​

Property Overview 

​

343 North Charles Street is a four-story, 13,333-square-foot office building located within Baltimore’s historic Charles Street corridor. The property’s architectural character, including its stone façade, arched detailing, and vintage storefront, contributes to a strong visual identity and street presence that is increasingly difficult to replicate. 

​

Internally, the building offers functional floor plates and elevator access, supporting a range of uses from traditional office to boutique workspace or mixed-use configurations. The upper floors are well maintained and suitable for immediate occupancy or lease-up. 

The current configuration supports both income generation and future repositioning, making the asset attractive to a wide range of buyers. 

​

The building’s scale and layout make it particularly well suited for owner-users seeking a boutique presence in a highly visible and character-rich location. 

​

Tenant Overview 

​

The tenancy at 343 N Charles Street provides a combination of long-term income stability and operational flexibility. 

​

Live Baltimore occupies the ground floor and has been a tenant at the property for over twenty years, reinforcing long-term stability and consistent occupancy. The tenant’s space was newly renovated in 2021, further enhancing the quality and appeal of the property. In 2026, the tenant executed a new five-year lease extending through June 2031, with additional one-year extension options thereafter.

​

The lease structure provides stable occupancy but reflects below-market rent levels and a modified gross structure, creating an opportunity for future income growth through lease restructuring and expense recovery. 

​

Baltimore Renters United occupies a portion of the second floor under a lease extending through March 2028. Importantly, the structure of this lease provides future flexibility, allowing a buyer the potential to regain control of the space for occupancy or repositioning. 

This combination of a long-term anchor tenant and flexible upper-floor tenancy is rarely available in comparable assets and enhances the property’s appeal to both investors and owner-users. 

​

Income & Lease Profile 

​

The property is currently operating with below-market rents and a relatively landlord-intensive expense structure, resulting in modestly negative net operating income. This positioning presents a meaningful opportunity to enhance NOI over time through lease-up, operational efficiencies, and potential expense restructuring. 

​

The property currently generates approximately $51,000 in annual gross income, providing a baseline level of cash flow while maintaining significant upside potential. 

​

Leases are structured as gross or modified gross, with limited expense recoveries. As a result, current ownership bears a majority of operating expenses, creating an opportunity for a future owner to improve net operating income through lease restructuring and expense pass-throughs. 

​

In-place rents are believed to be below prevailing market levels, positioning the asset for income growth through lease renewals, re-tenanting, and lease-up of currently vacant space. 

​

At current income levels, a buyer is effectively acquiring the property with partial income coverage while retaining the ability to materially increase revenue over time. 

​

Stabilized Income Potential 

​

Upon lease-up and market rent alignment, the property has the potential to more than double current income levels. 

​

Based on market guidance and leasing assumptions, the property has the potential to achieve approximately $11,000 in monthly gross income (approximately $132,000 annually upon stabilization). 

​

This projection reflects: 
- Market-aligned rent for the existing ground-floor tenancy 
- Lease-up of currently vacant second and third floor space

​

Illustrative Stabilized Income: 

​

​

​

​

​

​

​

​

​

​

​

​

This represents a substantial increase from the current in-place income of approximately $51,000 annually and highlights the property’s ability to generate meaningful revenue growth through lease-up and repositioning. 

​

Actual performance will vary based on lease-up timing, tenant mix, and execution strategy. 

​

Investment Strategy 

 

343 North Charles Street offers a flexible investment profile with multiple execution paths, allowing buyers to tailor the asset to their specific objectives.

​

An owner-user strategy allows a buyer to occupy second and upper floors for business operations while maintaining income from the street-level tenant, effectively reducing occupancy cost and creating long-term control of a well-located asset.

​

A repositioning strategy allows for lease-up, renovation, or potential conversion to alternative uses, including residential on the upper floors. The second and third floors may also be well suited for boutique coworking or flexible office concepts similar to Industrious or WeWork-style workspace models, offering a potential alternative to traditional office leasing. Previous ownership successfully operated the second floor with three separate tenants under short-term lease structures, demonstrating the floorplate’s flexibility and appeal to smaller users seeking turnkey workspace in a highly walkable downtown location.

​

This approach is supported by flexible C-5-HT zoning and broader market trends favoring adaptive reuse of well-located urban office assets. As a result, the property offers multiple execution paths and exit strategies aligned with evolving demand in the Baltimore Central Business District.
 

 

​Location Overview – Charles Street Corridor 

​

343 N Charles Street is located at the intersection of Charles and Mulberry Streets, directly adjacent to the Baltimore Basilica, within one of the city’s most desirable and historically rich corridors. 

​

This portion of Charles Street serves as a gateway between Downtown and Mount Vernon, offering a mix of historic character, commercial activity, and cultural significance. The area is defined by boutique retail, local dining, institutional anchors, and professional office users. 

​

This corridor is widely considered one of Baltimore’s most desirable locations for boutique office users and owner-occupants seeking a distinctive, walkable environment. 

​

This micro-location stands apart from broader downtown positioning due to its character, stability, and long-term desirability, making it particularly attractive for owner-users.

​

Connectivity & Accessibility 

​

The property benefits from excellent accessibility, with immediate proximity to public transit and convenient access to major regional highways including I-83 and I-95. The surrounding area places users within walking distance of key destinations such as the University of Maryland Medical Center, Lexington Market, the Inner Harbor, and Camden Yards, reinforcing both tenant demand and long-term asset value. 

​

Zoning Overview – C-5-HT

​

The property is zoned C-5-HT (Downtown Historic and Traditional Subdistrict), one of Baltimore’s most flexible and desirable zoning classifications. This designation allows for a wide range of uses, including office, retail, residential, and mixed-use configurations. 

This flexibility supports ongoing adaptive reuse trends throughout the Charles Street and Mount Vernon corridor, where similar vintage buildings are increasingly being repositioned into alternative uses. As a result, the zoning not only accommodates current use but also enhances long-term optionality and exit strategies for future ownership. 

​

Market Leasing Overview 

​

Leasing activity in the area indicates rents ranging from approximately $1.30 to $2.00 per square foot (gross equivalent) for comparable space. 

​

This suggests that current rents at the property are below market, providing an opportunity for income growth. 

​

This range highlights a meaningful gap between in-place rents and market levels, supporting a clear opportunity to increase income through future leasing activity. 

​

Rental Upside Opportunity 

​

Current in-place rents at 343 N Charles Street are below prevailing market levels for comparable office space within the Charles Street and Mount Vernon corridor. Market leasing activity indicates rents ranging from approximately $1.30 to $2.00 per square foot (gross equivalent), while in-place rents are estimated to be meaningfully lower. 

​

This gap presents a clear opportunity for a future owner to increase revenue through lease renewals, re-tenanting, or repositioning of available space. As market rents continue to stabilize, the ability to capture this spread represents a key driver of long-term value creation. 

​

Income potential varies based on leasing assumptions and execution strategy, with stabilized scenarios reflecting full lease-up and market-aligned rents. 

​

​

​

 

 

 

 

 

 

 

​

​

​

​

 

​

Comparable Sales Overview 

​

Recent comparable sales indicate pricing between $90 and $150 per square foot, with higher values achieved by well-positioned or owner-user assets. 

​

This supports the potential for an attractive acquisition basis. 

​

Market Trends 

​

Market conditions reflect a stabilized pricing environment following recent adjustments, with cap rates generally ranging between approximately 9% and 11%. At the same time, investor focus has increasingly shifted toward value-add and adaptive reuse opportunities, particularly within well-located urban assets similar to 343 N Charles Street. 

​

Target Buyer Profile

 

The asset is well suited for a range of buyers, particularly owner-users seeking a central, character-rich location, as well as boutique office users, local investors, and value-add buyers. The property also presents a compelling opportunity for 1031 exchange investors seeking both income and long-term upside potential.  

​

Auction Details 

​

Ten-X Auction Details 

- Auction Dates: June 22–24, 2026  

- Online Bidding Platform: Ten-X  

​

The Ten-X platform provides a transparent and competitive acquisition process, allowing buyers to determine pricing through an open, market-driven environment. 

​

Buyers may complete due diligence prior to auction and compete on pricing through an open bidding process. 

​

Additional information, documents, and registration are available via the Ten-X listing: 
https://www.loopnet.com/Listing/343-N-Charles-St-Baltimore-MD/40216886/ 

​

Why This Opportunity Stands Out

​

343 N Charles Street offers a rare opportunity to control space along one of Baltimore’s most desirable corridors while benefiting from in-place income and clear upside potential. The combination of flexible tenancy, below-market rents, and highly adaptable zoning creates multiple paths to value, whether through owner occupancy, lease-up, or long-term repositioning. 

​

Few assets of this size and location provide the same level of control, flexibility, and basis opportunity, making this a compelling acquisition for both users and investors. 

​

Why This Opportunity Works 

​

- Long-term tenant provides stable occupancy through 2031 and beyond  
- Upper floors available for occupancy, lease-up, or repositioning  
- Below-market rents create clear path to NOI growth  
- Flexible zoning supports residential or mixed-use conversion  
- Offered via Ten-X enabling basis-driven acquisition 

​

Tours/Previews 

​

Please contact David Lowry, 443-865-3941 or david@realmarkets.com to schedule a preview of the property.