414 Water Street
Unit 2809
Comp Analysis
| Unit | Floor | Sq Ft | Bed / Bath | List Price | Price / SF | DOM | Status |
|---|---|---|---|---|---|---|---|
| 2809 (Subject) | 28 | 980 | 2 / 2 | $1,950 current | $1.99 | N/A | Subject |
| 2601 | 26 | 1,067 | 2 / 2 | $2,600 | $2.44 | 11 | Active |
| 2512 | 25 | 1,089 | 2 / 2 | $2,600 | $2.39 | 12 | Active |
| 2913 | 29 | 1,404 | 2 / 2.5 | $2,500 | $1.78 | 15 | Active |
| 1201 | 12 | 1,100 | 2 / 2 | $2,450 | $2.23 | 78 | Active |
| 2315 | 23 | 1,061 | 2 / 2 | $2,350 | $2.21 | 35 | Active |
| 1903 | 19 | 1,044 | 2 / 2 | $2,300 | $2.20 | 0 | Coming Soon |
| 2615 | 26 | 1,061 | 2 / 2 | $2,300 | $2.17 | 0 | Coming Soon |
| Unit | Floor | Sq Ft | Bed / Bath | List Price | Lease Price | Price / SF | Closed |
|---|---|---|---|---|---|---|---|
| 2901 | 29 | 1,019 | 2 / 2 | $2,400 | $2,450 | $2.40 | Jul 2025 |
| 2414 | 24 | 1,021 | 2 / 2 | $2,400 | $2,400 | $2.35 | May 2025 |
| 1502 | 15 | 1,022 | 2 / 2 | $2,400 | $2,400 | $2.35 | Jan 2026 |
| 2412 | 24 | 1,087 | 2 / 2 | $2,300 | $2,300 | $2.12 | Jun 2025 |
| 2303 | 23 | 1,096 | 2 / 2 | $2,550 | $2,300 | $2.10 | May 2025 |
| 1701 | 17 | 1,067 | 2 / 2 | $2,100 | $2,300 | $2.16 | Aug 2025 |
| 2001 | 20 | 1,067 | 2 / 2 | $2,200 | $2,200 | $2.06 | Jul 2025 |
| 3008 | 30 | 967 | 2 / 2 | $2,250 | $2,175 | $2.25 | Aug 2025 |
| 1402 | 1 | 1,022 | 2 / 2 | $2,300 | $2,175 | $2.13 | May 2025 |
Market Trends
City Skyline Views: Still a Real Asset
Unit 2809 is not south-facing and does not have harbor water views. Water views are limited to select south-facing units, depending on orientation and floor. That said, a 28th-floor perspective of the Baltimore city skyline is a genuine selling point in marketing. The pricing adjustment removes the water-view premium and anchors to the $2,200–$2,350 comp cluster rather than the top-of-range floor-29 outlier at $2,450.
Downtown Demand & Amenity Proximity
414 Water Street sits steps from the Inner Harbor, Camden Yards, M&T Bank Stadium, and the downtown office and restaurant corridor. Renters seeking walkable, full-amenity living in Baltimore continue to target this building and neighborhood, which keeps vacancy low and supports above-average per-SF rents compared to comparable suburban product.
Active Market Competition
There are currently 7 competing 2BR/2BA units listed in the same building, ranging from $2,300 to $2,600. The two units priced at $2,600 have been on market only 11–12 days, suggesting appetite at the higher end. However, two "coming soon" units at $2,300 will enter the market shortly and represent direct competition for the same renter pool.
Pricing & Days on Market
Units priced at or below $2,400 historically lease faster in this building. Unit 2901 leased in 39 days at $2,450; Unit 2901 leased above ask in 39 days; Unit 2412 leased in 12 days at $2,300. Units testing the top of market (Unit 1201 at $2,450, 78 DOM; Unit 2303 originally at $2,550 with 152 DOM) show that overpricing slows absorption significantly in this building.
Price Recommendation
Recommended list price for May 1, 2026
The revised $2,300 recommendation removes the water-view premium that inflated the original $2,375 target. Unit 2809 is not south-facing and does not have harbor views , water views are limited to select south-facing units depending on orientation and floor. Anchoring to the $2,300 closed comp cluster (Units 2412, 2303, 1701) is the honest, defensible position. The floor-28 elevation and city skyline perspective still justify pricing above the floor-20 range, but Unit 2901's $2,450 close is not a valid anchor for this unit. If the owners want to test $2,350 given the spring timing, that's a reasonable first ask with a planned step-down after two weeks if traffic is light. The previous $2,500 market rent is not supported by any closed comp data and should be retired.
Pre-Listing Strategy & Listing Description
Owner Decision Window
Owners review this analysis and confirm target price. Decide on any light-touch updates (fresh touch-up paint if needed, professional photos scheduled). Confirm balcony and harbor-view photography is a priority shot.
Photography & Listing Prep
- Schedule professional photos, ideally late afternoon for golden-hour harbor light
- Confirm unit access with current tenant; coordinate a clean walkthrough
- Draft listing live in Lofty/listing platform; have it ready to activate May 1
- Stage the balcony in photos if possible, even with a simple chair setup
Go Live
List at $2,375. Activate across Zillow, Realtor.com, and any direct tenant platforms. Set showing instructions; coordinate building front-desk for access. Share on social with a harbor-view photo and a "now available" hook.
Two-Week Decision Point
Review showing traffic and inquiries. If no applications received and limited traffic, consider a $75–$100 price reduction to $2,275–$2,300. If traffic is strong with no lease, evaluate qualification criteria or showing logistics. Do not panic-reduce without data.
Revised Listing Description: Unit 2809
This 2-bedroom, 2-bathroom residence at 414 Water Street sits on the 28th floor with expansive city skyline views from the living area and both bedrooms. The open floor plan fills with natural light throughout the day, and the kitchen's large center island makes it easy to cook, entertain, and feel at home from day one.
The living area opens to a private balcony, a great spot for morning coffee, evening unwinding, or adding a little outdoor space to your routine. Both bedrooms have large windows with those high-up city views and plenty of space to stretch out. The primary suite includes a spacious walk-in closet with its own en-suite bath. The unit has been freshly painted and is move-in ready.
Living at Water Street means 24-hour front desk service, a resort-style pool, reserved garage parking (1 space right across from the elevators), a newly renovated fitness room, a business center, and a game room for hosting. You're a short walk from Camden Yards, M&T Bank Stadium, the Inner Harbor waterfront, and the best restaurants and bars downtown Baltimore has to offer.
One garage space is included. In-unit washer and dryer. Central air. Priced right for a fast move-in.