Renovated Four-Unit
For Sale
$669,000
1514 W MOUNT ROYAL Avenue, Baltimore, MD 21217
Multi-Family, BALTIMORE, MD
Property Size4,344 SF
Lot Size0.06 Acres
Price / SF$154.01
Days on Market221
Property Features for 1514 W MOUNT ROYAL Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking features
Off Street
Interior features
Wood Floors
Fireplace
1
Subdivision
BOLTON HILL HISTORIC DISTRICT
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
4,344 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
11701
Utilities
Heating system
Heat Pump (Heating), Other (Heating), Forced Air
Amenities
unfinished basement
newly fenced rear yard
window A/C units
Building Details
Year built
1880
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Cottage Street Realty LLC
(703) 242-0005
Listed By:
Alexandra I Burrell-Hodges · License #609427
(703) 819-1023
Added: Feb 6
Changed: Sep 13
Last Checked: Sep 15 at 5:06AM
MLS# MDBA2200012
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1880, this 4,344-square-foot brick quadplex contains four renovated units with updated kitchens and bathrooms. The layout includes a first-floor two-bedroom unit, a second-floor one-bedroom unit, a front one-bedroom unit on the top floor, and a rear studio. The property is fully occupied and also includes an unfinished basement, wood floors, window A/C units, and a newly fenced rear yard. Parking is available for two cars.
The property occupies 0.062 acres at 1514 W Mount Royal Avenue in Baltimore’s Bolton Hill neighborhood, directly across from MICA. Penn Station is within walking distance, with access to the Hopkins Shuttle, MARC service to Washington, DC, and Amtrak connections to Philadelphia and New York City. Gas heat and hot water are owner-paid, while the top-floor units use electric heat paid by tenants.
The property occupies 0.062 acres at 1514 W Mount Royal Avenue in Baltimore’s Bolton Hill neighborhood, directly across from MICA. Penn Station is within walking distance, with access to the Hopkins Shuttle, MARC service to Washington, DC, and Amtrak connections to Philadelphia and New York City. Gas heat and hot water are owner-paid, while the top-floor units use electric heat paid by tenants.
Key Highlights
- Four‑unit property with 4,344 square feet, fully occupied
- Renovated units with updated kitchens and bathrooms
- Unit mix includes two 1BR units, one 2BR unit, and one studio
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
$56,595
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
8.46%
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%
$1,131,900
$1.1M
Cap Rate 7%
$808,500
$808.5K
Cap Rate 9%
$628,833
$628.8K
Market Conditions
NOI Build-Up for 4,344 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
$109.5K $25.20/SF
− Vacancy
−$6.6K −$1.51/SF
EGI
$102.9K $23.69/SF
− OpEx
−$46.3K −$10.66/SF
NOI
$56.6K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,131,900
Cap Rate 7%
$808,500
Cap Rate 9%
$628,833
Alternative Uses
Best Use
Multifamily LT 5
$911.3K
$797.4K – $1.06M
NOI $63,793 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$808.5K
$707.4K – $943.3K
NOI $56,595 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$1.04M
$910.6K – $1.21M
NOI $72,849 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
3,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 21217, MD
30,448
Population
20,064
Households
1.5
Avg Household Size
38
Median Age
22%
College-Educated
83%
High-School Grad
2.1 sq mi
ZIP Area
14,499
Density / Sq Mi
$37,207
Median Household Income
$40,668
Median Earnings
$1,065
Median Rent
$175,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Brick income property with updated kitchens and baths, a fenced yard, basement storage, and off-street parking.
Where is this quadplex located?
The property is located at 1514 W MOUNT ROYAL Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Four‑unit property with 4,344 square feet, fully occupied; Renovated units with updated kitchens and bathrooms; Unit mix includes two 1BR units, one 2BR unit, and one studio
