Updated Tenant-Occupied
For Sale
$334,900
1646 E PRATT Street, Baltimore, MD 21231
Multi-Family, BALTIMORE, MD
Property Size2,295 SF
Lot Size0.03 Acres
Price / SF$145.93
Days on Market50
Property Features for 1646 E PRATT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Subdivision
FELLS POINT 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
2,295 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
4040
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
in-unit washers and dryers
Building Details
Year built
1920
Number of units
2
Building materials
Brick
Architectural style
Colonial
Listing Agency:
ExecuHome Realty
(443) 757-3400
Listed By:
Marc C Robinson · License #589574
(443) 632-3000
Added: Jul 28
Changed: Sep 15
Last Checked: Sep 15 at 5:06PM
MLS# MDBA2225504
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.
This 2,295-square-foot duplex, built in 1920, contains two updated apartments with separate residential layouts. The first unit has 1 bedroom and 1 full bath, while the second includes 2 bedrooms and 1 full bath. Each apartment has an in-unit washer and dryer. Brick construction, Colonial styling, forced-air heat, and central air serve the property, with on-street parking available.
The property is located in Baltimore City near restaurants, shopping, public transportation, major commuter routes, and Johns Hopkins. Both apartments are tenant-occupied, and the current residents would like to remain. The 0.0298-acre lot also includes a basement.
The property is located in Baltimore City near restaurants, shopping, public transportation, major commuter routes, and Johns Hopkins. Both apartments are tenant-occupied, and the current residents would like to remain. The 0.0298-acre lot also includes a basement.
Key Highlights
- 2,295 SF duplex on a 0.0298‑acre lot
- Unit 1: 1 bedroom and 1 full bath; Unit 2: 2 bedrooms and 1 full bath
- Both apartments have been updated and include in‑unit washers and dryers
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
$29,900
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
8.93%
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%
$598,000
$598.0K
Cap Rate 7%
$427,143
$427.1K
Cap Rate 9%
$332,222
$332.2K
Market Conditions
NOI Build-Up for 2,295 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
$57.8K $25.20/SF
− Vacancy
−$3.5K −$1.51/SF
EGI
$54.4K $23.69/SF
− OpEx
−$24.5K −$10.66/SF
NOI
$29.9K $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%
$598,000
Cap Rate 7%
$427,143
Cap Rate 9%
$332,222
Alternative Uses
Best Use
Multifamily LT 5
$481.5K
$421.3K – $561.7K
NOI $33,703 @ 7.0% cap · market cap 10.06%
Second Best
Apartment 5plus
$427.1K
$373.8K – $498.3K
NOI $29,900 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$549.8K
$481.1K – $641.5K
NOI $38,487 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,869
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated apartments with in-unit laundry, central air, and existing tenants seeking continued occupancy.
Where is this duplex located?
The property is located at 1646 E PRATT Street Baltimore, MD.
What is the asking price?
The asking price for this property is $334,900.
What are key features of this property?
This property features: 2,295 SF duplex on a 0.0298‑acre lot; Unit 1: 1 bedroom and 1 full bath; Unit 2: 2 bedrooms and 1 full bath; Both apartments have been updated and include in‑unit washers and dryers
