6-Unit Apartment
For Sale
$599,900
1911 W BALTIMORE Street, Baltimore, MD 21223
MULTI_FAMILY - BALTIMORE, MD
Property Size3,200 SF
Lot Size0.69 Acres
Price / SF$187.47
Days on Market147
Property Features for 1911 W BALTIMORE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
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
3,200 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Annual Amount
4505
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s), Central Air
Amenities
coin-operated laundry
central air and heat
Building Details
Year built
1935
Number of units
4
Building materials
Brick
Listing Agency:
Berkshire Hathaway HomeServices Homesale Realty
(410) 814-2400
Listed By:
Christopher J Cooke · License #596183
(443) 802-2728
Added: Apr 3
Changed: Aug 13
Last Checked: Aug 27 at 4:06AM
MLS# MDBA2209638
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 6-unit apartment building in Baltimore contains six one-bedroom, one-bath residences within approximately 3,200 square feet. The brick structure dates to 1935 and includes central air, forced-air heating, and ceiling fans. Each apartment is separately metered for gas and electric. A shared coin-operated laundry area is located in the basement, while parking is available on the street.
Five of the six units are occupied. The property sits on approximately 0.69 acres at 1911 W Baltimore Street, with downtown Baltimore, shopping, dining, employment centers, and public transportation described as minutes away. The configuration combines a defined unit count with existing occupancy and common-area laundry service.
Five of the six units are occupied. The property sits on approximately 0.69 acres at 1911 W Baltimore Street, with downtown Baltimore, shopping, dining, employment centers, and public transportation described as minutes away. The configuration combines a defined unit count with existing occupancy and common-area laundry service.
Key Highlights
- Six 1‑bedroom, 1‑bath apartment units
- 5 of 6 units currently occupied
- Approximately 3,200 square feet on 0.69 acres
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
$41,691
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
6.95%
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%
$833,820
$833.8K
Cap Rate 7%
$595,586
$595.6K
Cap Rate 9%
$463,233
$463.2K
Market Conditions
NOI Build-Up for 3,200 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
$80.6K $25.20/SF
− Vacancy
−$4.8K −$1.51/SF
EGI
$75.8K $23.69/SF
− OpEx
−$34.1K −$10.66/SF
NOI
$41.7K $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%
$833,820
Cap Rate 7%
$595,586
Cap Rate 9%
$463,233
Alternative Uses
Best Use
Apartment 5plus
$595.6K
$521.1K – $694.9K
NOI $41,691 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$766.6K
$670.8K – $894.4K
NOI $53,664 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,593
Businesses Nearby
Explore this area
Business Placement
Demographics for 21223, MD
20,438
Population
13,034
Households
1.6
Avg Household Size
37
Median Age
12%
College-Educated
75%
High-School Grad
2.6 sq mi
ZIP Area
7,861
Density / Sq Mi
$41,828
Median Household Income
$33,367
Median Earnings
$1,110
Median Rent
$93,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with separately metered utilities, central air, and shared basement laundry.
Where is this apartment building located?
The property is located at 1911 W BALTIMORE Street Baltimore, MD.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Six 1‑bedroom, 1‑bath apartment units; 5 of 6 units currently occupied; Approximately 3,200 square feet on 0.69 acres
