Renovated Two-Unit
For Sale
Under Contract
$495,000
2024 E BALTIMORE Street E, Baltimore, MD 21231
Multi-Family, BALTIMORE, MD
Property Size2,890 SF
Price / SF$171.28
Days on Market96
Property Features for 2024 E BALTIMORE Street E
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
Off Street
Appliances
Built-In Range, Dishwasher, Dryer - Electric, Refrigerator, Stove, Washer
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active Under Contract
Size
2,890 SF
Taxes and HOA fees
Tax Annual Amount
10438
Utilities
Heating system
Forced Air
Amenities
in-unit laundry
Building Details
Year built
1920
Number of units
2
Building materials
Brick
Architectural style
Other
Listing Agency:
Keller Williams Gateway LLC · Keller Williams Realty
(443) 318-8800
Listed By:
Gabriel M Dutton · License #647863
(443) 756-4878
Added: May 29
Changed: Aug 19
Last Checked: Sep 1 at 1:06PM
MLS# MDBA2217346
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 2,890-square-foot duplex, built in 1920, contains two updated residences with layouts suited to separate occupancy. The upper unit includes two bedrooms and three full bathrooms, including an en suite bathroom. The lower unit provides two bedrooms and one full bathroom. Both units feature quartz countertops, stainless steel appliances, remodeled kitchens and bathrooms, in-unit laundry, and natural-light interiors. Forced-air heating, brick construction, and one off-street parking space complete the property.
The duplex is located in Baltimore’s Butchers Hill neighborhood, with access by walking, driving, or public transit to Patterson Park, Johns Hopkins Hospital, and Baltimore Penn Station. The property is also identified by postal code 21231 and is situated on E Baltimore Street.
The duplex is located in Baltimore’s Butchers Hill neighborhood, with access by walking, driving, or public transit to Patterson Park, Johns Hopkins Hospital, and Baltimore Penn Station. The property is also identified by postal code 21231 and is situated on E Baltimore Street.
Key Highlights
- 2,890‑square‑foot duplex built in 1920
- Upper residence has 2 bedrooms and 3 full bathrooms, including an en suite
- Lower residence offers 2 bedrooms and 1 full bathroom
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
$42,441
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
8.57%
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%
$848,820
$848.8K
Cap Rate 7%
$606,300
$606.3K
Cap Rate 9%
$471,567
$471.6K
Market Conditions
NOI Build-Up for 2,890 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
$64.2K $22.20/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$60.6K $20.98/SF
− OpEx
−$18.2K −$6.29/SF
NOI
$42.4K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$848,820
Cap Rate 7%
$606,300
Cap Rate 9%
$471,567
Alternative Uses
Best Use
Multifamily LT 5
$606.3K
$530.5K – $707.4K
NOI $42,441 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$537.9K
$470.7K – $627.5K
NOI $37,652 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$692.4K
$605.8K – $807.8K
NOI $48,465 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
7,195
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Brick construction with updated kitchens, bathrooms, and in-unit laundry for both residences.
Where is this duplex located?
The property is located at 2024 E BALTIMORE Street E Baltimore, MD.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 2,890‑square‑foot duplex built in 1920; Upper residence has 2 bedrooms and 3 full bathrooms, including an en suite; Lower residence offers 2 bedrooms and 1 full bathroom
