Two-Unit Townhouse with Owner
For Sale
Under Contract
$550,000
2024 PARK Avenue, Baltimore, MD 21217
MULTI_FAMILY - French - BALTIMORE, MD
Property Size3,450 SF
Price / SF$159.42
Days on Market89
Property Features for 2024 PARK Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Subdivision
RESERVOIR HILL
Elementary school
MOUNT ROYAL ELEMENTARY-MIDDLE SCHOOL
Middle school
MOUNT ROYAL
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
3,450 SF
Taxes and HOA fees
Tax Annual Amount
8472
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1880
Number of units
2
Building materials
Brick
Architectural style
French
Listing Agency:
Compass
(410) 886-7342
Listed By:
Jessica Dailey · License #600667
(443) 838-8204
Added: May 28
Changed: Aug 7
Last Checked: Aug 24 at 1:06AM
MLS# MDBA2210642
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.
A striking historic two-unit townhouse featuring dramatic brownstone arches and intricate late 19th-century brickwork. The expansive owner’s residence spans the second and third floors and includes three bedrooms, two full baths, in-unit laundry, exposed brick, soaring ceilings, a central skylight, and a renovated kitchen. Spa-inspired baths blend historic character with modern updates. The first-floor apartment is vacant and offers one bedroom, one full bath, in-unit laundry, and direct access to the rear parking pad.
The property is located in the Mount Royal Terrace section of Reservoir Hill, along Park Avenue in Baltimore. The area is described as including pocket parks both in front of and behind the home, with mature trees framing the setting.
The layout provides an owner-occupied option with a separate income-producing unit, along with direct rear parking pad access for the first-floor tenant.
The property is located in the Mount Royal Terrace section of Reservoir Hill, along Park Avenue in Baltimore. The area is described as including pocket parks both in front of and behind the home, with mature trees framing the setting.
The layout provides an owner-occupied option with a separate income-producing unit, along with direct rear parking pad access for the first-floor tenant.
Key Highlights
- Two‑unit historic townhouse (year built 1880) with French architectural style and brick construction
- Second/third‑floor owner residence offers 3 bedrooms, 2 full baths, in‑unit laundry, exposed brick, and a central skylight
- Renovated kitchen in the owner residence
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
$44,948
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
8.17%
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%
$898,960
$899.0K
Cap Rate 7%
$642,114
$642.1K
Cap Rate 9%
$499,422
$499.4K
Market Conditions
NOI Build-Up for 3,450 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
$86.9K $25.20/SF
− Vacancy
−$5.2K −$1.51/SF
EGI
$81.7K $23.69/SF
− OpEx
−$36.8K −$10.66/SF
NOI
$44.9K $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%
$898,960
Cap Rate 7%
$642,114
Cap Rate 9%
$499,422
Alternative Uses
Best Use
Multifamily LT 5
$723.8K
$633.3K – $844.4K
NOI $50,664 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$642.1K
$561.9K – $749.1K
NOI $44,948 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$826.5K
$723.2K – $964.3K
NOI $57,857 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,710
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
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 - Historic two-unit townhouse with in-unit laundry, a renovated kitchen, and a one-bedroom unit with rear parking pad access.
Where is this duplex located?
The property is located at 2024 PARK Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit historic townhouse (year built 1880) with French architectural style and brick construction; Second/third‑floor owner residence offers 3 bedrooms, 2 full baths, in‑unit laundry, exposed brick, and a central skylight; Renovated kitchen in the owner residence
