9-Unit Apartment
New
For Sale
$1,649,000
106 W Saratoga St, Baltimore, MD 21201
Renovated multifamily property with a basement office and rear parking lot.
Property Size7,406 SF
Price / SF$222.66
Days on Market4
Property Features for 106 W Saratoga St
General Information
Standard status
Active
Size
7,406 SF
Total Parking Spaces
7
Additional Details
Multifamily Units
9
Building Details
Year Built
1900
Listing Agency:
VYBE Realty
(508) 612-0094
Listed By:
Timothy J Klempa · License #641485
Source:
Kandorre
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 9:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of VYBE Realty
Investment Insights
Based on property information with market context.
Located at 106 W Saratoga St in Baltimore, this 7,406-square-foot apartment property contains 9 residential units within a building constructed in 1900. The improvements have undergone a gut renovation, and the basement includes a separate office area that can support maintenance operations or provide an additional income-producing space.
A rear parking lot provides 7 spaces for the property. The building also carries a 10-year property tax credit that began in 2021, subject to applicable program terms. The existing configuration combines residential units, operational office space, and on-site parking in a single multifamily asset.
A rear parking lot provides 7 spaces for the property. The building also carries a 10-year property tax credit that began in 2021, subject to applicable program terms. The existing configuration combines residential units, operational office space, and on-site parking in a single multifamily asset.
Key Highlights
- 9 apartment units plus a basement office unit
- 7,406 SF apartment building constructed in 1900
- Gut‑renovated property at 106 W Saratoga St, Baltimore, MD 21201
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
$96,488
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
5.85%
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%
$1,929,760
$1.9M
Cap Rate 7%
$1,378,400
$1.4M
Cap Rate 9%
$1,072,089
$1.1M
Market Conditions
NOI Build-Up for 7,406 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
$186.6K $25.20/SF
− Vacancy
−$11.2K −$1.51/SF
EGI
$175.4K $23.69/SF
− OpEx
−$78.9K −$10.66/SF
NOI
$96.5K $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%
$1,929,760
Cap Rate 7%
$1,378,400
Cap Rate 9%
$1,072,089
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.21M – $1.61M
NOI $96,488 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,199 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
11,959
Businesses Nearby
Explore this area
Business Placement
Demographics for 21201, MD
18,382
Population
11,468
Households
1.6
Avg Household Size
34
Median Age
47%
College-Educated
90%
High-School Grad
1.3 sq mi
ZIP Area
14,140
Density / Sq Mi
$44,722
Median Household Income
$44,239
Median Earnings
$1,282
Median Rent
$221,900
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?
Apartment building - Renovated multifamily property with a basement office and rear parking lot.
Where is this apartment building located?
The property is located at 106 W Saratoga St Baltimore, MD.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: 9 apartment units plus a basement office unit; 7,406 SF apartment building constructed in 1900; Gut‑renovated property at 106 W Saratoga St, Baltimore, MD 21201
