Gut-Renovated Apartment
For Sale
$1,649,000
106 W SARATOGA Street, Baltimore, MD 21201
MULTI_FAMILY - Federal - BALTIMORE, MD
Property Size8,071 SF
Price / SF$204.31
Days on Market94
Property Features for 106 W SARATOGA Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
6
Parking features
Driveway
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
8,071 SF
Taxes and HOA fees
Tax Annual Amount
15600
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1900
Number of units
1
Building materials
Brick
Architectural style
Federal
Listing Agency:
VYBE Realty
(410) 220-4648
Listed By:
Timothy J Klempa · License #641485
(508) 612-0094
Added: May 8
Changed: Jun 9
Last Checked: Aug 9 at 2:06AM
MLS# MDBA2213252
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.
106 W Saratoga Street is a gut renovated apartment building offering 9 apartment units and an additional basement office unit. The basement office can be used as a maintenance office or as space that may support additional income for the right operator. Off-street parking is available in a parking lot out back with 7 spots.
The property is located in Baltimore, Maryland at 106 W Saratoga Street (21201). The seller states the building has historically been a low vacancy property and has operated as a popular rental.
For buyers and operators, the mix of apartment units plus a dedicated basement office creates flexibility for on-site management needs or an alternative use scenario. The listing also notes a 10-year property tax credit that began in 2021, which may help offset operating costs during the remaining term. An assumable loan is referenced with approximately $1MM and 5+ years remaining, at an interest rate of about 4.2% (per the remarks). For access to the property, buyers must be pre-approved to view.
The property is located in Baltimore, Maryland at 106 W Saratoga Street (21201). The seller states the building has historically been a low vacancy property and has operated as a popular rental.
For buyers and operators, the mix of apartment units plus a dedicated basement office creates flexibility for on-site management needs or an alternative use scenario. The listing also notes a 10-year property tax credit that began in 2021, which may help offset operating costs during the remaining term. An assumable loan is referenced with approximately $1MM and 5+ years remaining, at an interest rate of about 4.2% (per the remarks). For access to the property, buyers must be pre-approved to view.
Key Highlights
- Gut renovated apartment building featuring 9 apartment units.
- Benefit from a 10‑year property tax credit, started in 2021, enhancing cash flow.
- Assumable loan of approximately $1 million with approximately 5 years remaining at a 4.2% interest rate.
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
$105,152
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
6.38%
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%
$2,103,040
$2.1M
Cap Rate 7%
$1,502,171
$1.5M
Cap Rate 9%
$1,168,356
$1.2M
Market Conditions
NOI Build-Up for 8,071 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
$203.4K $25.20/SF
− Vacancy
−$12.2K −$1.51/SF
EGI
$191.2K $23.69/SF
− OpEx
−$86.0K −$10.66/SF
NOI
$105.2K $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%
$2,103,040
Cap Rate 7%
$1,502,171
Cap Rate 9%
$1,168,356
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $105,152 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.26M
NOI $135,351 @ 7.0% cap · market cap 8.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Gut-renovated building with 9 apartments, a basement office unit, and 7 off-street parking spots.
Where is this apartment building located?
The property is located at 106 W SARATOGA Street 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: Gut renovated apartment building featuring 9 apartment units.; Benefit from a 10‑year property tax credit, started in 2021, enhancing cash flow.; Assumable loan of approximately $1 million with approximately 5 years remaining at a 4.2% interest rate.
