Lead-Free Two-Unit
For Sale
$465,000
1522 E Baltimore St, Baltimore, MD 21231
Two separately configured residences support owner occupancy and rental use.
Property Size3,060 SF
Price / SF$151.96
Days on Market42
Property Features for 1522 E Baltimore St
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Corner House Realty
(443) 326-7170
Listed By:
Michael Kulnich, Kelli Kulnich · License #657316
Source:
Baltimorehousesale
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 8:35PM
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 Corner House Realty
Investment Insights
Based on property information with market context.
Built in 1920, this 3,060-square-foot duplex contains two distinct residential units. The first-floor residence has one bedroom, an updated full bath, hardwood flooring, and a kitchen with granite countertops and stainless steel appliances. Private basement access provides dedicated storage and laundry. The upper residence spans the top two levels, with three bedrooms, two full baths, an oversized living room, a granite-and-stainless kitchen, a home office, additional laundry, and extensive closet storage. The property is MDE Certified Lead-Free.
The home is located at 1522 E Baltimore St in Baltimore, near downtown Baltimore and Johns Hopkins Hospital. Interstate 83 and Interstate 95 provide access to major commuter routes. One unit is occupied under a one-year lease, while the other is vacant.
The home is located at 1522 E Baltimore St in Baltimore, near downtown Baltimore and Johns Hopkins Hospital. Interstate 83 and Interstate 95 provide access to major commuter routes. One unit is occupied under a one-year lease, while the other is vacant.
Key Highlights
- Two‑unit duplex with 3,060 square feet, built in 1920
- MDE Certified Lead‑Free
- First‑floor unit includes 1 bedroom, updated full bath, hardwood floors, storage, and laundry
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
$39,867
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%
$797,340
$797.3K
Cap Rate 7%
$569,529
$569.5K
Cap Rate 9%
$442,967
$443.0K
Market Conditions
NOI Build-Up for 3,060 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
$77.1K $25.20/SF
− Vacancy
−$4.6K −$1.51/SF
EGI
$72.5K $23.69/SF
− OpEx
−$32.6K −$10.66/SF
NOI
$39.9K $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%
$797,340
Cap Rate 7%
$569,529
Cap Rate 9%
$442,967
Alternative Uses
Best Use
Multifamily LT 5
$642.0K
$561.7K – $749.0K
NOI $44,937 @ 7.0% cap · market cap 9.66%
Second Best
Apartment 5plus
$569.5K
$498.3K – $664.5K
NOI $39,867 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$733.1K
$641.5K – $855.3K
NOI $51,316 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
7,853
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately configured residences support owner occupancy and rental use.
Where is this duplex located?
The property is located at 1522 E Baltimore St Baltimore, MD.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,060 square feet, built in 1920; MDE Certified Lead‑Free; First‑floor unit includes 1 bedroom, updated full bath, hardwood floors, storage, and laundry
