Four-Unit
For Sale
$450,000
216 Charles Street, Baltimore, MD 21225
Four one-bedroom, one-bath residences provide a compact multifamily configuration with room for updates.
Property Size1,764 SF
Price / SF$255.10
Days on Market570
Property Features for 216 Charles Street
General Information
Standard status
Active
Size
1,764 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R5
Taxes and HOA fees
Annual Taxes
$2,868
Amenities
No
Oven/Range - Gas, Refrigerator
No Pool
Building Details
Year Built
1920
Listing Agency:
Keller Williams Flagship
(443) 510-5918
Listed By:
Timothy Caropreso · License #5003281
(443) 510-5918
Source:
Compass
Added: Feb 7, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:25AM
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 Keller Williams Flagship
Investment Insights
Based on property information with market context.
This 1,764-square-foot quadplex contains four separate one-bedroom, one-bathroom units. The property was built in 1920 and offers a renovation-oriented configuration for an owner or investor planning updates and upgrades. Existing unit features include gas oven/ranges and refrigerators.
The property is zoned R5 and is located outside city limits. A no-pool exterior profile keeps the improvements focused on the residential buildings and their four-unit layout.
The property is zoned R5 and is located outside city limits. A no-pool exterior profile keeps the improvements focused on the residential buildings and their four-unit layout.
Key Highlights
- Four‑unit multifamily property
- Four 1‑bedroom, 1‑bathroom units
- 1,764 square feet of property size
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
$25,905
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
5.76%
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%
$518,100
$518.1K
Cap Rate 7%
$370,071
$370.1K
Cap Rate 9%
$287,833
$287.8K
Market Conditions
NOI Build-Up for 1,764 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
$39.2K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$37.0K $20.98/SF
− OpEx
−$11.1K −$6.29/SF
NOI
$25.9K $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%
$518,100
Cap Rate 7%
$370,071
Cap Rate 9%
$287,833
Alternative Uses
Best Use
Multifamily LT 5
$370.1K
$323.8K – $431.8K
NOI $25,905 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$328.3K
$287.3K – $383.0K
NOI $22,982 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$422.6K
$369.8K – $493.0K
NOI $29,582 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Explore this area
Business Placement
Demographics for 21225, MD
34,138
Population
14,434
Households
2.4
Avg Household Size
34
Median Age
14%
College-Educated
79%
High-School Grad
6.5 sq mi
ZIP Area
5,252
Density / Sq Mi
$50,069
Median Household Income
$35,991
Median Earnings
$1,118
Median Rent
$214,000
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?
Quadplex - Four one-bedroom, one-bath residences provide a compact multifamily configuration with room for updates.
Where is this quadplex located?
The property is located at 216 Charles Street Baltimore, MD.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four‑unit multifamily property; Four 1‑bedroom, 1‑bathroom units; 1,764 square feet of property size
