Updated Three-Unit
New
For Sale
$299,900
14 & 16 W BALTIMORE STREET, Funkstown, MD 21734
Fully leased residential property with refreshed kitchens and baths, natural gas heat, and separately metered electric service.
Property Size2,504 SF
Price / SF$119.77
Days on Market5
Property Features for 14 & 16 W BALTIMORE STREET
General Information
Standard status
Active
Size
2,504 SF
Property subtype
Triplex
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x traditional one-bedroom, 1 x one-bedroom with finished loft space, 1 x two-level one-bedroom
Multifamily Units
3
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
EXP Realty, LLC
(301) 331-4447
Listed By:
Samantha Turner · License #0225277183
(301) 331-4447
Source:
Cummingsrealtors
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 5:49AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 2,504-square-foot triplex, built in 1900, contains three leased one-bedroom units and is currently fully occupied. The layouts provide variety across the building: one unit includes finished loft space, while another spans two levels and adds a large kitchen with attic storage. Kitchens and bathrooms have been updated throughout, and natural gas heating serves the property. Electric service is separately metered for each unit.
The property is located at 14 & 16 W Baltimore Street in Funkstown, Maryland, within Washington County. Access to I-70 supports connectivity beyond the immediate area, while the setting includes the historic Funkstown community and its local amenities. A large backyard provides additional exterior space associated with the property.
The property is located at 14 & 16 W Baltimore Street in Funkstown, Maryland, within Washington County. Access to I-70 supports connectivity beyond the immediate area, while the setting includes the historic Funkstown community and its local amenities. A large backyard provides additional exterior space associated with the property.
Key Highlights
- Three‑unit triplex with all units currently leased
- 2,504 square feet on a 0.14‑acre lot
- Three one‑bedroom units with distinct layouts
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
$26,266
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
8.76%
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%
$525,320
$525.3K
Cap Rate 7%
$375,229
$375.2K
Cap Rate 9%
$291,844
$291.8K
Market Conditions
NOI Build-Up for 2,504 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
$40.6K $16.20/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$37.5K $14.99/SF
− OpEx
−$11.3K −$4.50/SF
NOI
$26.3K $10.49/SF
Area
Washington County, MD
Vacancy
7.50%
Lease Rate
$16.20 /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%
$525,320
Cap Rate 7%
$375,229
Cap Rate 9%
$291,844
Alternative Uses
Best Use
Multifamily LT 5
$375.2K
$328.3K – $437.8K
NOI $26,266 @ 7.0% cap · market cap 8.76%
Second Best
Apartment 5plus
$336.7K
$294.6K – $392.8K
NOI $23,566 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$555.4K
$486.0K – $648.0K
NOI $38,881 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 21734, MD
845
Population
487
Households
1.7
Avg Household Size
52
Median Age
32%
College-Educated
91%
High-School Grad
0.5 sq mi
ZIP Area
1,690
Density / Sq Mi
$58,438
Median Household Income
$32,109
Median Earnings
$802
Median Rent
$241,900
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?
Triplex - Fully leased residential property with refreshed kitchens and baths, natural gas heat, and separately metered electric service.
Where is this triplex located?
The property is located at 14 & 16 W BALTIMORE STREET Funkstown, MD.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Three‑unit triplex with all units currently leased; 2,504 square feet on a 0.14‑acre lot; Three one‑bedroom units with distinct layouts
