Apartment Building with In-Unit
For Sale
$475,000
1407 Mcculloh Street, Baltimore, MD 21217
Each residence includes private laundry, with a five-apartment mix spanning one- to three-bedroom layouts.
Property Size3,300 SF
Price / SF$143.94
Days on Market256
Property Features for 1407 Mcculloh Street
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Multi-Family
Financials
Asking Price
$475,000
Cap Rate
9.74%
Gross Rent Multiplier
8.3
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR, 1 x 2BR, 3 x 1BR
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$1,657
Amenities
in-unit laundry
Window Air Conditioning
3
Rubber
R-8
Parking.
Lot.
20' x 95'
Building Details
Year Built
1920
Listing Agency:
Ben Frederick Realty, Inc.
(410) 916-3331
Listed By:
Will Cannon · License #657102
(410) 916-3331
Source:
Xome
Added: Dec 19, 2025
Changed: Aug 30
Last Checked: Aug 31 at 3:24PM
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 Ben Frederick Realty, Inc.
Investment Insights
Based on property information with market context.
This apartment building contains five residences: one three-bedroom, one two-bedroom, and three one-bedroom units. Every apartment includes in-unit laundry. Interior finishes include butcher-block or laminate countertops, wood cabinetry, stainless-steel sinks, modern vanities, ceramic or vinyl tile flooring, and predominantly hardwood or laminate plank living areas. Window air conditioning is present, with original wood single-pane windows at the front and vinyl replacements at the rear.
The property has five electric meters with 200-amp total service and four gas meters plus one additional hook-up. Heating consists of gas-fired forced air in three units, a mini-split in one, and electric baseboard in one. The first-floor apartment shares a water heater, while the upper units have dedicated heaters. The owner pays common electric and water/sewer, and two units are billed back for water.
Located at 1407 McCulloh Street in Baltimore’s Madison Park, the property offers access to Penn Station, Downtown Baltimore, and major commuter routes. Bolton Hill, Reservoir Square redevelopment, and Druid Hill Park are nearby.
The property has five electric meters with 200-amp total service and four gas meters plus one additional hook-up. Heating consists of gas-fired forced air in three units, a mini-split in one, and electric baseboard in one. The first-floor apartment shares a water heater, while the upper units have dedicated heaters. The owner pays common electric and water/sewer, and two units are billed back for water.
Located at 1407 McCulloh Street in Baltimore’s Madison Park, the property offers access to Penn Station, Downtown Baltimore, and major commuter routes. Bolton Hill, Reservoir Square redevelopment, and Druid Hill Park are nearby.
Key Highlights
- Five‑apartment mix: 1 Three‑Bedroom, 1 Two‑Bedroom, and 3 One‑Bedroom
- In‑unit laundry in every apartment
- Five electric meters with 200‑amp total service
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
$42,994
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
9.05%
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%
$859,880
$859.9K
Cap Rate 7%
$614,200
$614.2K
Cap Rate 9%
$477,711
$477.7K
Market Conditions
NOI Build-Up for 3,300 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
$83.2K $25.20/SF
− Vacancy
−$5.0K −$1.51/SF
EGI
$78.2K $23.69/SF
− OpEx
−$35.2K −$10.66/SF
NOI
$43.0K $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%
$859,880
Cap Rate 7%
$614,200
Cap Rate 9%
$477,711
Alternative Uses
Best Use
Apartment 5plus
$614.2K
$537.4K – $716.6K
NOI $42,994 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$790.6K
$691.8K – $922.4K
NOI $55,341 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,614
Businesses Nearby
Explore this area
Business Placement
Demographics for 21217, MD
30,448
Population
20,064
Households
1.5
Avg Household Size
38
Median Age
22%
College-Educated
83%
High-School Grad
2.1 sq mi
ZIP Area
14,499
Density / Sq Mi
$37,207
Median Household Income
$40,668
Median Earnings
$1,065
Median Rent
$175,900
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 - Each residence includes private laundry, with a five-apartment mix spanning one- to three-bedroom layouts.
Where is this apartment building located?
The property is located at 1407 Mcculloh Street Baltimore, MD.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Five‑apartment mix: 1 Three‑Bedroom, 1 Two‑Bedroom, and 3 One‑Bedroom; In‑unit laundry in every apartment; Five electric meters with 200‑amp total service
