Renovated Two-Unit
For Sale
$319,900
1412 West Saratoga Street, Baltimore, MD 21223
Two finished residences combine updated interiors, furnishings, and off-street parking in Baltimore’s Franklin Square community.
Property Size1,757 SF
Price / SF$182.07
Days on Market146
Property Features for 1412 West Saratoga Street
General Information
Standard status
Active
Size
1,757 SF
Total Parking Spaces
1
Property subtype
Multi-Family / Ground Rent
Zoning
R-8
Additional Details
Road Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,024
Amenities
off-street parking
rear yard
exposed brick accents
breakfast bar
finished basement
luxury vinyl plank flooring
No
Built-In Microwave, Dishwasher, Disposal, Dryer, Dryer - Electric, Exhaust Fan, Microwave, Range Hood, Refrigerator, Stove, Washer
Insulated
Storm
Ceiling Fan(s), Combination Dining/Living, Combination Kitchen/Dining, Crown Moldings, Floor Plan - Open, Recessed Lighting
No Pool
Building Details
Year Built
1915
Year Renovated
2024
Buildings
1
Listing Agency:
Samson Properties
(301) 640-1978
Listed By:
Floretta M Davis · License #582030
(301) 640-1978
Source:
Compass
Added: Apr 8
Changed: Aug 30
Last Checked: Aug 30 at 5:34AM
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 Samson Properties
Investment Insights
Based on property information with market context.
Originally built in 1915 and comprehensively updated in 2024, this 1,757-square-foot duplex contains two finished residences. The first unit spans two levels with two bedrooms, two full bathrooms, an updated kitchen with breakfast bar, exposed brick details, a tiled finished basement, rear-yard access, and off-street parking. The second unit is furnished, and its furnishings convey with the property; it has operated as a short-term rental. Shared interior improvements include updated systems, luxury vinyl plank flooring, appliances, ceiling fans, crown molding, and recessed lighting.
The property is at 1412 West Saratoga Street in Baltimore’s Franklin Square community, within Baltimore city limits and zoned R-8. It is across from a charter school and within walking distance of downtown Baltimore, Oriole Park at Camden Yards, M&T Bank Stadium, and the Inner Harbor. Rental licenses, lead certifications, and related documentation are included.
The property is at 1412 West Saratoga Street in Baltimore’s Franklin Square community, within Baltimore city limits and zoned R-8. It is across from a charter school and within walking distance of downtown Baltimore, Oriole Park at Camden Yards, M&T Bank Stadium, and the Inner Harbor. Rental licenses, lead certifications, and related documentation are included.
Key Highlights
- Two‑unit duplex with 1,757 square feet of property size
- Fully updated in 2024; original construction dates to 1915
- Unit 1 offers 2 bedrooms, 2 full bathrooms, a finished basement, rear‑yard access, and off‑street parking
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
$25,802
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
8.07%
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%
$516,040
$516.0K
Cap Rate 7%
$368,600
$368.6K
Cap Rate 9%
$286,689
$286.7K
Market Conditions
NOI Build-Up for 1,757 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
$39.0K $22.20/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$36.9K $20.98/SF
− OpEx
−$11.1K −$6.29/SF
NOI
$25.8K $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%
$516,040
Cap Rate 7%
$368,600
Cap Rate 9%
$286,689
Alternative Uses
Best Use
Multifamily LT 5
$368.6K
$322.5K – $430.0K
NOI $25,802 @ 7.0% cap · market cap 8.07%
Second Best
Apartment 5plus
$327.0K
$286.1K – $381.5K
NOI $22,891 @ 7.0% cap · market cap 7.16%
Theoretical Best
Office A
$420.9K
$368.3K – $491.1K
NOI $29,465 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,588
Businesses Nearby
Explore this area
Business Placement
Demographics for 21223, MD
20,438
Population
13,034
Households
1.6
Avg Household Size
37
Median Age
12%
College-Educated
75%
High-School Grad
2.6 sq mi
ZIP Area
7,861
Density / Sq Mi
$41,828
Median Household Income
$33,367
Median Earnings
$1,110
Median Rent
$93,700
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 finished residences combine updated interiors, furnishings, and off-street parking in Baltimore’s Franklin Square community.
Where is this duplex located?
The property is located at 1412 West Saratoga Street Baltimore, MD.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,757 square feet of property size; Fully updated in 2024; original construction dates to 1915; Unit 1 offers 2 bedrooms, 2 full bathrooms, a finished basement, rear‑yard access, and off‑street parking
