Four-Unit Multifamily with Storage
For Sale
$563,000
1436 LIGHT Street, Baltimore, MD 21230
Multi-Family, BALTIMORE, MD
Property Size2,220 SF
Lot Size0.06 Acres
Price / SF$253.60
Days on Market190
Property Features for 1436 LIGHT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
2,220 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
9527
Utilities
Cooling system
Multi Units
Building Details
Year built
1920
Number of units
4
Building materials
Brick
Architectural style
Contemporary
Listing Agency:
Cummings & Co. Realtors
(410) 823-0033
Listed By:
Josh Velte · License #661436
(443) 939-1854
Added: Feb 12
Changed: Aug 19
Last Checked: Aug 21 at 1:06PM
MLS# MDBA2202836
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
1436 Light St presents a contemporary four-unit multifamily building with two levels of independent units configured for residential income. In addition to the four units, the property includes six individual non-vehicle storage garage units, providing separate space beyond the main living areas.
The property is described as being in a highly desirable renter area, just minutes from Federal Hill and Riverside Park. Public transportation is nearby, and convenient parking is available directly outside the property as well as via a nearby parking garage. The immediate surroundings include local bars and restaurants.
This offering may appeal to investors or operators seeking a mixed residential and storage setup within a fully occupied configuration. The presence of on-site, separately assigned non-vehicle storage garage units can support tenants who need additional space, while the four-unit multifamily structure provides multiple income streams within a single property. The listing also notes that 1436 Light St can be purchased together with 1434 Light St.
The property is described as being in a highly desirable renter area, just minutes from Federal Hill and Riverside Park. Public transportation is nearby, and convenient parking is available directly outside the property as well as via a nearby parking garage. The immediate surroundings include local bars and restaurants.
This offering may appeal to investors or operators seeking a mixed residential and storage setup within a fully occupied configuration. The presence of on-site, separately assigned non-vehicle storage garage units can support tenants who need additional space, while the four-unit multifamily structure provides multiple income streams within a single property. The listing also notes that 1436 Light St can be purchased together with 1434 Light St.
Key Highlights
- Fully occupied 4‑unit investment property
- Brick construction with Year Built 1920
- Additional 6 individual storage (non‑vehicle) garage units
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
$32,601
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
5.79%
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%
$652,020
$652.0K
Cap Rate 7%
$465,729
$465.7K
Cap Rate 9%
$362,233
$362.2K
Market Conditions
NOI Build-Up for 2,220 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
$49.3K $22.20/SF
− Vacancy
−$2.7K −$1.22/SF
EGI
$46.6K $20.98/SF
− OpEx
−$14.0K −$6.29/SF
NOI
$32.6K $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%
$652,020
Cap Rate 7%
$465,729
Cap Rate 9%
$362,233
Alternative Uses
Best Use
Multifamily LT 5
$465.7K
$407.5K – $543.4K
NOI $32,601 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$413.2K
$361.5K – $482.1K
NOI $28,923 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$531.9K
$465.4K – $620.5K
NOI $37,230 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,988
Businesses Nearby
Explore this area
Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
Median Home Value
Market
Vacancy Rate% for Industrial in Baltimore, MD
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-unit multifamily property with six non-vehicle storage garage units for added tenant convenience.
Where is this quadplex located?
The property is located at 1436 LIGHT Street Baltimore, MD.
What is the asking price?
The asking price for this property is $563,000.
What are key features of this property?
This property features: Fully occupied 4‑unit investment property; Brick construction with Year Built 1920; Additional 6 individual storage (non‑vehicle) garage units
