Federal-Style Duplex with Two
New
For Sale
$565,900
1501 E BALTIMORE Street, Baltimore, MD 21231
Multi-Family, BALTIMORE, MD
Property Size2,424 SF
Lot Size0.03 Acres
Price / SF$233.46
Days on Market2
Property Features for 1501 E BALTIMORE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
Alley
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
2,424 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
11949
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Number of units
2
Architectural style
Federal
Listing Agency:
JPAR Real Estate Professionals
(301) 684-4895
Listed By:
Marizel C Brewington · License #675141
(619) 607-8530
Added: Sep 14
Last Checked: Sep 15 at 12:06PM
MLS# MDBA2231092
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.
This Federal-style duplex was built in 1920 and contains 2,424 square feet on a 0.03-acre lot. The upper residence includes five rooms and two full bathrooms, with three tenants currently occupying separate rooms and two additional rooms available. The lower residence provides two bedrooms and one full bathroom. Both units have private kitchens and their own in-unit washer and dryer. The property is being sold in its current condition and configuration.
Located at 1501 E Baltimore Street in Baltimore, the property includes alley parking and is served by forced-air heating and central air. Recent work includes a renovated full bathroom and new microwave in the lower unit, a new dishwasher upstairs, and a new washing machine serving the property. The upper unit is currently rented by the room, while the building remains occupied.
Located at 1501 E Baltimore Street in Baltimore, the property includes alley parking and is served by forced-air heating and central air. Recent work includes a renovated full bathroom and new microwave in the lower unit, a new dishwasher upstairs, and a new washing machine serving the property. The upper unit is currently rented by the room, while the building remains occupied.
Key Highlights
- Federal‑style duplex built in 1920 with 2,424 square feet
- 0.03‑acre lot at 1501 E Baltimore Street, Baltimore, MD 21231
- Upper unit has five rooms, two full bathrooms, three current tenants, and two available rooms
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
$35,597
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
6.29%
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%
$711,940
$711.9K
Cap Rate 7%
$508,529
$508.5K
Cap Rate 9%
$395,522
$395.5K
Market Conditions
NOI Build-Up for 2,424 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
$53.8K $22.20/SF
− Vacancy
−$3.0K −$1.22/SF
EGI
$50.9K $20.98/SF
− OpEx
−$15.3K −$6.29/SF
NOI
$35.6K $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%
$711,940
Cap Rate 7%
$508,529
Cap Rate 9%
$395,522
Alternative Uses
Best Use
Multifamily LT 5
$508.5K
$445.0K – $593.3K
NOI $35,597 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$451.2K
$394.8K – $526.4K
NOI $31,581 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$580.7K
$508.1K – $677.5K
NOI $40,651 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied two-unit residence with private kitchens, in-unit laundry, and separate living arrangements.
Where is this duplex located?
The property is located at 1501 E BALTIMORE Street Baltimore, MD.
What is the asking price?
The asking price for this property is $565,900.
What are key features of this property?
This property features: Federal‑style duplex built in 1920 with 2,424 square feet; 0.03‑acre lot at 1501 E Baltimore Street, Baltimore, MD 21231; Upper unit has five rooms, two full bathrooms, three current tenants, and two available rooms
