Bolton Hill Multifamily Investment
For Sale
$669,000
1514 W MOUNT ROYAL AVENUE, Baltimore, MD 21217
Fully occupied, renovated 4-unit property near MICA and Penn Station.
Property Size4,344 SF
Days on Market222
Property Features for 1514 W MOUNT ROYAL AVENUE
General Information
Standard status
Active
Size
4,344 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$11,701
Building Details
Building Size
4,344 SF
Year Built
1880
Listing Agency:
Cottage Street Realty LLC
Listed By:
Alexandra I Burrell-Hodges · License #609427
(703) 819-1023
Source:
Barnesrealestatecompany
Added: Feb 6
Changed: Sep 12
Last Checked: Sep 15 at 10:31AM
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 Cottage Street Realty LLC
Investment Insights
Based on property information with market context.
This fully occupied 4-unit property is located in the Bolton Hill neighborhood, directly across from MICA and a short walk to Penn Station. The location provides access to the Hopkins Shuttle, MARC Train to Washington, DC, and Amtrak service to Philadelphia and NYC. The unit mix includes a first-floor 2BR/1BA, a second-floor 1BR/1BA, and two top-floor units consisting of a front 1BR/1BA and a rear studio. All units have been renovated with updated kitchens and baths. Additional features include an unfinished basement and a newly fenced rear yard. Parking is available for two cars. The owner pays for gas heat and hot water. The top-floor units are all-electric, with tenants paying for their own heat. Window A/C units are installed throughout. Bolton Hill is a walkable community known for its historic architecture and proximity to Midtown amenities. The property is very bikeable (bikeScore: 80) and very walkable (walkScore: 89) and has excellent transit options (transitScore: 92). Midtown Special Benefits District Surcharge Tax is $603.10 annually. This property is suitable for an owner-occupant or investor.
Key Highlights
- Prime location across from MICA and near Penn Station (Hopkins Shuttle, MARC, Amtrak).
- Fully renovated units with updated kitchens and baths.
- Four‑unit property ideal for owner‑occupant or investor.
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
$56,595
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
8.46%
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%
$1,131,900
$1.1M
Cap Rate 7%
$808,500
$808.5K
Cap Rate 9%
$628,833
$628.8K
Market Conditions
NOI Build-Up for 4,344 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
$109.5K $25.20/SF
− Vacancy
−$6.6K −$1.51/SF
EGI
$102.9K $23.69/SF
− OpEx
−$46.3K −$10.66/SF
NOI
$56.6K $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%
$1,131,900
Cap Rate 7%
$808,500
Cap Rate 9%
$628,833
Alternative Uses
Best Use
Multifamily LT 5
$911.3K
$797.4K – $1.06M
NOI $63,793 @ 7.0% cap · market cap 9.54%
Second Best
Apartment 5plus
$808.5K
$707.4K – $943.3K
NOI $56,595 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$1.04M
$910.6K – $1.21M
NOI $72,849 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,275
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
Check the figures for this property
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?
Quadplex - Fully occupied, renovated 4-unit property near MICA and Penn Station.
Where is this quadplex located?
The property is located at 1514 W MOUNT ROYAL AVENUE Baltimore, MD.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Prime location across from MICA and near Penn Station (Hopkins Shuttle, MARC, Amtrak).; Fully renovated units with updated kitchens and baths.; Four‑unit property ideal for owner‑occupant or investor.
