9-Unit Multifamily Apartment
For Sale
$2,000,000
1516 Lancaster Street, Baltimore, MD 21231
Nine-unit multifamily property with 1.5- or 2-bedroom units, dedicated parking, storage units, and a detached garage.
Property Size7,520 SF
Price / SF$265.96
Days on Market410
Property Features for 1516 Lancaster Street
General Information
Standard status
Active
Size
7,520 SF
Property subtype
Multi-family
Building Details
Year Built
1920
Listing Agency:
Next Step Realty
(443) 928-3295
Listed By:
James T Weiskerger
Source:
Deepcreeklake
Added: Jun 16, 2025
Changed: Jul 23
Last Checked: Jul 30 at 5:32PM
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 Next Step Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily apartment building offers nine units, each featuring either 1.5 or 2 bedrooms. The property also includes nine dedicated parking spots and nine storage units to support day-to-day tenant needs, along with a detached garage.
The address is 1516 Lancaster Street in Baltimore, MD 21231. The building is described as being in the heart of Fells Point and within close proximity to the waterfront, restaurants, and nightlife.
Offered as a turnkey opportunity, the building presents a straightforward residential income configuration for an investor looking to own a multi-unit asset with on-site parking, storage, and an additional detached garage.
The address is 1516 Lancaster Street in Baltimore, MD 21231. The building is described as being in the heart of Fells Point and within close proximity to the waterfront, restaurants, and nightlife.
Offered as a turnkey opportunity, the building presents a straightforward residential income configuration for an investor looking to own a multi-unit asset with on-site parking, storage, and an additional detached garage.
Key Highlights
- 9‑unit multi‑family building at 1516 Lancaster Street with Year Built 1920
- Unit mix includes 1.5- or 2‑bedroom apartments
- On‑site parking includes 9 dedicated parking spots
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $189.5k | $25.20 |
| − Vacancy | −$11.4k | −$1.51 |
| EGI | $178.1k | $23.69 |
| − OpEx | −$80.2k | −$10.66 |
| NOI | $98.0k | $13.03 |
7,520 SF · lease $25.20/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,974 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,111 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,473
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
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 - Nine-unit multifamily property with 1.5- or 2-bedroom units, dedicated parking, storage units, and a detached garage.
Where is this apartment building located?
The property is located at 1516 Lancaster Street Baltimore, MD.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 9‑unit multi‑family building at 1516 Lancaster Street with Year Built 1920; Unit mix includes 1.5- or 2‑bedroom apartments; On‑site parking includes 9 dedicated parking spots
