Duplex with Three-Car
For Sale
$565,000
1616 Eastern Ave, Baltimore, MD 21231
Side-by-side duplex with C-1 zoning, separate residences, and private rooftop outdoor space.
Property Size1,945 SF
Price / SF$290.49
Days on Market43
Property Features for 1616 Eastern Ave
General Information
Standard status
Active
Size
1,945 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
C-1
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
rooftop deck
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Cummings & Co. Realtors
(443) 678-2258
Listed By:
Savannah Marie Spanellis · License #5021934
Source:
Findmarylandhomelistings
Added: Jul 20
Changed: Aug 30
Last Checked: Aug 30 at 8:36PM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This side-by-side duplex contains approximately 1,945 square feet of living space across two separate residences: one with three bedrooms and two bathrooms, and another with one bedroom and one bathroom. Built in 1890, the property also includes an approximately 1,000 square foot three-car garage, an unfinished basement, and a private rooftop deck. Both units are vacant, allowing a new owner to determine the preferred occupancy or leasing approach. The garage is not currently finished as living space; any expansion or construction above it would require City of Baltimore approval.
Located at 1616 Eastern Ave in Baltimore's Fell's Point community, the property is steps from the waterfront, restaurants, nightlife, and local shops. C-1 zoning supports residential, mixed-use, or business applications as permitted by applicable requirements.
Located at 1616 Eastern Ave in Baltimore's Fell's Point community, the property is steps from the waterfront, restaurants, nightlife, and local shops. C-1 zoning supports residential, mixed-use, or business applications as permitted by applicable requirements.
Key Highlights
- Side‑by‑side duplex with two separate residences
- Approximately 1,945 square feet of living space
- Three‑bedroom, two‑bathroom unit plus one‑bedroom, one‑bathroom unit
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
$28,563
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
5.06%
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%
$571,260
$571.3K
Cap Rate 7%
$408,043
$408.0K
Cap Rate 9%
$317,367
$317.4K
Market Conditions
NOI Build-Up for 1,945 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
$43.2K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$40.8K $20.98/SF
− OpEx
−$12.2K −$6.29/SF
NOI
$28.6K $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%
$571,260
Cap Rate 7%
$408,043
Cap Rate 9%
$317,367
Alternative Uses
Best Use
Multifamily LT 5
$408.0K
$357.0K – $476.1K
NOI $28,563 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$362.0K
$316.8K – $422.3K
NOI $25,340 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$466.0K
$407.7K – $543.6K
NOI $32,618 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,682
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?
Duplex - Side-by-side duplex with C-1 zoning, separate residences, and private rooftop outdoor space.
Where is this duplex located?
The property is located at 1616 Eastern Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Side‑by‑side duplex with two separate residences; Approximately 1,945 square feet of living space; Three‑bedroom, two‑bathroom unit plus one‑bedroom, one‑bathroom unit
