Updated Duplex with In-Unit
For Sale
$349,900
1646 E PRATT STREET, Baltimore, MD 21231
Tenant-occupied duplex with two updated units, including in-unit washers and dryers for Unit 1 and Unit 2.
Property Size2,295 SF
Price / SF$152.46
Days on Market77
Property Features for 1646 E PRATT STREET
General Information
Standard status
Active
Size
2,295 SF
Property subtype
Duplex
Amenities
in-unit washer and dryer
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
ExecuHome Realty
(443) 757-3400
Listed By:
Marc C Robinson · License #589574
(443) 386-6223
Source:
Cummingsrealtors
Added: Jul 1
Changed: Sep 15
Last Checked: Sep 15 at 6:42AM
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 ExecuHome Realty
Investment Insights
Based on property information with market context.
This updated, tenant-occupied duplex provides rental income with tenants who would like to remain. Built in 1920, the property includes two separate units. Unit 1 offers one bedroom and one full bath, and Unit 2 offers two bedrooms and one full bath. Both units have been updated and feature in-unit washers and dryers.
Located at 1646 E Pratt Street in Baltimore City, the duplex is positioned near restaurants, shopping, public transportation, and major commuter routes. The property is also described as being conveniently located near Johns Hopkins.
With a clear two-unit layout and in-unit laundry for both units, the property is designed to support straightforward day-to-day occupancy for either an owner occupant or an investor seeking a ready-to-rent residential income asset.
Located at 1646 E Pratt Street in Baltimore City, the duplex is positioned near restaurants, shopping, public transportation, and major commuter routes. The property is also described as being conveniently located near Johns Hopkins.
With a clear two-unit layout and in-unit laundry for both units, the property is designed to support straightforward day-to-day occupancy for either an owner occupant or an investor seeking a ready-to-rent residential income asset.
Key Highlights
- Updated, tenant‑occupied duplex with tenants who would like to remain
- Unit 1: one bedroom and one full bath
- Unit 2: two bedrooms and one full bath
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
$29,900
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
8.55%
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%
$598,000
$598.0K
Cap Rate 7%
$427,143
$427.1K
Cap Rate 9%
$332,222
$332.2K
Market Conditions
NOI Build-Up for 2,295 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
$57.8K $25.20/SF
− Vacancy
−$3.5K −$1.51/SF
EGI
$54.4K $23.69/SF
− OpEx
−$24.5K −$10.66/SF
NOI
$29.9K $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%
$598,000
Cap Rate 7%
$427,143
Cap Rate 9%
$332,222
Alternative Uses
Best Use
Multifamily LT 5
$481.5K
$421.3K – $561.7K
NOI $33,703 @ 7.0% cap · market cap 9.63%
Second Best
Apartment 5plus
$427.1K
$373.8K – $498.3K
NOI $29,900 @ 7.0% cap · market cap 8.55%
Theoretical Best
Office A
$549.8K
$481.1K – $641.5K
NOI $38,487 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,869
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 - Tenant-occupied duplex with two updated units, including in-unit washers and dryers for Unit 1 and Unit 2.
Where is this duplex located?
The property is located at 1646 E PRATT STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Updated, tenant‑occupied duplex with tenants who would like to remain; Unit 1: one bedroom and one full bath; Unit 2: two bedrooms and one full bath
