Tenant-Occupied Duplex Near Morgan
For Sale
$275,000
1662 East Cold Spring Lane, Baltimore, MD 21218
Two matching apartments offer separate living quarters and shared basement laundry.
Property Size1,364 SF
Price / SF$201.61
Days on Market193
Property Features for 1662 East Cold Spring Lane
General Information
Standard status
Active
Size
1,364 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-5
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,122
Amenities
shared laundry area
No
https://my.matterport.com/show/?m=L3FTPFAMnHi&mls=1
No Pool
Building Details
Year Built
1948
Buildings
1
Tenancy
Multi
Listing Agency:
Redfin Corp
(443) 292-2261
Listed By:
NaTasha Morgan-Lipscomb
(443) 292-2261
Source:
Compass
Added: Feb 19
Changed: Aug 30
Last Checked: Aug 31 at 1:51AM
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 Redfin Corp
Investment Insights
Based on property information with market context.
This 1,364-square-foot duplex, built in 1948, contains two separate apartments with matching layouts. Each residence includes 2 bedrooms and 1 full bathroom, providing distinct living quarters within the property. A shared laundry area is located in the basement for use by both units.
Both apartments are currently tenant-occupied, creating an in-place residential income configuration. The property is zoned R-5 and sits directly across the street from Morgan State University in Baltimore City. Showings require 72 hours’ notice because of tenant occupancy.
Both apartments are currently tenant-occupied, creating an in-place residential income configuration. The property is zoned R-5 and sits directly across the street from Morgan State University in Baltimore City. Showings require 72 hours’ notice because of tenant occupancy.
Key Highlights
- Two‑unit duplex with both apartments currently tenant‑occupied
- Each apartment includes 2 bedrooms and 1 full bathroom
- 1,364‑square‑foot property built in 1948
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
$17,739
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
6.45%
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%
$354,780
$354.8K
Cap Rate 7%
$253,414
$253.4K
Cap Rate 9%
$197,100
$197.1K
Market Conditions
NOI Build-Up for 1,364 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
$27.0K $19.80/SF
− Vacancy
−$1.7K −$1.22/SF
EGI
$25.3K $18.58/SF
− OpEx
−$7.6K −$5.57/SF
NOI
$17.7K $13.00/SF
Area
ZIP 21218
Vacancy
6.17%
Lease Rate
$19.80 /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%
$354,780
Cap Rate 7%
$253,414
Cap Rate 9%
$197,100
Alternative Uses
Best Use
Multifamily LT 5
$253.4K
$221.7K – $295.7K
NOI $17,739 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$226.1K
$197.8K – $263.7K
NOI $15,824 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$370.9K
$324.5K – $432.7K
NOI $25,960 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
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 - Two matching apartments offer separate living quarters and shared basement laundry.
Where is this duplex located?
The property is located at 1662 East Cold Spring Lane Baltimore, MD.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit duplex with both apartments currently tenant‑occupied; Each apartment includes 2 bedrooms and 1 full bathroom; 1,364‑square‑foot property built in 1948
