Renovated Duplex with Two-Car
For Sale
$749,999
1704 Madison Avenue, Baltimore, MD 21217
Two residences include a renovated primary home and a finished lower-level private unit.
Property Size4,733 SF
Price / SF$158.46
Days on Market128
Property Features for 1704 Madison Avenue
General Information
Standard status
Active
Size
4,733 SF
Total Parking Spaces
2
Property subtype
Multi-Family / Fee Simple
Zoning
R-7
Units
Unit Mix
1 x 7BR/5BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,664
Amenities
fireplaces
Yes
6
Dining Area
https://www.zillow.com/view-imx/cc2d56a4-3d2b-4c6b-953d-391e18105e1e?setAttribution=mls&wl=true&initialViewType=pano&utm_source=dashboard
No Pool
Building Details
Year Built
1920
Buildings
1
Construction
brick
Listing Agency:
eXp Realty LLC
(443) 800-1676
Listed By:
Michelle M Fullmer · License #676930
(443) 800-1676
Source:
Compass
Added: Apr 26
Changed: Aug 29
Last Checked: Aug 31 at 1:57AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This duplex, built in 1920, combines a red-brick exterior with a fully renovated interior across 4,733 square feet. The primary residence occupies three levels and includes 7 bedrooms, 5 full bathrooms, two primary suites, multiple fireplaces, hardwood floors, and an original staircase framed by exposed brick. Its kitchen opens to the dining and living areas and features a quartz waterfall island, custom cabinetry, stainless-steel appliances, and a stacked-stone accent wall.
A separate lower-level residence provides 2 bedrooms, 1 bathroom, a kitchen, and dining space. The property also includes a 2-car garage and is situated within the Madison Park Historic District in Baltimore City. R-7 zoning and a 10-year CHAP Tax Credit are identified in the property information.
A separate lower-level residence provides 2 bedrooms, 1 bathroom, a kitchen, and dining space. The property also includes a 2-car garage and is situated within the Madison Park Historic District in Baltimore City. R-7 zoning and a 10-year CHAP Tax Credit are identified in the property information.
Key Highlights
- 4,733‑square‑foot duplex built in 1920
- Primary residence spans three levels with 7 bedrooms and 5 full bathrooms
- Separate lower‑level unit includes 2 bedrooms, 1 bathroom, kitchen, and dining area
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
$61,663
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
8.22%
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%
$1,233,260
$1.2M
Cap Rate 7%
$880,900
$880.9K
Cap Rate 9%
$685,144
$685.1K
Market Conditions
NOI Build-Up for 4,733 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
$119.3K $25.20/SF
− Vacancy
−$7.2K −$1.51/SF
EGI
$112.1K $23.69/SF
− OpEx
−$50.5K −$10.66/SF
NOI
$61.7K $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%
$1,233,260
Cap Rate 7%
$880,900
Cap Rate 9%
$685,144
Alternative Uses
Best Use
Multifamily LT 5
$992.9K
$868.8K – $1.16M
NOI $69,506 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$880.9K
$770.8K – $1.03M
NOI $61,663 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$1.13M
$992.2K – $1.32M
NOI $79,373 @ 7.0% cap · market cap 10.58%
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
1,735
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
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 residences include a renovated primary home and a finished lower-level private unit.
Where is this duplex located?
The property is located at 1704 Madison Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: 4,733‑square‑foot duplex built in 1920; Primary residence spans three levels with 7 bedrooms and 5 full bathrooms; Separate lower‑level unit includes 2 bedrooms, 1 bathroom, kitchen, and dining area
