Federal Quadplex Investment
For Sale
$585,000
1708 MCCULLOH Street, Baltimore, MD 21217
MULTI_FAMILY - Federal - BALTIMORE, MD
Property Size4,000 SF
Lot Size0.05 Acres
Price / SF$146.25
Days on Market69
Property Features for 1708 MCCULLOH Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Parking features
On Street
Interior features
Floor Plan - Open
Elementary school district
BALTIMORE CITY PUBLIC SCHOOLS
Middle school district
BALTIMORE CITY PUBLIC SCHOOLS
High school district
BALTIMORE CITY PUBLIC SCHOOLS
Standard status
Active
Size
4,000 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5650
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1920
Number of units
4
Building materials
Brick
Architectural style
Federal
Listing Agency:
Spotlight Realty
(800) 460-1566
Listed By:
Teresa Craig · License #507963
(301) 742-4813
Added: Jun 24
Changed: Aug 2
Last Checked: Aug 31 at 11:06AM
MLS# MDBA2220086
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
1708 McCulloh Street is a Federal-style brick quadplex built in 1920, offering four residential units with an open floor plan. The unit mix includes two 3-bedroom, 2-bathroom units and two 2-bedroom, 1-bathroom units.
The property is heated with forced air and cooled with window unit(s). Parking is available on-street, and the building has two electrical meters that can be individually metered. A small lot size of 0.0503 acres and a total property size of 4,000 square feet support a compact, manageable investment profile.
For investors, this configuration provides a straightforward four-unit setup with consistent unit layouts by bedroom/bath count, plus separately metered electrical service.
The property is heated with forced air and cooled with window unit(s). Parking is available on-street, and the building has two electrical meters that can be individually metered. A small lot size of 0.0503 acres and a total property size of 4,000 square feet support a compact, manageable investment profile.
For investors, this configuration provides a straightforward four-unit setup with consistent unit layouts by bedroom/bath count, plus separately metered electrical service.
Key Highlights
- Federal‑style brick quadplex built in 1920 at 1708 McCulloh Street
- Four units: two 3‑bedroom, 2‑bath units and two 2‑bedroom, 1‑bath units
- Forced air heat and window unit(s) cooling
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
$52,114
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
8.91%
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%
$1,042,280
$1.0M
Cap Rate 7%
$744,486
$744.5K
Cap Rate 9%
$579,044
$579.0K
Market Conditions
NOI Build-Up for 4,000 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
$100.8K $25.20/SF
− Vacancy
−$6.0K −$1.51/SF
EGI
$94.8K $23.69/SF
− OpEx
−$42.6K −$10.66/SF
NOI
$52.1K $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%
$1,042,280
Cap Rate 7%
$744,486
Cap Rate 9%
$579,044
Alternative Uses
Best Use
Multifamily LT 5
$839.2K
$734.3K – $979.0K
NOI $58,741 @ 7.0% cap · market cap 10.04%
Second Best
Apartment 5plus
$744.5K
$651.4K – $868.6K
NOI $52,114 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$958.3K
$838.5K – $1.12M
NOI $67,080 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,968
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?
Quadplex - Brick quadplex with two 3-bedroom units and two 2-bedroom units, plus forced-air heat and window A/C.
Where is this quadplex located?
The property is located at 1708 MCCULLOH Street Baltimore, MD.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Federal‑style brick quadplex built in 1920 at 1708 McCulloh Street; Four units: two 3‑bedroom, 2‑bath units and two 2‑bedroom, 1‑bath units; Forced air heat and window unit(s) cooling
