Renovated Six-Unit Apartment
For Sale
$795,000
1801 MADISON Avenue, Baltimore, MD 21217
Multi-Family, BALTIMORE, MD
Property Size5,296 SF
Lot Size0.06 Acres
Price / SF$150.11
Days on Market51
Property Features for 1801 MADISON Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement, Dining Room
Parking features
On Street
Interior features
Wood Floors, Kitchen - Efficiency, Floor Plan - Traditional, Dining Area, Combination Dining/Living, Built-Ins
Subdivision
MADISON PARK HISTORIC DISTRICT
Elementary school
EUTAW-MARSHBURN
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
5,296 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
10764
Utilities
Heating system
Forced Air
Amenities
private washer and dryer
separately metered for gas and electricity
floor drains in bathrooms
maintenance and storage space
half bath
Building Details
Year built
1920
Number of units
4
Building materials
Brick
Architectural style
Victorian
Listing Agency:
Compass
(202) 386-6330
Listed By:
Jennifer S Smira · License #639332
(202) 280-2060
Added: Aug 8
Changed: Sep 5
Last Checked: Sep 27 at 1:06PM
MLS# MDBA2226230
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.
1801 Madison Avenue is a renovated six-unit apartment building in Baltimore’s Madison Park Historic District. The residential mix includes five one-bedroom apartments and one three-bedroom apartment. Units feature pine flooring, traditional layouts, updated interiors, natural light from multiple exposures, and individual washers and dryers. Gas and electric service are separately metered for each apartment. The brick building was constructed in 1920 and includes forced-air heating, on-street parking, and a lower level with maintenance and storage areas plus a half bath.
The property is located steps from the Maryland Institute College of Art and within minutes of the University of Maryland Medical Center, Johns Hopkins University, downtown Baltimore, and major employment centers. MARC, Light Rail, I-95, I-695, neighborhood shopping, grocery stores, and restaurants are also identified as nearby conveniences. Occupancy is reported at 100%.
The property is located steps from the Maryland Institute College of Art and within minutes of the University of Maryland Medical Center, Johns Hopkins University, downtown Baltimore, and major employment centers. MARC, Light Rail, I-95, I-695, neighborhood shopping, grocery stores, and restaurants are also identified as nearby conveniences. Occupancy is reported at 100%.
Key Highlights
- 6‑unit apartment building with five one‑bedroom apartments and one three‑bedroom apartment
- 100% occupancy reported
- Each apartment has a private washer and dryer
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
$68,998
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
8.68%
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%
$1,379,960
$1.4M
Cap Rate 7%
$985,686
$985.7K
Cap Rate 9%
$766,644
$766.6K
Market Conditions
NOI Build-Up for 5,296 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
$133.5K $25.20/SF
− Vacancy
−$8.0K −$1.51/SF
EGI
$125.5K $23.69/SF
− OpEx
−$56.5K −$10.66/SF
NOI
$69.0K $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%
$1,379,960
Cap Rate 7%
$985,686
Cap Rate 9%
$766,644
Alternative Uses
Best Use
Apartment 5plus
$985.7K
$862.5K – $1.15M
NOI $68,998 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,814 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Brick Victorian multifamily property with separately metered utilities, private laundry, and a five-one-bedroom, one-three-bedroom unit mix.
Where is this apartment building located?
The property is located at 1801 MADISON Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 6‑unit apartment building with five one‑bedroom apartments and one three‑bedroom apartment; 100% occupancy reported; Each apartment has a private washer and dryer
