Turnkey Renovated 4-Unit
For Sale
$765,000
Pending
1805 SAINT PAUL STREET, Baltimore, MD 21202
Renovated in 2021 and zoned for four units, with separate utilities, private laundry, and on-site parking pad.
Property Size3,780 SF
Days on Market42
Property Features for 1805 SAINT PAUL STREET
General Information
Standard status
Pending
Size
3,780 SF
Total Parking Spaces
2
Property subtype
Quadruplex
Occupancy
50%
Additional Details
Business Included
Yes
Sprinkler System
Yes
Multifamily Units
4
Building Details
Year Built
1890
Year Renovated
2021
Tenancy
Multi
Listing Agency:
Cummings & Co. Realtors
(443) 604-5875
Listed By:
Jamie L Koehler
(443) 604-5875
Source:
Cummingsrealtors
Added: Jul 17
Changed: Aug 25
Last Checked: Aug 26 at 8:58AM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
This renovated four-unit property (zoned as a 4-unit building) was updated in 2021 and is offered turnkey. The building is separately metered, and each unit has its own HVAC system and water heater, plus a stackable washer and dryer. Interiors include abundant natural light, durable LVP flooring, well-appointed bathrooms, and kitchens with quartz countertops, garbage disposals, upscale cabinetry, and stainless steel appliances. Each unit provides direct access to either an outdoor patio or a balcony deck.
Unit 1 is a basement 1-bedroom/1-bath currently rented, with direct access to the rear patio. Units 2 and 3 are 2-bedroom/2-bath apartments that are vacant and rent-ready, with Unit 2 offering direct patio access and Unit 3 featuring a private balcony deck. Unit 4 is the top-level 1-bedroom/1-bath currently rented.
A rear parking pad can accommodate 1–2 cars and is currently unrented. Building systems include a sump pump, fire alarm system, and sprinkler system, and there are written leases for the two occupied units, limited lead-free lead certificates, a rental license, and a Use & Occupancy permit. The property is also noted as eligible for the CHAP tax credit through 2031.
Unit 1 is a basement 1-bedroom/1-bath currently rented, with direct access to the rear patio. Units 2 and 3 are 2-bedroom/2-bath apartments that are vacant and rent-ready, with Unit 2 offering direct patio access and Unit 3 featuring a private balcony deck. Unit 4 is the top-level 1-bedroom/1-bath currently rented.
A rear parking pad can accommodate 1–2 cars and is currently unrented. Building systems include a sump pump, fire alarm system, and sprinkler system, and there are written leases for the two occupied units, limited lead-free lead certificates, a rental license, and a Use & Occupancy permit. The property is also noted as eligible for the CHAP tax credit through 2031.
Key Highlights
- Renovated in 2021; year built 1890; zoned as a 4‑unit building in Baltimore’s Art District/Station North.
- Each unit is separately metered with its own HVAC system, water heater, and stackable washer/dryer.
- Income details: Unit 1 basement 1BR/1BA rented for $1,375; Unit 4 top 1BR/1BA rented for $1,500; Units 2 & 3 (2BR/2BA) are vacant and rent‑ready.
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
$55,510
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
7.26%
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%
$1,110,200
$1.1M
Cap Rate 7%
$793,000
$793.0K
Cap Rate 9%
$616,778
$616.8K
Market Conditions
NOI Build-Up for 3,780 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
$83.9K $22.20/SF
− Vacancy
−$4.6K −$1.22/SF
EGI
$79.3K $20.98/SF
− OpEx
−$23.8K −$6.29/SF
NOI
$55.5K $14.69/SF
Area
Baltimore, MD
Vacancy
5.50%
Lease Rate
$22.20 /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%
$1,110,200
Cap Rate 7%
$793,000
Cap Rate 9%
$616,778
Alternative Uses
Best Use
Multifamily LT 5
$793.0K
$693.9K – $925.2K
NOI $55,510 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$703.5K
$615.6K – $820.8K
NOI $49,247 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$905.6K
$792.4K – $1.06M
NOI $63,391 @ 7.0% cap · market cap 8.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
3,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
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 - Renovated in 2021 and zoned for four units, with separate utilities, private laundry, and on-site parking pad.
Where is this quadplex located?
The property is located at 1805 SAINT PAUL STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: Renovated in 2021; year built 1890; zoned as a 4‑unit building in Baltimore’s Art District/Station North.; Each unit is separately metered with its own HVAC system, water heater, and stackable washer/dryer.; Income details: Unit 1 basement 1BR/1BA rented for $1,375; Unit 4 top 1BR/1BA rented for $1,500; Units 2 & 3 (2BR/2BA) are vacant and rent‑ready.
