Rebuilt Townhome in Greenmount
For Sale
$549,900
1812 Guilford Avenue, Baltimore, MD 21202
Fully rebuilt townhome with income potential in arts district.
Property Size3,060 SF
Price / SF$179.71
Days on Market167
Property Features for 1812 Guilford Avenue
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Multi-Family / Fee Simple
Zoning
R-8
Taxes and HOA fees
Annual Taxes
$11,406
Amenities
No
2nd Kitchen
No Pool
Building Details
Year Built
1890
Listing Agency:
Real Estate Teams, LLC
(240) 409-0660
Listed By:
Khai C Pau · License #581400
(240) 409-0660
Source:
Compass
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 8 at 12:18PM
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 Real Estate Teams, LLC
Investment Insights
Based on property information with market context.
This rebuilt townhome offers historic charm, modern construction, and income potential. The property is currently leased to a senior care business, generating $5,000 per month in rental income, with the commercial tenant responsible for all repairs and maintenance under the lease terms. The property spans 4 finished levels. The upper unit features 5 bedrooms and 2 bathrooms, while the lower unit includes 4 bedrooms and 2 bathrooms. The interior showcases restored architectural details, including custom-milled historically replicated window and door trim with rosettes, 8-inch base molding, hardwood floors, ceilings, and living spaces. Natural light enters through 16 side-facing windows. Additional features include newer kitchens and bathrooms, laundry areas, wide hallways, a rear deck, off-street parking, and a fully finished walk-out basement with a 7'6" ceiling height. Major structural and mechanical improvements include a rebuilt rear exterior wall, full underpinning and excavation, new joists and subfloors, and new framing and mechanical systems throughout. Located in the Greenmount West / Station North Arts District, the property is situated blocks from Penn Station, MICA, University of Baltimore, Mount Vernon, and the Charles Theatre. The property is located in Baltimore City, within city limits, and is part of the BALTIMORE CITY PUBLIC SCHOOLS school district.
Key Highlights
- Strong cash flow: Currently generating $5,000/month in rental income.
- Fully rebuilt 10 years ago with major improvements.
- Prime location in Greenmount West / Station North Arts District.
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
$39,867
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
7.25%
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%
$797,340
$797.3K
Cap Rate 7%
$569,529
$569.5K
Cap Rate 9%
$442,967
$443.0K
Market Conditions
NOI Build-Up for 3,060 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
$77.1K $25.20/SF
− Vacancy
−$4.6K −$1.51/SF
EGI
$72.5K $23.69/SF
− OpEx
−$32.6K −$10.66/SF
NOI
$39.9K $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%
$797,340
Cap Rate 7%
$569,529
Cap Rate 9%
$442,967
Alternative Uses
Best Use
Apartment 5plus
$569.5K
$498.3K – $664.5K
NOI $39,867 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$733.1K
$641.5K – $855.3K
NOI $51,316 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,378
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?
Multifamily property - Fully rebuilt townhome with income potential in arts district.
Where is this multifamily property located?
The property is located at 1812 Guilford Avenue Baltimore, MD.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Strong cash flow: Currently generating $5,000/month in rental income.; Fully rebuilt 10 years ago with major improvements.; Prime location in Greenmount West / Station North Arts District.
