Updated Triplex in Baltimore
For Sale
$499,000
1824 SAINT PAUL St, Baltimore, MD 21202
Updated triplex with modern amenities in the Station North Arts District.
Property Size2,397 SF
Lot Size0.04 Acres
Days on Market166
Property Features for 1824 SAINT PAUL St
General Information
Standard status
Active
Size
2,397 SF
Lot size
0.04 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$12,293
Building Details
Building Size
2,397 SF
Year Built
1890
Units
3
Listing Agency:
Long & Foster Real Estate
(443) 340-6630
Listed By:
Courtney Lowenthal
(443) 340-6630
Source:
Elliman
Added: Mar 10
Changed: Aug 22
Last Checked: Aug 22 at 11:36AM
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 Long & Foster Real Estate
Investment Insights
Based on property information with market context.
This updated triplex is located in the Charles North neighborhood of Baltimore's Station North Arts and Entertainment District. The four-level building contains two one-bedroom, one-bathroom units and one two-bedroom, one-bathroom unit. Each unit has separate utility meters for electricity, central air conditioning, and water heaters. The property features modern amenities and upgrades, exposed brick walls, tall ceilings, and an abundance of natural light. Apartment #1 is a one-bedroom, one-bathroom unit on the entry/first level. Apartment #2, another one-bedroom, one-bathroom unit, is on the second level. Apartment #3, a two-bedroom, one-bathroom unit, is on the top level. The finished basement includes inside access with a bonus room that could be used for additional storage or converted into a fourth unit for additional rental potential, and a full bathroom with a tub-shower. The common laundry room on this level has two sets of coin-operated washers and dryers, and a door outside to the rear with a one-car parking pad, accessible from the alley. The property is conveniently located for commuters, a few blocks north of Penn Station with Amtrak and MARC trains, along with several Light Rail and bus stops nearby, and quick access to 83. The Maryland Institute College of Art (MICA) and The University of Baltimore are several blocks away, and Johns Hopkins University is just over a mile away. Apartments 1 and 3 are currently vacant, and apartment 2 is occupied. The owner pays for gas and electricity for the common areas and basement, while the tenants are responsible for their own apartments. The water bill is split into thirds.
Key Highlights
- Triplex featuring three separate units with immediate rental income potential.
- Separate utility meters simplify tenant billing and management.
- Finished basement with bonus room and full bathroom offers flexibility.
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
$35,201
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
7.05%
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%
$704,020
$704.0K
Cap Rate 7%
$502,871
$502.9K
Cap Rate 9%
$391,122
$391.1K
Market Conditions
NOI Build-Up for 2,397 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
$53.2K $22.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$50.3K $20.98/SF
− OpEx
−$15.1K −$6.29/SF
NOI
$35.2K $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%
$704,020
Cap Rate 7%
$502,871
Cap Rate 9%
$391,122
Alternative Uses
Best Use
Multifamily LT 5
$502.9K
$440.0K – $586.7K
NOI $35,201 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$446.1K
$390.4K – $520.5K
NOI $31,229 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$574.3K
$502.5K – $670.0K
NOI $40,198 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Triplex - Updated triplex with modern amenities in the Station North Arts District.
Where is this triplex located?
The property is located at 1824 SAINT PAUL St Baltimore, MD.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Triplex featuring three separate units with immediate rental income potential.; Separate utility meters simplify tenant billing and management.; Finished basement with bonus room and full bathroom offers flexibility.
