Converted Triplex with Rear
For Sale
$499,900
Pending
1825 Bolton Street, Baltimore, MD 21217
Triplex converted into three apartments, featuring original character details and covered rear porch with fenced yard and parking pad.
Property Size2,968 SF
Days on Market84
Property Features for 1825 Bolton Street
General Information
Standard status
Pending
Size
2,968 SF
Total Parking Spaces
1
Property subtype
Multi-Family / Fee Simple
Zoning
R-8
Additional Details
Fenced Yard
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,343
Amenities
No
Ceiling Fan(s), Floor Plan - Traditional, Wood Floors
No Pool
Building Details
Year Built
1890
Listing Agency:
Samson Properties
Listed By:
Farshad Mohseni · License #SP200206021
(202) 704-5931
Source:
Compass
Added: Jun 16
Changed: Aug 8
Last Checked: Jul 24 at 1:02PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This triplex property has been converted into three apartments and retains notable historic character, including original pocket doors, mantels, hardwood floors, exposed brick, and open living spaces. The main-level unit opens to a covered rear porch overlooking a fenced yard and parking pad, while the upper-level apartments provide additional enclosed living areas.
The property is located in Baltimore City and sits in city limits. It is described as being near Penn Station, Light Rail, and MICA, as well as the University of Baltimore, the University of Maryland Medical Center, parks, restaurants, cafes, and cultural attractions.
For buyers seeking a small multifamily setup, this residence offers an owner-occupant or investor configuration with three separate apartments within a single structure, along with on-site outdoor and parking space accessible from the main level.
The property is located in Baltimore City and sits in city limits. It is described as being near Penn Station, Light Rail, and MICA, as well as the University of Baltimore, the University of Maryland Medical Center, parks, restaurants, cafes, and cultural attractions.
For buyers seeking a small multifamily setup, this residence offers an owner-occupant or investor configuration with three separate apartments within a single structure, along with on-site outdoor and parking space accessible from the main level.
Key Highlights
- Converted triplex with three apartments in Baltimore City
- Character details include original pocket doors, mantels, hardwood/wood floors, and exposed brick
- Main‑level unit opens to a covered rear porch overlooking a fenced yard and parking pad
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
$43,586
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
8.72%
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%
$871,720
$871.7K
Cap Rate 7%
$622,657
$622.7K
Cap Rate 9%
$484,289
$484.3K
Market Conditions
NOI Build-Up for 2,968 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
$65.9K $22.20/SF
− Vacancy
−$3.6K −$1.22/SF
EGI
$62.3K $20.98/SF
− OpEx
−$18.7K −$6.29/SF
NOI
$43.6K $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%
$871,720
Cap Rate 7%
$622,657
Cap Rate 9%
$484,289
Alternative Uses
Best Use
Multifamily LT 5
$622.7K
$544.8K – $726.4K
NOI $43,586 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$552.4K
$483.4K – $644.5K
NOI $38,668 @ 7.0% cap · market cap 7.74%
Theoretical Best
Office A
$711.1K
$622.2K – $829.6K
NOI $49,774 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,001
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?
Triplex - Triplex converted into three apartments, featuring original character details and covered rear porch with fenced yard and parking pad.
Where is this triplex located?
The property is located at 1825 Bolton Street Baltimore, MD.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Converted triplex with three apartments in Baltimore City; Character details include original pocket doors, mantels, hardwood/wood floors, and exposed brick; Main‑level unit opens to a covered rear porch overlooking a fenced yard and parking pad
