Two-House Multifamily
New
For Sale
$260,000
1841 1841-1843 East Ave, Baltimore, MD 21222
Two separate homes offer flexible residential income use with porches, basements, and distinct interior layouts.
Property Size1,150 SF
Price / SF$226.09
Days on Market2
Property Features for 1841 1841-1843 East Ave
General Information
Standard status
Active
Size
1,150 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1936
Buildings
2
Listing Agency:
Cummings & Co. Realtors
Listed By:
Thomas B Maley · License #656646
(410) 274-3326
Source:
Hargreaveshomesales
Added: Sep 13
Last Checked: Sep 13 at 2:41PM
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 multifamily offering includes two separate homes totaling 1,150 square feet. The 650-square-foot residence features a kitchen, living room, bedroom, bathroom, den, laundry closet, unfinished basement, and wide front porch. The adjoining 500-square-foot home includes an eat-in kitchen, living room, bedroom, bathroom, and front porch. Both properties provide distinct residential layouts within the same package.
The homes are situated on separate home sites measuring 15,330 square feet and 5,500 square feet. Built in 1936, the property can accommodate an owner-occupant arrangement with one residence occupied and the other rented, or be held as two rental units, as supported by the existing two-house configuration.
The homes are situated on separate home sites measuring 15,330 square feet and 5,500 square feet. Built in 1936, the property can accommodate an owner-occupant arrangement with one residence occupied and the other rented, or be held as two rental units, as supported by the existing two-house configuration.
Key Highlights
- Two separate homes totaling 1,150 square feet
- 650‑square‑foot home on a 15,330‑square‑foot home‑site
- 500‑square‑foot home on a 5,500‑square‑foot lot
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
$14,983
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
5.76%
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%
$299,660
$299.7K
Cap Rate 7%
$214,043
$214.0K
Cap Rate 9%
$166,478
$166.5K
Market Conditions
NOI Build-Up for 1,150 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
$29.0K $25.20/SF
− Vacancy
−$1.7K −$1.51/SF
EGI
$27.2K $23.69/SF
− OpEx
−$12.3K −$10.66/SF
NOI
$15.0K $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%
$299,660
Cap Rate 7%
$214,043
Cap Rate 9%
$166,478
Alternative Uses
Best Use
Apartment 5plus
$214.0K
$187.3K – $249.7K
NOI $14,983 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$275.5K
$241.1K – $321.4K
NOI $19,286 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 21222, MD
59,062
Population
24,054
Households
2.5
Avg Household Size
38
Median Age
14%
College-Educated
85%
High-School Grad
11.5 sq mi
ZIP Area
5,136
Density / Sq Mi
$61,934
Median Household Income
$41,920
Median Earnings
$1,390
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two separate homes offer flexible residential income use with porches, basements, and distinct interior layouts.
Where is this multifamily property located?
The property is located at 1841 1841-1843 East Ave Baltimore, MD.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two separate homes totaling 1,150 square feet; 650‑square‑foot home on a 15,330‑square‑foot home‑site; 500‑square‑foot home on a 5,500‑square‑foot lot
