Historic Triplex With Carriage
New
For Sale
$800,000
1903 OLD COURT ROAD, Baltimore, MD 21204
Three residences span a landmark main house and separate carriage house with private laundry, storage, and varied outdoor spaces.
Property Size4,158 SF
Lot Size0.75 Acres
Price / SF$192.40
Days on Market4
Property Features for 1903 OLD COURT ROAD
General Information
Standard status
Active
Size
4,158 SF
Total Parking Spaces
6
Lot size
0.75 Acres
Property subtype
Triplex
Units
Unit Mix
2 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1853
Construction
Cotswold
Listing Agency:
Monument Sotheby's International Realty
(443) 906-3840
Listed By:
Ashley B Richardson
(410) 868-1474
Source:
Cummingsrealtors
Added: Aug 30
Changed: Sep 1
Last Checked: Sep 1 at 9:53PM
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 Monument Sotheby's International Realty
Investment Insights
Based on property information with market context.
This three-unit property combines a Baltimore County landmark main house, completed in 1853, with a separate non-historic carriage house. The reported 4,158 square feet applies to the main house and excludes the carriage house. The two main-house residences each offer three bedrooms and one full bath, along with kitchens, living areas, storage, and dedicated laundry. One includes a screened porch, beamed family room, deck, and roof deck; the other provides a pantry and expansive closet space. The carriage house contains a one-bedroom, one-bath residence with kitchen, laundry, storage, and conditioned lower-level bonus space.
Set on .75 acres at 1903 Old Court Road in Baltimore, the property includes a driveway accommodating up to six vehicles and a two-car carport. The carriage house carries a separate address. Any landmark approvals, permitted use, subdivision, buildability, or future site changes should be verified with Baltimore County and the appropriate authorities.
Set on .75 acres at 1903 Old Court Road in Baltimore, the property includes a driveway accommodating up to six vehicles and a two-car carport. The carriage house carries a separate address. Any landmark approvals, permitted use, subdivision, buildability, or future site changes should be verified with Baltimore County and the appropriate authorities.
Key Highlights
- Three‑unit configuration with two residences in the 1853 main house and one in a separate carriage house
- Baltimore County landmark #BA‑01158 for the main house
- Reported 4158 SF; square footage does not include the carriage house
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
$61,061
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
7.63%
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%
$1,221,220
$1.2M
Cap Rate 7%
$872,300
$872.3K
Cap Rate 9%
$678,456
$678.5K
Market Conditions
NOI Build-Up for 4,158 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
$92.3K $22.20/SF
− Vacancy
−$5.1K −$1.22/SF
EGI
$87.2K $20.98/SF
− OpEx
−$26.2K −$6.29/SF
NOI
$61.1K $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%
$1,221,220
Cap Rate 7%
$872,300
Cap Rate 9%
$678,456
Alternative Uses
Best Use
Multifamily LT 5
$872.3K
$763.3K – $1.02M
NOI $61,061 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$773.9K
$677.2K – $902.9K
NOI $54,172 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$996.1K
$871.6K – $1.16M
NOI $69,730 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
104
Businesses Nearby
Explore this area
Business Placement
Demographics for 21204, MD
20,967
Population
9,529
Households
2.2
Avg Household Size
36
Median Age
73%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
3,328
Density / Sq Mi
$98,452
Median Household Income
$53,889
Median Earnings
$1,894
Median Rent
$571,800
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 - Three residences span a landmark main house and separate carriage house with private laundry, storage, and varied outdoor spaces.
Where is this triplex located?
The property is located at 1903 OLD COURT ROAD Baltimore, MD.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Three‑unit configuration with two residences in the 1853 main house and one in a separate carriage house; Baltimore County landmark #BA‑01158 for the main house; Reported 4158 SF; square footage does not include the carriage house
