Historic Three-Unit
New
For Sale
$800,000
1903 OLD COURT Road, Baltimore, MD 21204
Multi-Family, BALTIMORE, MD
Property Size4,158 SF
Lot Size0.75 Acres
Price / SF$192.40
Days on Market1
Property Features for 1903 OLD COURT Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Dining Room, Family Room, Basement
Parking
6
Parking features
Driveway, Carport
Interior features
Built-Ins, Wood Floors, 2nd Kitchen, Additional Stairway, Bathroom - Tub Shower, Bathroom - Stall Shower, Curved Staircase, Dining Area, Exposed Beams, Family Room Off Kitchen, Floor Plan - Traditional, Pantry, Walk-in Closet(s), Window Treatments
Fireplace
1
Appliances
Dryer, Oven/Range - Gas, Refrigerator, Washer, WaterHeater
Subdivision
RUXTON
Elementary school
RIDERWOOD
Middle school
DUMBARTON
High school
TOWSON
Elementary school district
BALTIMORE COUNTY PUBLIC SCHOOLS
Middle school district
BALTIMORE COUNTY PUBLIC SCHOOLS
High school district
BALTIMORE COUNTY PUBLIC SCHOOLS
Standard status
Active
Size
4,158 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Annual Amount
6831
Utilities
Heating system
Forced Air, Other (Heating)
Cooling system
Window Unit(s)
Amenities
laundry for each unit
screened porch
deck
roof deck
conditioned lower-level bonus space
storage
Building Details
Year built
1853
Number of units
3
Building materials
Stucco
Architectural style
Cottage
Listing Agency:
Monument Sotheby's International Realty
(443) 906-3840
Listed By:
Ashley B Richardson · License #501466
(410) 868-1474
Added: Aug 31
Last Checked: Aug 31 at 12:06PM
MLS# MDBC2170528
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit multifamily property combines a 4,158-square-foot main residence with a separate carriage house. Built in 1853, the main house is designated as Baltimore County landmark #BA-01158 and contains two residences with traditional room layouts, built-ins, exposed beams, screened and roof decks, storage, and separate laundry for each unit. The carriage house provides the third residence with one bedroom, one bathroom, kitchen, laundry, storage, and conditioned lower-level bonus space.
The 0.75-acre property includes a driveway accommodating up to six vehicles and a two-car carport. Unit layouts include two three-bedroom residences in the main house and a one-bedroom carriage house unit. A separate address serves the carriage house. Historic designation, permitted use, and any subdivision or future development potential should be independently verified with Baltimore County and other appropriate authorities.
The 0.75-acre property includes a driveway accommodating up to six vehicles and a two-car carport. Unit layouts include two three-bedroom residences in the main house and a one-bedroom carriage house unit. A separate address serves the carriage house. Historic designation, permitted use, and any subdivision or future development potential should be independently verified with Baltimore County and other appropriate authorities.
Key Highlights
- Three units: two in the 1853 main house and one in a separate carriage house
- 4,158 square feet of stated property size, excluding the carriage house
- 0.75‑acre property at 1903 OLD COURT Road, BALTIMORE, MD 21204
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Two residences occupy the landmarked main house, with a third in a separate carriage house.
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 units: two in the 1853 main house and one in a separate carriage house; 4,158 square feet of stated property size, excluding the carriage house; 0.75‑acre property at 1903 OLD COURT Road, BALTIMORE, MD 21204
