End-Row Quadplex with
For Sale
$460,000
1917 Gough St, Baltimore, MD 21231
Occupied four-unit townhouse with finished interiors, appliance-equipped kitchens, laundry amenities, and urban views.
Property Size2,825 SF
Price / SF$162.83
Days on Market16
Property Features for 1917 Gough St
General Information
Standard status
Active
Size
2,825 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,046
Amenities
deck
laundry
Building Details
Year Built
1900
Construction
townhouse
Listing Agency:
CENTURY 21 ADVANCE REALTY
(410) 515-1700
Listed By:
PATRICK W CAMPBELL · License #607244
(410) 688-3117
Source:
Corcoran
Added: Sep 8
Changed: Sep 18
Last Checked: Sep 22 at 5:55PM
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 CENTURY 21 ADVANCE REALTY
Investment Insights
Based on property information with market context.
This end-of-row townhouse is configured as a four-unit multifamily property with approximately 2,825 square feet of finished space. All four units are currently rented. The property includes four bedrooms and four full bathrooms, along with efficiency kitchens equipped with cooktops, dishwashers, microwaves, and refrigerators. Washers and dryers, hardwood flooring, ceiling fans, abundant natural light, and an entry-level bedroom add functional features across the property. A deck provides outdoor space, while city views contribute to the urban setting.
Built in 1900, the property is located at 1917 Gough St in Baltimore’s Upper Fells Point neighborhood. The surrounding area includes restaurants, shops, entertainment, and other amenities. The existing occupancy and four-unit configuration provide an established multifamily income profile.
Built in 1900, the property is located at 1917 Gough St in Baltimore’s Upper Fells Point neighborhood. The surrounding area includes restaurants, shops, entertainment, and other amenities. The existing occupancy and four-unit configuration provide an established multifamily income profile.
Key Highlights
- Four‑unit quadplex with all four units currently rented
- Approximately 2,825 square feet of finished space
- Built in 1900
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
$41,486
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
9.02%
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%
$829,720
$829.7K
Cap Rate 7%
$592,657
$592.7K
Cap Rate 9%
$460,956
$461.0K
Market Conditions
NOI Build-Up for 2,825 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
$62.7K $22.20/SF
− Vacancy
−$3.4K −$1.22/SF
EGI
$59.3K $20.98/SF
− OpEx
−$17.8K −$6.29/SF
NOI
$41.5K $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%
$829,720
Cap Rate 7%
$592,657
Cap Rate 9%
$460,956
Alternative Uses
Best Use
Multifamily LT 5
$592.7K
$518.6K – $691.4K
NOI $41,486 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$525.8K
$460.1K – $613.4K
NOI $36,805 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$676.8K
$592.2K – $789.6K
NOI $47,375 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 21231, MD
17,062
Population
9,342
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
95%
High-School Grad
0.9 sq mi
ZIP Area
18,958
Density / Sq Mi
$85,382
Median Household Income
$67,289
Median Earnings
$1,710
Median Rent
$336,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Occupied four-unit townhouse with finished interiors, appliance-equipped kitchens, laundry amenities, and urban views.
Where is this quadplex located?
The property is located at 1917 Gough St Baltimore, MD.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Four‑unit quadplex with all four units currently rented; Approximately 2,825 square feet of finished space; Built in 1900
