Two-Unit Duplex with Exposed
For Sale
$420,000
1927 E BALTIMORE STREET, Baltimore, MD 21231
Historic two-level residential income property with a two-bedroom upper unit and a lower unit positioned for renovation.
Property Size2,356 SF
Days on Market8
Property Features for 1927 E BALTIMORE STREET
General Information
Standard status
Active
Size
2,356 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,487
Building Details
Building Size
2,356 SF
Year Built
1900
Listing Agency:
EXP Realty, LLC
(443) 858-3667
Listed By:
Sayed Ali Haghgoo · License #574483
(443) 858-3667
Source:
Thehulsmangroup
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 21 at 11:13AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1900, this duplex contains two separate residential units with distinct layouts. The upper residence includes two bedrooms, one full bathroom, a den, and multiple levels. The lower unit provides one bedroom and one full bathroom, with renovation work identified as part of its opportunity. Interior character includes exposed brick, hardwood floors, and strong natural light.
The property is located at 1927 E Baltimore Street in Baltimore’s Butchers Hill area, within blocks of Johns Hopkins Hospital, Patterson Park, Fells Point, restaurants, shops, and waterfront attractions. Its two-unit configuration supports residential income use and offers flexibility for an owner-occupant or portfolio investor.
The property is located at 1927 E Baltimore Street in Baltimore’s Butchers Hill area, within blocks of Johns Hopkins Hospital, Patterson Park, Fells Point, restaurants, shops, and waterfront attractions. Its two-unit configuration supports residential income use and offers flexibility for an owner-occupant or portfolio investor.
Key Highlights
- Two‑unit duplex at 1927 E Baltimore Street
- Upper unit includes 2 bedrooms, 1 full bath, a den, and multiple levels
- Lower unit includes 1 bedroom and 1 full bath
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
$34,599
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
8.24%
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%
$691,980
$692.0K
Cap Rate 7%
$494,271
$494.3K
Cap Rate 9%
$384,433
$384.4K
Market Conditions
NOI Build-Up for 2,356 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
$52.3K $22.20/SF
− Vacancy
−$2.9K −$1.22/SF
EGI
$49.4K $20.98/SF
− OpEx
−$14.8K −$6.29/SF
NOI
$34.6K $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%
$691,980
Cap Rate 7%
$494,271
Cap Rate 9%
$384,433
Alternative Uses
Best Use
Multifamily LT 5
$494.3K
$432.5K – $576.7K
NOI $34,599 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$438.5K
$383.7K – $511.6K
NOI $30,695 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$564.4K
$493.9K – $658.5K
NOI $39,510 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
7,195
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Historic two-level residential income property with a two-bedroom upper unit and a lower unit positioned for renovation.
Where is this duplex located?
The property is located at 1927 E BALTIMORE STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Two‑unit duplex at 1927 E Baltimore Street; Upper unit includes 2 bedrooms, 1 full bath, a den, and multiple levels; Lower unit includes 1 bedroom and 1 full bath
