Updated Brick
For Sale
$599,900
2017 SAINT PAUL STREET, Baltimore, MD 21218
Four private apartments feature refreshed interiors, full kitchens and baths, tall ceilings, and individual utility metering.
Property Size3,204 SF
Days on Market12
Property Features for 2017 SAINT PAUL STREET
General Information
Standard status
Active
Size
3,204 SF
Property subtype
Quadruplex
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,530
Building Details
Building Size
3,204 SF
Year Built
1890
Buildings
1
Construction
brick
Listing Agency:
Cummings & Co. Realtors
(410) 382-7562
Listed By:
Taryn D Dunnaville · License #508971
(410) 382-7562
Source:
Thehulsmangroup
Added: Jul 31
Changed: Aug 8
Last Checked: Aug 11 at 1:19PM
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 four-unit brick property at 2017 Saint Paul Street combines historic construction with updated apartment interiors. Each residence includes spacious rooms, a full kitchen, a full bathroom, newer flooring, and newer windows. Tall ceilings are present in all above-ground units, while security bars and doors add an additional physical feature. Separate metering serves each apartment. The roof was freshly tarred in March 2026.
The property is located a short distance from the train station and near multiple public transportation routes. Its Baltimore setting and multi-unit configuration support continued residential use, with the option to occupy one apartment while leasing the remaining units. The building’s red-brick construction is present both inside and outside, contributing to its durable masonry profile and established character.
The property is located a short distance from the train station and near multiple public transportation routes. Its Baltimore setting and multi-unit configuration support continued residential use, with the option to occupy one apartment while leasing the remaining units. The building’s red-brick construction is present both inside and outside, contributing to its durable masonry profile and established character.
Key Highlights
- Four‑unit residential property with separate metering for each apartment
- All apartments updated with newer kitchens, bathrooms, flooring, and windows
- Full kitchens and full baths in every unit
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
$41,668
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
6.95%
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%
$833,360
$833.4K
Cap Rate 7%
$595,257
$595.3K
Cap Rate 9%
$462,978
$463.0K
Market Conditions
NOI Build-Up for 3,204 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
$63.4K $19.80/SF
− Vacancy
−$3.9K −$1.22/SF
EGI
$59.5K $18.58/SF
− OpEx
−$17.9K −$5.57/SF
NOI
$41.7K $13.00/SF
Area
ZIP 21218
Vacancy
6.17%
Lease Rate
$19.80 /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%
$833,360
Cap Rate 7%
$595,257
Cap Rate 9%
$462,978
Alternative Uses
Best Use
Multifamily LT 5
$595.3K
$520.9K – $694.5K
NOI $41,668 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$531.0K
$464.6K – $619.5K
NOI $37,171 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$871.1K
$762.2K – $1.02M
NOI $60,979 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,956
Businesses Nearby
Explore this area
Business Placement
Demographics for 21218, MD
46,238
Population
21,751
Households
2.1
Avg Household Size
34
Median Age
44%
College-Educated
90%
High-School Grad
4.3 sq mi
ZIP Area
10,753
Density / Sq Mi
$58,378
Median Household Income
$38,316
Median Earnings
$1,239
Median Rent
$229,800
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?
Quadplex - Four private apartments feature refreshed interiors, full kitchens and baths, tall ceilings, and individual utility metering.
Where is this quadplex located?
The property is located at 2017 SAINT PAUL STREET Baltimore, MD.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Four‑unit residential property with separate metering for each apartment; All apartments updated with newer kitchens, bathrooms, flooring, and windows; Full kitchens and full baths in every unit
