Updated Brick
For Sale
$599,900
2017 Saint Paul St, Baltimore, MD 21218
Four separately metered apartments feature full kitchens, full baths, spacious rooms, and recent interior improvements.
Property Size3,204 SF
Price / SF$187.23
Days on Market11
Property Features for 2017 Saint Paul St
General Information
Standard status
Active
Size
3,204 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Building Details
Year Built
1890
Construction
brick
Listing Agency:
Cummings & Co. Realtors
(410) 382-7562
Listed By:
Taryn D Dunnaville · License #508971
Source:
Findmarylandhomelistings
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 12:18PM
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.
Built in 1890, this four-unit end-of-group property at 2017 Saint Paul St features red-brick construction and a 3,204-square-foot layout. Each apartment includes a full kitchen, full bath, spacious rooms, and private living areas. Above-ground units have tall ceilings, while recent work includes updated kitchens, bathrooms, flooring, and windows.
The property is located a short distance from a train station and multiple public transportation routes. Security bars and doors provide an additional physical feature, and separate metering serves each unit. The roof was freshly tarred in March 2026. Rent rolls are available upon request.
The property is located a short distance from a train station and multiple public transportation routes. Security bars and doors provide an additional physical feature, and separate metering serves each unit. The roof was freshly tarred in March 2026. Rent rolls are available upon request.
Key Highlights
- Four‑unit quadplex with 3,204 square feet
- Red‑brick end‑of‑group construction dating to 1890
- Recent updates include kitchens, bathrooms, flooring, and windows
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four separately metered apartments feature full kitchens, full baths, spacious rooms, and recent interior improvements.
Where is this quadplex located?
The property is located at 2017 Saint Paul St 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 quadplex with 3,204 square feet; Red‑brick end‑of‑group construction dating to 1890; Recent updates include kitchens, bathrooms, flooring, and windows
