Renovated Two-Unit
For Sale
$495,000
Pending
2024 East Baltimore Street, Baltimore, MD 21231
Turnkey two-unit property with in-unit laundry, remodeled kitchens and baths, and single off-street parking space.
Property Size2,890 SF
Days on Market159
Property Features for 2024 East Baltimore Street
General Information
Standard status
Pending
Size
2,890 SF
Total Parking Spaces
1
Property subtype
Multi-Family / Fee Simple
Zoning
R-8
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,438
Amenities
No
Built-In Range, Dishwasher, Dryer - Electric, Refrigerator, Stove, Washer
No Pool
Fire Escape
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Keller Williams Gateway LLC
(443) 756-4878
Listed By:
Gabriel M Dutton · License #647863
(443) 756-4878
Source:
Compass
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 3 at 11:17AM
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 Keller Williams Gateway LLC
Investment Insights
Based on property information with market context.
This renovated two-unit duplex offers two separate, updated residences with modern finishes. Each unit includes in-unit laundry, quartz countertops, and stainless steel appliances, with remodeled kitchen and bathroom interiors. The upper unit features two bedrooms and three full bathrooms, including an en suite. The lower unit provides two bedrooms and a full bathroom, creating flexible living or rental configurations.
Located in Baltimore City in-city limits, the property is described as being in the heart of Butchers Hill. It is also noted to be near Patterson Park, Johns Hopkins Hospital, and Baltimore Penn Station, with commuting and local access available by walk, car, or public transit.
A single off-street parking space is included with the property.
Located in Baltimore City in-city limits, the property is described as being in the heart of Butchers Hill. It is also noted to be near Patterson Park, Johns Hopkins Hospital, and Baltimore Penn Station, with commuting and local access available by walk, car, or public transit.
A single off-street parking space is included with the property.
Key Highlights
- Renovated two‑unit property in historic Butchers Hill (Baltimore City).
- Upper unit: 2 bedrooms and 3 full bathrooms, including an en‑suite bath.
- Lower unit: 2 bedrooms with a full bathroom.
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
$42,441
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
8.57%
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%
$848,820
$848.8K
Cap Rate 7%
$606,300
$606.3K
Cap Rate 9%
$471,567
$471.6K
Market Conditions
NOI Build-Up for 2,890 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
$64.2K $22.20/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$60.6K $20.98/SF
− OpEx
−$18.2K −$6.29/SF
NOI
$42.4K $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%
$848,820
Cap Rate 7%
$606,300
Cap Rate 9%
$471,567
Alternative Uses
Best Use
Multifamily LT 5
$606.3K
$530.5K – $707.4K
NOI $42,441 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$537.9K
$470.7K – $627.5K
NOI $37,652 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$692.4K
$605.8K – $807.8K
NOI $48,465 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Turnkey two-unit property with in-unit laundry, remodeled kitchens and baths, and single off-street parking space.
Where is this duplex located?
The property is located at 2024 East Baltimore Street Baltimore, MD.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Renovated two‑unit property in historic Butchers Hill (Baltimore City).; Upper unit: 2 bedrooms and 3 full bathrooms, including an en‑suite bath.; Lower unit: 2 bedrooms with a full bathroom.
